US EB-5 Immigration Program Sees Record Demand
A US immigration program offering Green Cards in exchange for Key business investments saw record demand last year, according to the data.
The EB-5, the program attracted applications from 17,691 foreign investors in Y 2015, up from 11,744 in Y 2014 and 6,554 in Y 2013, the US Citizenship and Immigration Services said in a statement last week.
At the end of last year, there were 21,988 investor applications pending; the program allows just 10,000 Visas a year.
A Key portion of the program was set to expire by the end of of Y 2015, sparking the surge, the law was extended in December for another 10 months, and applications have slowed.
The program was created in Y 1990 but mostly used after the Y 2008 Great Recession, it offers Green Cards to immigrants who invest at least $500,000 into certain businesses that have been determined to create at least 10 jobs per investor.
It’s now considered “Mainstream” within the real-estate development world, especially for high-end developers, who recruit heavily in China.
Some critics of the program say it is misused, citing a provision meant to aid rural areas and urban neighborhoods with high unemployment, the Journal notes.
Last month, some House Judiciary Committee members called for federal immigration officials to bring application screening problems under control.
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Paul Ebeling
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