Resorts World among luxury projects benefiting from U.S. foreign investor program
0 people likes this
In this Aug. 26, 2016, photo, a wall with symbols of China partially blocks the view of the Resorts World property in Las Vegas. The Genting Group project, scheduled to open in 2019, has received nearly $1 billion from a program that grants permanent residency in the United States to those who are willing to immigrate and invest $500,000 in a business that creates at least 10 jobs.
A federal program meant to encourage investment in the United States from wealthy foreigners is increasingly supporting large luxury real estate projects, not the development in the rural and downtrodden districts that some say were the original targets of the program.
With billions of dollars flowing in, mostly from wealthy Chinese, the program faces an uncertain future. In September, Congress reset the expiration date on parts of the so-called EB-5 program to Dec. 9.
The program grants permanent residency in the United States to those who are willing to immigrate and invest $500,000 in a business that creates at least 10 jobs. Many of the projects that have received money have been in real estate, though investments have also gone to charter schools, medical centers and manufacturing plants. Some $15 billion of investments have been made through the program since 2005, according to the EB-5 Coalition, an industry group in Washington.