Posted on 12/28/2012 4:07:58 PM PST by ConservativeStatement
Greg Jamison says he hopes to close the purchase of the Phoenix Coyotes in January, and while the usual doubters point out this is simply the latest in a long line of such predictions, they are giving him full marks for creativity in his hunt for investors.
This is due to Jamison’s novel but failed attempt to find investors through the Immigrant Investor Program of the U.S. Citizenship and Immigration Services. Two sources familiar with his investment plans said Jamison, the former president of the NHL’s San Jose Sharks, tried to raise at least some of the $170-million (all currency U.S.) purchase price by using what is also known as the EB-5 program.
(Excerpt) Read more at theglobeandmail.com ...
I'm not familiar with that particular program but investment visa schemes aren't uncommon in some of the world's more prosperous nations.I'm almost certain that Canada has (or at least *had*) one and I *am* certain that Australia has/had one.I think there is (or were) others as well.
Why in the world would an young and energetic person want to subject himself to our tax code and financial regulations. Once he is a “US Person” (either has a Green Card or is a citizen), he will have great trouble opening or even keeping a non-US banking or investment account. He will have to pay taxes on his worldwide income and have to fully report on all his assets that are not located in the US thanks to FACTA. Why do this when you can domesticate elsewhere and use Skype?
Personally, since BHO announced that illegal immigrants who commit minor crimes won’t be deported, I am seeking a way to live here illegally so I don’t have to pay any taxes.
The Phoenix COYOTES? Rather suggestive, eh?
Canada indeed had (and probably still does have) an immigrant investor program. Got into full swing when China took back Hong Kong, which is why Vancouver is now frequently referred to as Hongcouver!
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