Want a Green Card? Invest in Real Estate - NYTimes.com: "Mr. Lin and Mr. Lai are typical of the investors in this program, said Daniel Chang, the head of the Asia desk for the Nikki Field team at Sotheby’s International Realty. “It is really for middle-class and upper-middle-class Chinese, and many are doing it for their children,” Mr. Chang said. “This program is not for the very rich in China, because the superwealthy do not want to pay U.S. taxes.” Instead, he said, the wealthiest Chinese prefer to have their legal residences in low tax jurisdictions like Hong Kong or Singapore, and then take advantage of 10-year tourist visas to the United States.
For developers, finding middle-class investors who can prove that their $500,000 investment comes from legitimate endeavors, and who will pass muster with immigration officials, can be tricky.
“The hardest part was showing proof of funds,” Mr. Lai said. As a manufacturer, he received money from several different sources, he said, and “proving that it was all legitimate and giving the right kind of records was challenging.”
Identifying investors is a competitive business. Often, developers hire so-called immigration agents in China who use their networks to find investors.
Developers also take the search for investors in their projects on the road, primarily to China. These presentations can be sedate or flashy affairs. “We had one where they started off with a dance program and a light show,” said Gary M. Rosenberg, a partner of the law firm Rosenberg & Estis, which represents the Durst Organization.
Foreign investors put $200 million into Via, a rental building Durst is developing on West 57th Street, and $80 million into Durst’s mixed-use project at 855 Avenue of the Americas; the financing represents about 25 percent of the total cost of the two projects. Mr. Rosenberg said the roadshow for these projects included an M.C., trivia games and prizes. “The first 100 people who signed up to make a $500,000 commitment that day were given iPads,” he said."
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For developers, finding middle-class investors who can prove that their $500,000 investment comes from legitimate endeavors, and who will pass muster with immigration officials, can be tricky.
“The hardest part was showing proof of funds,” Mr. Lai said. As a manufacturer, he received money from several different sources, he said, and “proving that it was all legitimate and giving the right kind of records was challenging.”
Identifying investors is a competitive business. Often, developers hire so-called immigration agents in China who use their networks to find investors.
Developers also take the search for investors in their projects on the road, primarily to China. These presentations can be sedate or flashy affairs. “We had one where they started off with a dance program and a light show,” said Gary M. Rosenberg, a partner of the law firm Rosenberg & Estis, which represents the Durst Organization.
Foreign investors put $200 million into Via, a rental building Durst is developing on West 57th Street, and $80 million into Durst’s mixed-use project at 855 Avenue of the Americas; the financing represents about 25 percent of the total cost of the two projects. Mr. Rosenberg said the roadshow for these projects included an M.C., trivia games and prizes. “The first 100 people who signed up to make a $500,000 commitment that day were given iPads,” he said."
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