Donald Trump doesn’t have a problem with immigrants… if they have at least $500,000 to $1 million to spend on a project he owns or a project he has licensed under his name.
The US currently offers a program that puts 10,000 wealthy investors on the path to US citizenship each year. All they have to do is invest between $500,000 to $1 million each in a US project.
One of those projects is currently being prepped in New Jersey, and it will bare the Trump name.
The building, which will be called Trump Bay Street, isn’t being developed by Donald Trump. Instead, he has licensed the Trump name to two developers. One of them, Kushner Companies, is run by his son-in-law Jared Kushner, who is married to Ivanka Trump.
Bloomberg first reported the Chinese investment in Trump Bay Street.
The company that licensed Trump’s name is raising $50 million from 100 Chinese investors at a time when Trump has been critical of US relations with China.
The project is already underway on the 45-story luxury apartment building which is located just across the Hudson River from lower Manhattan. The project, started two years ago and is slated to be completed in 2016.
Foreign investors are receiving EB-5 visas for their participation in the program. Those visas are supposed to help create jobs in the US. by bringing in outside money. About 80% of the EB-5 visas that are issued go to Chinese investors.
A Trump spokesperson wouldn’t respond to the fact that immigrants are buying a ticket to the front of the citizenship line, but they did tell Bloomberg that “This was a highly successful license deal but [Trump] is not a partner in the financing of the development.”