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NEWS

EB-5 Updates: The Investor Program Renewed Until December 9, 2016

October 19, 2016

The EB-5 immigrant investor program, a program that offers green cards to

foreign investors who invest at least $500,000  in the United States (directly or indirectly, and create 10 jobs),  has been extended until December 9, 2016.

The program grants around 10,000 visas per year to investors and family members. Chinese nationals account for nearly 80% of them.

 

The EB-5 program has been marred by fraud and controversy. Most recently, federal prosecutors charged two Vermont developers with defrauding investors from at least 74 countries. Federal and state officials said the two raised $350 million through the EB-5 program for an array of projects including a ski resort.

 

Critics of the program are calling for significant changes. By this extension, Congress gives itself more time to fix problems related to the increase oversight and national security issues until after the 2016 elections.

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