Public Records Show Start, Rise And Fall Of EB-5 Program
The need for more dairy cows led to South Dakota’s original decision to seek immigrant investors.
That one-man effort ballooned into a global program that attracted hundreds of millions of dollars into South Dakota projects from investors in China and South Korea, at a time when the nation’s and world’s financial markets were teetering.
For $500,000 apiece, plus additional fees for lawyers and services, a successful investor could make a loan to a project and, if enough jobs were created, receive federal immigration clearance for the investor and family members to live any where in the United States.
Eleven years after its start, Gov. Dennis Daugaard decided the EB-5 program had to be shut down in South Dakota, because of what was unearthed about its operations and management.
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