New York is building one of the world's largest Ferris wheels with the help of Chinese investors hoping for a green card, CNN reported yesterday.
The Ferris wheel (which is technically an observation wheel), will be constructed on the Staten Island ferry terminal within two years along with an outlet mall, hotel, and restaurant. The firm behind the project, New York Wheel, are hoping to cash in on the 200 million annual visitors who take the ferry to the Statue of Liberty.
The project will cost more than 500 million Dollars. To help finance construction, New York Wheel is looking to foreign investors. In recent years, the U.S.'s Immigrant Investor Visa Program has grown in popularity. In 2014, more than 10,000 investors were issued a visa.
The Ferris wheel has attracted 300 Chinese investors who have raised 170 Million Dollars, funding a good part of the project. The wheel will create 400 permanent jobs and 5,000 construction-related jobs in the U.S.
The Chinese investors will receive temporary visas for themselves and their families within a year. After two years, if the project is successful and all of the jobs are created, the investors will receive a permanent green card and will earn 2.75% interest on their investment.
