Schools
Foreign Investments Fuel a Boom in Charter Schools
Wealthy foreigners can in effect buy U.S. immigration visas for themselves and their families by investing at least $500,000 in certain development projects.
Investment advisor Greg Wing has established The Education Fund of America. It connects international investors with charter schools. According to the fund's website:
The Education Fund of America is passionate about financing schools that help children move from indifferent to INSPIRED. It is more than just a slogan for us, it drives our school funding decisions.
We are committed to helping our EB-5 investor families have a fulfilling experience with EB-5 knowing that they are also helping America's children - in the process.
"The demand is massive - massive - on the school side," Wing told a reporter for Reuters. "On the investor side, it's massive, too."
Find out what's happening in Duluthwith free, real-time updates from Patch.
He is currently arranging EB-5 funding--which gives foreigners visas for investing half a million in development projects--for 11 charter schools across North Carolina, Utah and Arizona. He even has four more deals in the works.
And that's just the start, Wing says: "It's going to be explosive."
Find out what's happening in Duluthwith free, real-time updates from Patch.
According to a story by Reuters, foreigners are using the funding mechanism to get into the U.S., by investing in school instead of luxury hotels, ski resorts or gast stations.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
