Jeff Berkowitz is scouring the planet for SkyRise investors, and recently stopped in Dubai as part of the search.
Investors in the project will be given the right to live in the United States, and eventually obtain U.S. citizenship under the EB-5 program. In Dubai, Berkowitz is targeting local investors, as well as those of Pakistani and Indian origin.
The developer is trying to find 540 foreigners to invest $500,000 in the project, for a total of $270 million. Berkowitz told TRD that he is ‘making good progress,’ and that he expects the majority of investors to come from China.
The EB-5 program has been criticized in the past for a low denial rate and failing to properly screen for dirty money. Last year, 10,000 EB-5 slots were exhausted by Summer, with a long backlog of applications remaining,