Saturday, January 21, 2012

New York Developers Take Advantage of Financing-for-Visas Program

Rules Stretched as Green Cards Go to Investors

By Patrick McGeehan and Kirk Semple, New York Times
December 18, 2011

Affluent foreigners are rushing to take advantage of a federal immigration program that offers them the chance to obtain a green card in return for investing in construction projects in the United States. With credit tight, the program has unexpectedly turned into a mainstay for the financing of these projects in New York, California, Texas and other states.

The number of foreign applicants, each of whom must invest at least $500,000 in a project, has nearly quadrupled in the last two years, to more than 3,800 in the 2011 fiscal year, officials said. [...]

Read the full article:

No comments: