» posted on Wednesday, February 2nd, 2011 at 2:15 pm by admin
Help Fund a Project, and Get a Green Card
With bank financing for new construction in short supply, real-estate developers are turning to a federal program that grants green cards to foreign nationals who invest at least $500,000 in a project.
The new attention has turned a once-obscure alternative source of funds into a viable route toward development. Use of the 20-year-old program nearly doubled last year, to 1,995 investor applicants in the fiscal year ended last September from 1,031 in the prior year.
In 2006, when the economy was still roaring, there were just 486 applicants, according to the U.S. Citizenship and Immigration Services. The program is named EB-5 because it represents a fifth category of employment-based immigration.
Read the rest of the story on WSJ
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filed under EB-5 | post a comment | tags: Administration of federal assistance in the United States, EB-5 visa, Fiscal year, Immigration, Permanent residence (United States), Real estate development, United States, United States Citizenship and Immigration Services
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