Why wealthy foreigners invest in U.S. charter schools
(Andrew Harrer / Bloomberg)
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