The EB-5 program has gradually become a means of making money, and the federal government has strictly investigated investment immigration (picture)

The EB-5 program has gradually become a means of making money, and the federal government has strictly investigated investment immigration (picture). An immigration program is currently under investigation by two federal departments. This immigration program allows...

>The EB-5 program has gradually become a means of making money. The federal government is strictly investigating investment immigration (picture). An immigration program is currently under investigation by two federal departments. This immigration program allows wealthy foreigners and their families to become U.S. citizens by paying a hefty fee. The Department of Homeland Security and the Securities and Exchange Commission are reviewing an investor visa program called EB-5. Responsible for the program is the U.S. Citizenship and Immigration Services (USCIS), the visa-issuing arm of the Department of Homeland Security. At least $2.3 billion has been raised through the program, which has been used for hundreds of construction projects across the United States, from a ski resort in Vermont to a strip mall in California. But some such developments are now bankrupt or in legal trouble over alleged fraud, raising questions about the immigration service's ability to effectively monitor the scheme. These concerns have also drawn the attention of federal agencies. Under the EB-5 program, foreigners in the United States and abroad must invest at least $500,000 to obtain a temporary visa. If their investment creates 10 jobs after two years, the investors and their families will be able to apply for permanent resident status and eventually become U.S. citizens. If they are unable to do this, they may be deported. Until now, most investors had no assurance that their investments would be repaid. This scheme was launched 22 years ago. Immigration authorities have since approved the issuance of 12,904 investment immigrant visas. This investment has created approximately 46,810 jobs. What was once a little-known program is now a lucrative business as the U.S. recession leaves the construction industry starved of money. Developers and immigration lawyers have set their sights on China and other far-flung lands. Since the beginning of fiscal year 2008, the total number of foreigners applying for this type of visa has reached 12,201.