Exchange Database
NY Wheel reels in Chinese EB-5 investors
The New York Wheel, an observation Ferris wheel planned for Staten Island that will be the tallest of its kind in the world, has so far received $150 million from foreign investors, the vast majority from China in exchange for green cards. The 630-foot-wheel project has attracted 300 Chinese investors, at least 90 percent of the foreign investors involved, through the EB-5 visa program, which gives foreign investors a temporary visa to the US.
Outcomes:
The EB-5 program provides foreign investors and their families temporary visas if they invest at least $500,000 and green cards if they create at least 10 jobs for US workers within two years through their investment. The wheel project, which was approved on Monday by the US Citizen and Immigration Services (USCIS) as an EB-5 investment, has received $500,000 from each of the 300 Chinese investors. The USCIS oversees the EB-5 program and determines which projects qualify for this program. Approval usually takes 10 to 12 months.
Government?:
No
Type of Exchange:
business
Partners:
New York Wheel LLC
US Citizen and Immigration Services
CanAm
Participants (Types):
Chinese investors
Number of Participants:
300
Exchange Date:
Friday, July 25, 2014
Continuing:
No
Image:
Location:
New York
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