EB-5 Visas (SkyRise Funding Source) Run Out Due To Chinese Demand

The EB-5 program is now sold out for the first time in its 24-year history, but new slots will open on October 1.

Locally, Jeff Berkowitz is hoping to use the program as a funding source for SkyRise Miami.

The program allows foreigners to obtain the right to live in the U.S. by investing at least $1M (or $500,000 in depressed areas). It is limited to 10,000 applicants per fiscal year.

By law, no country is permitted to fill more than 7 percent of slots, however the feds have allowed Chinese immigrants to take over unused slots from other countries. About 85% of the visas are now going to wealthy Chinese.

There is currently a backlog of over 10,000 applications, and it could take over 2 years for the government to process them. The feds are supposed to be screening for dirty money, but the denial rate is low for the program.

 

 

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Marc305
7 years ago

People will always find a reason to bitch! They are all against tax payers money paying for stuff and now that a developer wants to use other’s people money they will still complain. I think it is a brilliant idea!

Cliff
7 years ago

500k/10 jobs is too low for a greencard.

By the way, at first I read this as the slots had filled up for the Skyrise project with EB-5 visas.

Really???
7 years ago

Paying $500k to invest in depressed areas and $1m to invest in regular areas seems like a fair price to move to the front of the line.

We basically run a lottery every year and let 50k people in for free. But letting another 10k people in for $5B to $10B of money invested here seems low?

Andrew
7 years ago

The EB-5 program created over 42,000 jobs last year alone. These aren’t jobs that moved individuals from one location to another but, an entirely new work force. The program creates over 1B in economic benefit per investment over the lifetime of the newly permanent resident. You have to think these aren’t just immigrants, the majority are highly educated wealthy individuals seeking a sense of security so that they can live lavishly and in turn infuse their hard earned dollars into OUR economy instead of abroad. Chances are one day you will visit one of the establishments that were constructed with the economic help of the EB-5 investors.

anonymous
7 years ago

Hook line sinker.

Anonymous
7 years ago

Yes Chinatown in Miami I wonder where in Miami will Chinatown be at