In the 1990s, the US created a legal opportunity for non-resident investors and their families to obtain a US citizenship in exchange for $500,000 to $1,000,000 injection of funds into the host economy. Every year, the United States only issue around 10,000 EB-5-type visas to individuals who help create new jobs for US citizens and revive the areas that the government designates as high unemployment or rural areas.
Two Miami-based investors, Messrs. Mario and Ramon Castellanos, bought a 3-acre property in south Miami-Dade County for the price of about $500,000. In February 2018, the news emerged about them joining seven other investors to build a charter school under the AcadeMir name. They have scored EB-5 funding in the amount of $5.5 million.
The AcadeMir charter school chain is managed by the Superior Charter Schools Services. The lender is EB-5 Charter School Phase 37 LP. The construction of the project commenced in late 2017, and it is expected that the K-8 school will open its doors to up to 650 students in August. The project will also create 173 new job slots.
A charter school is funded by and held accountable to the government but are built and managed privately. Charter school students don’t pay tuition. The idea behind such schools is to provide high-functioning education models to communities that need new schools.
You can find the details about EB-5 investor visas in this article – Piping hot info on EB-5 US visa by investment.
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