EB-5 visa program may expire on Sept. 30 if Congress doesn’t take action
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Slow movement in October visa bulletin.
The investor visa program, EB-5, is set to expire on September 30, unless Congress can temporarily extend it, or reform it to cut down the loopholes and eliminate the numerous cases of fraud that surface with the program.
The EB-5 visa program allows foreign nationals to obtain or essentially “buy” green cards if they invest at least $500,000 in American businesses, which gives jobs to at least 10 legal residents, in what was originally planned as economically depressed areas. That, however, has been contentious, as several projects have come up in urban areas too, including residential projects.
A 9-month extension for the program was included in last year’s omnibus spending bill with no changes to the program even though there was bipartisan support to end the program after a GAO report revealed that the visa was vulnerable to fraud, reported NumbersUSA.
After this report was released Sen. Dianne Feinstein (D-Calif.) wrote an op-ed that called for an end of the program saying, “simply put, EB-5 sends a terrible message to the millions of immigrants patiently waiting their turn to enter the United States legally…It says that American citizenship is for sale, and that’s not what our country stands for.”