Why Trump clinton And Wang Jianlin All Love US Investor Visa Scheme
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What do presidential candidates Donald Trump, Hillary Clinton and China’s richest man all have in common? They all have an interest in America’s EB-5 investor visa program.
Trump has lent his name and his marketing appeal to a new Texas hotel to raise funds in China via EB-5 for a $130 million project in Austin, the state’s capital. Slightly further north, billionaire Wang Jianlin’s Wanda Vista Tower project in Chicago is also leveraging the dollars for visas program. Meanwhile, Clinton’s brother saw his EB-5 regional center shut down by the Department of Homeland Security one day before the program was originally scheduled to end.
The fate of the scheme, which has predominantly served in recent years as a pathway to US residency for wealthy Chinese, remains up in the air after the US Congress extended the EB-5’s validity without any reforms until later this year. Lawmakers will once again review the program that gives permanent US residency to foreigners who invest at least $500,000 after the presidential election, with the legislation set to expire on December 9.
Critics continue to slam the program for failing to create jobs and providing a lift for economically depressed areas, the two things it was established for. Instead, they point to a number of Manhattan deals, including the $500 million raised by developer Larry Silverstein for his 2 World Trade, and note rule relaxations and gerrymandering have rendered it ineffective.