The EB-5 cash-for-visa program may be facing drastic changes, which supporters fear could turn away would-be investors and further delay a backlog of Chinese applications.
A five-member panel addressed the program's legislative hurdles Friday during an EB-5 seminar hosted by Arnstein & Lehr in Miami.
Foreigners can earn a green card by investing $500,000 to $1 million in a job-creating U.S. development, most of which is done through EB-5 regional centers.
A bill introduced in the U.S. House would tighten regional center reporting requirements, job-creation standards and use of foreign capital.
The EB-5 Integrity Act of 2016 also would require regional centers to consult the Department of Homeland Security before making administrative changes and retains the department's right to revoke approval for developments at risk for fraud.
Read more by clicking below image