Photo: AP Images
Foreign citizens with a spare $500,000, can buy their way to a green card if they invest in a government program called EB-5 that is designed to create American jobs. And in one case, that money is being used to help build the New Jersey Nets new arena in Brooklyn.According to Bloomberg.com, foreigners can secure a green card for themselves and their family if the can “show they’ll spur 10 jobs for every $500,000 in a rural or high-unemployment area, and for every $1 million elsewhere.”
The Barclays centre in Brooklyn is expected to have a total price tag of $4.9 billion including surrounding development and infrastructure improvements, and $228 million (4.7%) is coming from the EB-5 project.
And now, folks in Florida, are hoping the same project can help fund a new stadium for the Tampa Bay Rays. According to the Tampa Tribune, the local Chamber of Commerce has been accepted into the program. Now they just need to find foreign investors willing to invest.
While the project is 22 years old, it has only recently seen a surge in investors. The program is set to expire later this year, but the president is hoping the program will be “radically” expanded.
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