More than 400 foreign investors whose quest for U.S. residency was derailed when they were defrauded by the developers of Jay Peak may soon get some relief.
The U.S. Department of Homeland Security is proposing a rule change to the EB-5 immigrant investor program that could allow hundreds of investors in Northeast Kingdom projects led Ariel Quiros, Jay Peak’s owner, and Bill Stenger, the resort’s former president, a second shot at obtaining a green card.
Among the many proposed updates to the program, a provision would allow investors who put money into one project the ability to reinvest funds into another that might have better prospects of succeeding and meeting the program’s job creation requirements.
The rule change would allow the defrauded Jay Peak investors to recoup money through the sale of assets, settlements, or other litigation and reinvest in another qualified EB-5 project.
They would not lose their place in the long line of foreign investors seeking green cards through the program, which would make a difference of several years.
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