Chinese spent $24B on investor visas over last decade

US granted about 40K visas, collected at least $7.7B: report

TRD MIAMI /
May.May 17, 2017 08:45 AM
 

From TRD New York: More than 100,000 Chinese nationals spent at least $24 billion on foreign visa programs over the last decade, a new analysis found.

The United States’ EB-5 program accounts for at least $7.7 billion of that and more than 40,000 visas issued since 2007, according to the Associated Press. But countries like Canada, Australia, and even Hungary have or once had robust programs of their own. Canada, for example, ended its national program in 2014, but issued 35,278 investor visas, totaling an estimated $4.3 billion in Chinese money that came through the national program as well as regional programs.

The barrier for entry differs greatly from country to country. While $500,000 is the entry-level investment for a visa in the U.S., it only takes $100,000 in several Caribbean countries. And in Australia, you’ll need at least $5 million Australian dollars (about $3.7 million USD) to get a visa. Although that may sound high, the country has had no trouble finding investors and has pulled in more than $6 billion in Chinese investment in just the last four years. Capital controls by the Chinese government, however, could make what seems like an ever-cresting wave of outflowing cash from China finally begin to break.

In the U.S., the EB-5 program is at a crossroads. Although it’s been extended until September, the Department of Homeland Security may soon begin rolling out strict reforms first put into the pipeline under President Barack Obama, which would put pressure on Congress to come up with a more long-term solution for the program. Competition from other countries is just one factor frequently cited by pro-EB-5 lobbyists who oppose the proposed reforms.

Earlier this month, Nicole Kushner Meyer, White House adviser Jared Kushner’s sister, drew attention for appearing to promote her family’s connections to the White House in an EB-5 pitch for a Kushner Companies tower in New Jersey. The company later apologized for the incident and has since cut short its promotional China road show. [AP]  — Will Parker


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...