What’s the solution? For many, including those at Sand Hill Property, the answer may well be foreign investors and the EB-5 immigration visa program. These investors fund a variety of approved projects in the United States in order to create new American jobs and have the chance at a green card for their families. Because of its proximity to China and its concentration of Asian immigrants, the Bay Area is an ideal place for Chinese immigrant investors to look for a new home and new investment opportunities.
In the case of San Hill Property, the developers who had difficulty finding any American investors only need to find 20 Chinese immigrants searching for a secure way to invest their EB-5 visa money. Many, who are not looking for stellar returns as much as security and a green card, find exactly what they are looking for in the new hotel project: six percent returns, profit sharing, and a chance at a new life.
Here are just a few statistics from an article that appeared in a recent San Jose Mercury News:
- In the last 19 years, the number of EB-5 applications has increased sevenfold, from 474 in 1992 to 3,805 last year.
- Last year, the Bank of China published a survey that showed that of 980 Chinese millionaires, almost half wished to leave the country and 14 percent had already begun the process of leaving.
- In 2011, 77 percent of all EB-5 applicants were from China.
Many, including a number of city officials, believe that EB-5 investor visas could be mutually beneficial to both the Bay Area economy and to Chinese nationals looking for a chance at the American dream.
Are you considering an EB-5 immigration visa, but have questions about the process, the investment, and your chances of securing permanent residency? Speak with a California EB-5 immigration lawyer at the Law Offices of Vaughan de Kirby to learn more about the opportunity and whether it might be right for you and your family.