After a somewhat turbulent couple of months under President Trump, the world has been awash with worries about what the next four years might hold. Little wonder then that news of amendments to the EB-5 Immigrant Entrepreneur program have gone under the radar.
While the changes themselves were not unexpected, the timing is extremely interesting. The EB-5 visa encapsulates many of the issues and promises that Trump has made throughout his campaigning, all in one neat legislative package. His impact on the passage of this new look EB-5 scheme could reveal much about Trump’s approach to business policy in the long term.
The EB-5 Immigrant Investor program was introduced as one of a raft of changes contained in the 1990 Immigration Act. As part of George H. W. Bush’s stimulus package, the EB-5 program was designed to seek foreign investment in an age of increasing globalisation. Foreign investors could contribute $500,000 to an eligible U.S. business scheme in exchange for first temporary, and later permanent residency. Sponsored by Democrat stalwart Ted Kennedy, it has been variously championed and critiqued by both parties, a rarity in American politics.
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