Break the Immigration Impasse (July 10, 2014)
The New York Times published a wise Op-Ed written by Sheldon Adelson, Warren Buffett and Bill Gates on Immigration Reform. The Op-Ed states that “[EB-5] immigrants would impose minimal social costs on the United States, compared with the resources they would contribute. New citizens like these would make hefty deposits in our economy, not withdrawals.”
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New Public Agencies Jumping Aboard the EB-5 Train (June 26, 2014)
The Huffington Post posted an article written by Ali Jahangiri, the CEO and Publisher of EB5 Investors Magazine, which focuses on new state and city operated regional centers. The article discusses the newly approved State of Michigan and City of Miami regional centers and goes on to make several insightful predictions.
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Rich Chinese overwhelm U.S. visa program (March 25, 2014)
CNN Money has reported that a dramatic surge in interest from wealthy Chinese is threatening to overwhelm the EB-5 program. They go on to state that the “number of applicants is now so great that the government might run out of permits.” This is in large part due to the fact that the EB-5 program is currently limited to 10,000 visas per year.
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Franchises Target Immigrants as Buyers (February 3, 2014)
The Wall Street Journal reported that a handful of franchises have begun looking to the EB-5 program to secure financing. Last year 6,343 foreign nationals applied through the EB-5 program and as of September 2013, the USCIS estimates that the EB-5 program has raised more than $8.6 billion and has created some 57,300 jobs for the U.S. economy.
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EB-5 Visas for Investors See Record Demand (January 20, 2014)
The Wall Street Journal reported that last year, 6,434 foreign investors applied for visas under the EB-5 program, up from 6,040 in 2012. The article goes on to report that last year, 6,895 Chinese nationals were issued visas through the EB-5 program, outpacing all other nationalities by a wide margin, according to State Department data. South Koreans are reported as the next largest group with only 364 issued.
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SEC Case Shows Greater Scrutiny of EB-5 Programs (October 18, 2013)
The SEC has filed a lawsuit against a Chicago developer who allegedly duped dozens of Chinese investors out of almost $150 million by pretending to build a hotel and convention center through an EB-5 Regional Center. The SEC has since issued an alert warning potential investors about such possible EB-5 scams.
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Towers Rise on EB-5 Funds (May 27, 2013)
The Wall Street Journal reports that one of New York’s most well-known developers is planning to finance two high-end Manhattan towers partly through the EB-5 program. The Durst Organization aims to raise close to $260 million through the EB-5 program.
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Foreign Cash for U.S. Green Cards
The Wall Street Journal posted an interactive map illustrating the surge in EB-5 Regional Centers.
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Lure of Green Cards Brings Big Investments for Remote Resort in Vermont (December 30, 2012)
The New York Times reported that Mr. Stenger has already attracted 550 [EB-5] investors from 60 countries to put up $275 million for the first phase of his project. The project is a hotel at the Jay Peak ski complex, an indoor water park, an ice hockey arena, condominiums, restaurants and stores. The second and third phases, which are now under way, require 1,000 additional foreign [EB-5] investors to put up $500 million to overhaul Newport and to develop the nearby Burke Mountain ski area.
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Visa-for-Dollars Program a Boon for Hotel Developers (September 6, 2012)
“When Marriott International wanted to open a new hotel in downtown Seattle, the company’s developers didn’t sell bonds, take out a mortgage or tap other traditional forms of financing for the $88 million project.” Instead, they raised the bulk of the capital from wealthy immigrants who wanted a green card.
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Citizenship for sale: Foreign investors flock to U.S. (June 11, 2012)
CNN Money reported that while the EB-5 program has been around since 1990, demand has been surging as of late, fueled in large part by China’s growing elite, who accounted for 70% of the roughly 3,500 investor visas issued last year in 2011. CNN Money goes on to report that demand “shows no sign of slowing down.”
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Making Visas-for-Dollars Work (April 15, 2012)
The New York Times reported that among the most popular tools for attracting foreign investment to the United States is the EB-5 program. They go on to state that the “EB-5 program has a lot of promise to reduce unemployment, and the White House is right to call for its expansion.”
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Rules Stretched as Green Cards Go to Investors (December 18, 2011)
The New York Times has reported that affluent foreign investors are rushing to take advantage of the EB-5 program that offers them the chance to obtain a green card in return for investing in construction projects in the United States. “With credit tight, the program has unexpectedly turned into a mainstay for the financing of these projects in New York, California, Texas and other states.”
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Invest $500,000, score a U.S. visa (July 28, 2009)
U.S. areas that obtain “regional center” status from the U.S. government can market local ventures to overseas investors who become equity partners.
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Note: The articles represent above are compiled EB-5 News articles from The Wall Street Journal, The New York Times, The Huffington Post, CNN and CNN Money.