Within 30 days, tens of thousands of American jobs and many of the country’s largest real estate projects, including those in Miami, will be in serious jeopardy if Congress votes to eliminate or drastically change the controversial EB-5 Visa Program that grants U.S. residency to immigrants investing $500,000 in domestic business ventures, according to developers, such as South Florida’s Daniel Kodsi. He is one of the nation’s most-successful CEOs to harness the investment power of EB-5, which has helped build condos, hotels, office towers and other enterprises across America. EB-5 is the so-called Green Card in Exchange for Foreign Investment Program that expires on April 28, 2017.
According to Senate and House Judiciary Committees’ official records, several U.S. Senators and U.S. Representatives on both sides of the aisle seek to eliminate EB-5 in the wake of arrests for fraud and incidents of mismanagement; for favoring wealthy visa applicants over less fortunate immigrants who must enter a lottery to be chosen; and for streamlining the immigration process, which is causing concerns amongst Department of Homeland Security officials.
DHS proposes raising the minimum investment from $500,000 to $1.35 million as a security measure and to bring oversight more completely under the purview of the federal government.
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