Why wealthy foreigners invest in U.S. charter schools
Wealthy Americans have been funding U.S. charter schools for years now through their hedge funds, private foundations or personal fortunes, but it turns out that super-rich foreigners are forking over big money to American charters too.
Do you think it’s for the kids?
Guess again.
A federal program known as EB-5 allows foreigners to invest at least $1 million in certain job-producing projects — or $500,000 if the project is in a rural area or one with high unemployment — to win immigration visas for their families.
So much for students first in education.
According to this Reuters story, most of the EB-5 investment in the United States under this program during the past 20 years has gone into projects such as hotels and ski resorts. Bu