A little-known visa program benefitting China’s elite, peddled as a way to revitalize underserved communities, is helping to build luxury condominiums for the wealthy in St. Petersburg, Florida.
Under the EB-5 visa program, wealthy foreign nationals can claim to invest at least $900,000 in United States development projects and receive green cards for themselves and their family with eventual pathways to American citizenship.
The foreign EB-5 investor’s only requirement is to claim to have created ten U.S. jobs and revitalize “distressed” areas. Those areas, though, are often in wealthy zip codes to build luxury shopping centers and condos for the wealthiest of Americans.
In the latest case, luxury condos known as Saltaire St. Petersburg, located in downtown St. Petersburg, is getting help from foreign EB-5 investors who can pledge $900,000 minimum investments into the project.
The luxury condo building will be 35 stories high with nearly 200 “expansive luxury” units,