Under the current administration, wealthy immigrants can be placed on a green card priority travel list. The US Citizenship and Immigration Service (USCIS) has 10,000 EB-5 visa spots available annually for foreign investors to purchase on a fast track; however, they must invest $500,000 to $1 million into a US-based development project.
Aside from giving special privilege to the upper-class immigrants, EB-5 was also involved in other scandals, one involving a notable government official who offered a visa bonus during a negotiation with Chinese investors for a luxury apartment development. Investors can allocate money towards developing without creating more jobs or providing any economic growth. These controversial foreign investments to obtain access to a green card can be viewed as bribery and can also be questioned from an ethical standpoint.
EB-5 visas are granted only on the basis that the money put towards development will enhance job outlook in the United States, and these requirements often fall short. Currently, a $1 million-dollar investment in a business proposal is enough to grant an investor a visa on the premise that the new business will create 10 jobs. In addition to this, a discount option is available if investors provide $500,000 towards a business in a busy urban setting, which is the ideal targeted employee area. The problem, however, is that if investors build within these areas, there is no way to track progress.
The USCIS claims it will ramp up requirements for the EB-5 program sometime in 2017, including implementing a better tracking system to capture data needed to measure the success of this program as this entails ramping up requirements for reporting on the investment outcomes and increasing qualification requirements. Investors will be required to show how their development project will tie into local communities and create jobs. Congress recently renewed the visa project, however many critics feel it should be shut down completely or vastly reformed. Meanwhile, government officials are choosing to allocate more resources to crack down and enforce restrictions within their communities.
Philadelphia Immigration Lawyers at Surin & Griffin, P.C. Advocate for Immigration Issues
If you are facing an immigration issue, you need a knowledgeable Philadelphia immigration lawyer on your side. The attorneys of Surin & Griffin, P.C. handle all types of immigration issues and have over 15 years of experience. No matter how complex the situation, we can help find you a fair and practical solution. Call us today at 215-925-4435 or contact us online for a consultation.