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EB-5 Sounds a Bit Promising, But What the Heck is it?!

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Services for Real Estate Pros 0659282

      Only the feds could come up with a stupid, generic name for a job promoting gig as "EB-5."  Actually, it sounds a bit like the electric car.  But the idea is promising once you get it.  And one company in Weston, Florida is actually making use of the program by building in a new project in Miramar, Florida.

     So what is EB-5?  Essentially, if you are a foreign investor and purchase property for at least $500K in a high unemployment city in the US and your purchase created at least five full-time jobs, then you can get a green card for two years and eventually citizenship.  If your purchase is for $1 million or more then you must create at least 10 jobs.

     A company called Riviera Point in Weston, Florida is doing just that too by running a real estate development of 7,000 sq. ft. of offices in Miramar, Florida that consists of two buildings and is going to be built with money from foreign investors who are seeking US residency.  This project alone will create 420 jobs in the area, 80 more than is necessary to meet the requirement.  

     I don't have any beef with it.  I just wish American investors would do the same, but like everyone else here, I am grateful that someone is willing to work with the US government in order to help share the wealth.  The burden of proof on how many jobs are created  obviously falls on the buyers, but I am sure it is worth it for them and their new employees.  Read up on it with the following link.  It is also available in Spanish.  I had to translate.

http://translate.google.com/translate?hl=en&ie=UTF8&langpair=%7Cen&u=http://www.rivierap.com/

 

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Morris Massre
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