Earlier this month The Wall Street Journal published an article revealing a government program, aimed towards developing rural areas and creating jobs for US citizens. The EB-5 program offers wealthy foreigners the opportunity to buy their residency opposed to filing for it in the conventional way, which could take years and is not always guaranteed. The program basically requires foreigners to invest $500,000 into what the program calls a "regional-center", i.e. a distressed area. Investors will gain permanent residency only if their investment provides a minimum of ten jobs for US workers. The program is becoming very popular, especially among European and Asian investors. It is also well monitored, taking special care to make sure illegal money is not being used. It seems that everyone is getting what they want. The government is getting an influx of revenue and foreigners can enjoy the home of the brave and the land of the free. I'm still a little torn on the subject, leave a comment and tell me what you think.
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Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -
In the past, some foreign governments have offered the same arrangement to people seeking residency. The idea has great potential, provided that they keep everything legal. Job creation is a great incentive, but I hope the beneficiaries of this program would be required to create good (and lasting) jobs and not low-paying service sector jobs.
How would a "distressed area", such as a low-population rural area, qualify to be one of the approved investment targets? And how would they best get the attention of foreign investors?
Nov 20, 2007 03:38 AM
First Realty Company - Crossville, TN
I do not see the problem in purchasing land/homes if you are not a U.S. citizen... Should not have taken so long for individuals to purchase property in the U.S. or any other country in the first place. Thanks for info.
Nov 20, 2007 03:48 AM
Riley Jackson Real Estate Inc. - Olympia, WA
your Olympia area Real Estate Specialist
Adriana,
One doesn't have to be particularly wealthy anymore. With the current exchange rate, Europeans only need 322,000 Euros to invest. Our area (Pacific Northwest) has a flourishing regional center in Seattle. They will invest the money in the SODO district and will handle receipt of employment.
Sandy
Mar 17, 2008 12:42 PM
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