Peggy Fucci is the CEO of OneWorld Properties in downtown Miami. They sell luxury south Florida real estate to the world. She sells EB-5 real estate projects like the sexy Paramount Miami World Center. One World just opened an office in Shanghai. When she was there recently, she drummed up around $70 million in business from Chinese looking to buy into Florida; EB-5 or not EB-5.
The U.S. issues 10,000 EB-5 visas annually. Around 90% go to Chinese investors.
“If Grassley closes down the Regional Centers and EB-5, I’m not closing my office in Shanghai,” she says. “Plus we know the people who are coming in here on these visas. This is not about people crossing the border illegally, or coming here and surviving on public assistance. The source of funds that come into the country in EB-5 are heavily scrutinized and need proof from where it came from. It is not a simple case of, ‘Oh you have a million dollars to build a building, okay, here is your green card, welcome to Miami,'” she says.