The Dexter Station at 1101 Dexter Ave. Nort, was built and financed partly by funds thru the EB-5 visa program.
AS the congressional session winds down, one thing Congress should not do is permanently reauthorize components of the controversial EB-5 investor visa program.
Under the program, foreign investors and their families can qualify for permanent residency if they invest at least $500,000 in the United States and create or preserve 10 jobs.
Supporters say the program generates jobs and helps finance U.S. businesses that would otherwise have a hard time attracting investors. In practice, however, the program is poorly regulated, susceptible to fraud and bears paltry economic benefits.
U.S. Citizenship and Immigration Services estimates that as of Sept. 30, 2014, the program generated a minimum of 73,000 jobs and more than $11 billion in investments since EB-5’s inception 25 years ago. That’s a pittance compared with the more than $200 billion of foreign capital the U.S. attracts each year.
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