Obama’s Deputies Raise Price for ‘Golden Visa’ EB-5 Green Cards
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The outgoing Obama administration has raised the upfront investment required to get citizenship via the fraud-wracked EB-5 visa program from $500,000 to $1.35 million.
The entire EB-5 program should be abolished, but the price hike is an excellent improvement, says David North of the non-partisan Center for Immigration Studies, which seeks to reduce the annual inflow of immigrants and contract-workers.
Immigration lawyers sometimes refer to the EB-5 program as a “Golden Visa” because it allows them rich, foreign-born investors into the U.S., and eventually gain permanent residency and citizenship for themselves and their families. All that is requires is for would-be migrants to promise to invest $500,000 — now $1.35 million — in a commercial deal approved by the Department of Homeland Security.
If done carefully, that investment can be recouped from rents or a subsequent sale — meaning wealthy foreigners can buy citizenship for themselves and their family by merely lending money to American companies for a few years.