Trump-Branded Project Developer in Austin Seeks to Tap Immigrant Visa Program
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The Texas state capitol building in Austin, Texas. A developer in that city-which plans to take the trump name to one of its luxury hotel projects-is seeking to tap a federal program that grants U.S. green cards to foreigners in exchange for investment in U.S. companies.
EB-5 program grants U.S. green cards to foreigners in exchange for investment in U.S. businesses
The Trump Organization is partnering with a developer on a Texas hotel project that seeks to tap a controversial program granting green cards to foreigners who invest in the U.S.
The federal EB-5 program gives up to 10,000 green cards a year to foreigners who invest at least $500,000 in U.S. businesses deemed to create at least 10 American jobs per investor.
The Republican presidential nominee’s company is lending the Trump name to the 33-story luxury hotel and condominium development in downtown Austin, while its partner, Global Management Resources, would take charge of the construction, according to marketing materials reviewed by The Wall Street Journal.