At a glitzy Beijing Ritz-Carlton event earlier this month, Jared Kushner’s sister, Nicole Kushner Meyer, urged potential investors to secure their EB-5 visa promptly before its loosey-goosey requirements and generous benefits get tightened.
Known among immigration skeptics as the citizenship-for-sale visa, the EB-5 has a long, ugly and fraud-ridden history.
In short, for a token $500,000 investment in a commercial venture which can be withdrawn after two years, the overseas financier, his/her spouse and minor children will get permanent residency green cards that provide a path to citizenship. The investor may have no qualifications other than his bank account, never has to visit the U.S. or be involved in the project’s development in any way beyond signing the check.
Moreover, the company isn’t required to, as President Trump would put it, “hire American.” The visa does, however, create hundreds of jobs for lobbyists, immigration lawyers and consultants paid to entice foreign capitalists to apply, and to persuade Congress to renew it every year.
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