Wealthy foreign citizens seeking residency in the United States are paying big bucks to leapfrog wait times. It’s completely legal and supporters claim it is boosting the economy.
The US government’s EB-5 visa program allows foreign citizens faster access to green cards if they invest $500,000 to $1,000,000 in a development project that creates at least ten US jobs. The project must be in an area considered in need of an economic boost.
Chinese nationals, for example, are investing millions of dollars in some of Chicago’s newest high-rise projects.
Developer Steve Fifield raised $7.5 million through EB-5 investments for a 310 unit, 28-story apartment building being constructed along the edge of Chicago’s River North neighborhood. Fifield said fifteen visas were sold to Chinese investors of the project.
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