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We have a large number of foreign nationals as borrowers and can only comment the west coast is seeing the bulk of these purchases. I recently read an article discussing the Seattle area has been quietly snapped up with an eye on moving future generations in these homes, with Chinese nationals using EB5 VISA as the vehicle to accomplish this. EB5 was created in the 90's as part of a stimulus package to aid the US economy. This resident status requires a minimum investment of 1M (500K in a targeted area w/ high unemployment) and the creation of 10 jobs. As more and more Chinese nationals jumped on board, the People's Republic of China cracked down on money flowing out of their country. I don't know what the current limit is, but I know it is being watched closely. The creation of Regional Centers across the US to process these VISAs has resulted with over 1000 centers.........I believe California has the largest number.
National builders, such as Lennar are aggressively going after the international buyers (not just Chinese), as are a handful of real estate companies. (Lennar even partners with various Realtors and provides the Realtors with branded material with agent's info in 10 languages). Many of these Realtors are traveling to Europe and the far east working housing shows, try to get the buyers well before they land in the US. And it appears to be working as "international" divisions are growing.
I worry that the EB-5 program is simply a way for foreign nationals to buy american citizenship for their families.
"The motivations are broad: some are buying second homes, some are buying as they move to the United States on EB-5 investor visas; some are investing for rental and resale."
I worry that the EB-5 program is simply a way for foreign nationals to buy american citizenship for their families.
"The motivations are broad: some are buying second homes, some are buying as they move to the United States on EB-5 investor visas; some are investing for rental and resale."
We have a large number of foreign nationals as borrowers and can only comment the west coast is seeing the bulk of these purchases. I recently read an article discussing the Seattle area has been quietly snapped up with an eye on moving future generations in these homes, with Chinese nationals using EB5 VISA as the vehicle to accomplish this. EB5 was created in the 90's as part of a stimulus package to aid the US economy. This resident status requires a minimum investment of 1M (500K in a targeted area w/ high unemployment) and the creation of 10 jobs. As more and more Chinese nationals jumped on board, the People's Republic of China cracked down on money flowing out of their country. I don't know what the current limit is, but I know it is being watched closely. The creation of Regional Centers across the US to process these VISAs has resulted with over 1000 centers.........I believe California has the largest number.
National builders, such as Lennar are aggressively going after the international buyers (not just Chinese), as are a handful of real estate companies. (Lennar even partners with various Realtors and provides the Realtors with branded material with agent's info in 10 languages). Many of these Realtors are traveling to Europe and the far east working housing shows, try to get the buyers well before they land in the US. And it appears to be working as "international" divisions are growing.
Eb5, has been abused for decades. I really don't understand why our nation allows these types of abuses.
It was intended to help create jobs and to encourage investment, instead it is used to buy property and rent it out with or without living here.
I think it is time we reduce the H1b end EB5 and ring fence some of these more egregious abuses.
I am fine with people moving to the USA, my concern is with H1b being used to hire cheaply and eb5 being used as a way to live here rather than contribute jobs etc.
It is not only the Chinese using this loophole, lots of EU members use it too.
Oh and meanwhile if I wan to own a home in China I have to actually live there and jump through hoops. it should be like for like at the very least.
I worry that the EB-5 program is simply a way for foreign nationals to buy american citizenship for their families. [/url]
But isn't that what America is all about? Would you rather have millionaire foreign land owners who bought their US citizenship or a bunch of Section 8 renters who are Americans by right in your neighborhood?
I could care less if they bought their citizenship through a loophole so long as they have money.
It was intended to help create jobs and to encourage investment, instead it is used to buy property and rent it out with or without living here.
It doesn't matter what the ethnicity is, it's a challenge for locals when the demographics change drastically. Foreigners come that don't want to assimilate much less learn how to speak English. We live in CA for over 20 years and loved the city we lived in. Unfortunately, foreign wealth came in and started putting up restaurants with foreign signs we couldn't read, and we started getting neighbors we cannot communicate with cuz they don't speak English. It was very sad for us.. we started to feel like WE lived in a foreign city.. when we were there first! And that's one of the primary reason we left the state.
Eb5, has been abused for decades. I really don't understand why our nation allows these types of abuses.
It was intended to help create jobs and to encourage investment, instead it is used to buy property and rent it out with or without living here.
Reading the wiki article, it does not appear that a huge number of people use EB-5, so the US is regularly weakening restrictions. Only 1M needs to be invested by the applicant, but then there is some requirement that there is proof that this has saved 10 american jobs. Huh? (I just envision this crazy scenario of some terrorists using blood money to buy citizenship for 'pretend' families who then move to the heartland to plan their operations. I read too many novels I guess.)
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