Green Cards Given to Foreign Investors Under Scrutiny
Foreign investors who lend a hand in some of the projects in the U.S. are given the privilege to have their green cards. However, things are getting tighter as the federal program called EB-5 is currently under scrutiny over renewal and reform.
The program has already funded several projects in most states and some representatives fear that potential development funders may be lost.
Rich foreigners usually can easily get themselves a green card as long as they partake in the investments for some of the projects in the country. Although there are roughly a small number of foreigners who qualify and take advantage of the program, contradicts its impact. According to The Wallstreet Journal, the investments can actually be as large as $4 billion in real estate investments if ever all of the projects move forward.
According to the U.S. Department of State and the chart from The Atlantic, most of the nationalities that are applying for EB-5 Visas are from China which amounted to 9,128. South Korea came next at 225.
EB-5 was established in 1990 wherein an investor must fund an amount of $1million to a project that can create 10 jobs. This is seen as an easier way to get citizenship. The investor can also apply for conditional visas for his family members.
"It's an expedited road to a green card, nothing more than that," said Edward Mermelstein, an international real estate attorney in a post in Curbed. "To call it an investment is an overstatement. We're the least expensive country in terms of a pay-to-play scenario for residency."
Mermelstein added, "The type of investor who uses this is the kind of investor we'd want to live in the United States, people of means who are supporting our economy," he says. "You'd be crazy not to continue this program."
Congress, on the other hand, have extended the program until December 11.