More than 80% of EB-5 visas, for those investing at least $500,000 in job-creating projects, have gone to Chinese
A controversial federal immigration program offering green cards to some foreign investors had record demand in 2015, as concern that a key provision of the law might expire fueled a surge of aspiring immigrants.
The program, known as EB-5, received applications from 17,691 investors in 2015, up from 11,744 in 2014 and 6,554 in 2013, according to figures released last week by U.S. Citizenship and Immigration Services.
In all, there were 21,988 investor applications pending at year-end, and given that the program allows just 10,000 visas a year, that means a backlog of at least five years for most investors. Typically each investor secures two to three visas, including family members.
... “It was a flood to the market,” he said, adding that there is also a dropoff in demand because of the slowing economy in China, which accounts for more than 80% of EB-5 visas issued.
The EB-5 program offers green cards to aspiring immigrants who invest at least $500,000 into certain businesses that have been determined to create at least 10 jobs per investor. ...Read the full story HERE and follow a link to a related story below:
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