Miami Condo Market and Lifestyle Updates
Immigration Program Full Due to Wealthy Chinese Population

Immigration Program Full Due to Wealthy Chinese Population

by Sep Niakan | October 06, 2014

The EB-5 immigration program is sold out for the first time since it was created 24 years ago. However, new slots will open in the beginning of October.

The EB-5 is an immigration program that allows foreigners to gain the right to live in the U.S. if they invest at least $1 million, or $500,000 in certain areas, in the U.S. The program has a maximum limit of 10,000 applicants per fiscal year beginning in October.

Jeff Berkowitz is hoping to utilize the EB-5 program’s income as a source of funding for the SkyRise Miami project.

The program does not allow any country to fill more than 7% of the open slots. However, the federal government is allowing Chinese immigrants to take the unused slots.

Because of that, 85% of the visas are going to the wealthy Chinese population.

 

Source: exmiami.org

Photo credit: Miami  gtlaw.comChinese  scmp.comPassaport  telegraph.co.uk

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