I was listening to a podcast the other day and it wasn't the BP podcast (I know how dare I) and they was talking about the EB-5 immigrant investor program. After hearing them explain it, my mind immediately started spinning and imagining all types of ideas to support some of my future real estate business plans. So I was wondering if anyone here have ever heard of it? More importantly, have anyone ever used it? tried to use it? or are currently working on plans to tap into that source of funding? Please give details of your experience please.
I have a lawyer friend that specializes in EB-5 investment she works for a international real estate developer. I know one current project is a $100 million dollar mall being developed in buena park, California. I just know from what she tells me its a lot of moving parts in regards to funds, property selection, immigration process, and the development of the project. She also says they can be very lucrative, but you have to a diligent team this singular project will be 5-10 years.
Hi @Gary Alford, EB5 viza for the first time in history has reached the amount of this type of annual vizas allowed, in August this year. Some years in the past there were not enough applicants.
There is a number of developers that use the program in tandem with a handful of attorneys.
For 2015 there are so many applications filled from China, that the number of visas allowed will be reached probably by Spring!
The attorney fees alone for these type of deals are starting at $10,000 per person and every international investor has to invest a minimum of $500,000.
Contact me and I will send you the information of one of the attorneys with the largest book of business in Chicago that does only EB5 visas.
Good luck to you!
I've been working for a company that is in the process of doing this. They will be about $100k out of pocket by the time it's set up. Not only do you have to pay lawyers but you also have to pay an economist to write a report, pay the licensor and the list goes on.
@Jonathan Wilks Thanks for the post and I have also heard it could be pretty lucrative. I would definitely be building a team of lawyers, other investors and everyone else that could contribute but this would most likely be further down the road in my career.
@Lumi Ispas Thank you for the info. I am not surprised that China was the #1 country actually using this program and it is amazing that since 1990 this is the first year for all the visas to be used. Since it is getting more and more popular, when I get to the point that I would want to try to use this I will definitely need to have my ducks in a row. I will send you a message also to get that attorneys information.
@Mike B. I'm pretty sure that the cost to get this done is not cheap! I would not have thought 100k though, so all I can say is wow! I wonder what factors of the project really effects the amount of money and work it take to set it up. Thanks for adding to the thread.
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