Disir
Platinum Member
- Sep 30, 2011
- 28,003
- 9,608
- 910
Seattle has become the latest landing place for a wave of Chinese investments – much of it coming through a controversial investor visa program called EB-5.
EB-5 is bringing construction money and jobs to the Seattle economy. But it may also have brought spies, fraudsters and absconders to our region. Now the fate of the program is just as murky, as it could expire at the end of the month.
The EB-5 program offers permanent residency in exchange for investment. To get a green card under the EB-5 program, a foreigner must invest at least half a million dollars and create at least 10 jobs.
One common way to qualify is to invest in real estate projects, since they create design and construction work for a limited time. Then once the conditions are met and the green card is issued, investors are free to withdraw their funds.
Investor immigrants have paid for a chunk of the new 520 bridge over Lake Washington by buying bonds offered through an immigration department-approved company. Similar companies have allowed investors to help build Marriotts, Courtyards and Embassy Suites in the Seattle area. A new office tower at 5th and Columbia downtown is also being offered for EB-5 investment.
Why here and why now? Chinese investors largely ignored Seattle until our latest growth spurt. Now our densification means major opportunities, “especially in real estate,” said Kevin Daniels, a Seattle developer with several projects involving EB-5 investment. “They understand real estate.”
But why get out of China now? “There is an ongoing crackdown on corruption that has frightened a lot of people,” said David Bachman, a professor at the Jackson School of International Studies at the University of Washington and a China expert.
“The rules change in China all the time, so you could have done something to gain money that was legal five years ago but which has become illegal now.”
Seattle Is Epicenter For This Green Card Program’s Problems
It's time for EB5 to die.
EB-5 is bringing construction money and jobs to the Seattle economy. But it may also have brought spies, fraudsters and absconders to our region. Now the fate of the program is just as murky, as it could expire at the end of the month.
The EB-5 program offers permanent residency in exchange for investment. To get a green card under the EB-5 program, a foreigner must invest at least half a million dollars and create at least 10 jobs.
One common way to qualify is to invest in real estate projects, since they create design and construction work for a limited time. Then once the conditions are met and the green card is issued, investors are free to withdraw their funds.
Investor immigrants have paid for a chunk of the new 520 bridge over Lake Washington by buying bonds offered through an immigration department-approved company. Similar companies have allowed investors to help build Marriotts, Courtyards and Embassy Suites in the Seattle area. A new office tower at 5th and Columbia downtown is also being offered for EB-5 investment.
Why here and why now? Chinese investors largely ignored Seattle until our latest growth spurt. Now our densification means major opportunities, “especially in real estate,” said Kevin Daniels, a Seattle developer with several projects involving EB-5 investment. “They understand real estate.”
But why get out of China now? “There is an ongoing crackdown on corruption that has frightened a lot of people,” said David Bachman, a professor at the Jackson School of International Studies at the University of Washington and a China expert.
“The rules change in China all the time, so you could have done something to gain money that was legal five years ago but which has become illegal now.”
Seattle Is Epicenter For This Green Card Program’s Problems
It's time for EB5 to die.
