International Business Times quotes Tax & Business Services Partner David Appel on the economics of the EB5 immigrant investor program.
International Business Times
By Angelo Young
Whether you’re fleeing a war-torn country or seeking a lucrative Silicon Valley tech career, it can take years to obtain permanent residency in the U.S., the first solid step toward citizenship. But each year, thousands of wealthy foreign families, most of them from China, have fast-tracked their way to green cards by writing $500,000 checks to U.S.-based developers.
David Appel, a senior partner at Marcum LLP, advises high-net-worth individuals from China, Venezuela, Brazil and elsewhere on the EB-5 program and says this demand is a good thing.
“These people I am meeting with and talking to are well-to-do individuals who for personal reasons are moving their families to the United States and there’s an economic benefit to that,” Appel said. “These families aren’t just entering the U.S. and investing in projects. They’re also creating businesses, buying real estate and transferring their assets here.”