Foreign investors hoping for a green card under the controversial EB-5 visa program have a last-minute window to apply, before Congress likely institutes tighter restrictions in December.
The EB-5 program grants temporary legal status and a path to U.S. citizenship for foreign nationals who invest at least $500,000 in a U.S. business that creates at least 10 U.S. jobs.
The program was due to sunset Sept. 30. But a Congressional resolution has kept the federal government running through December 11.
Now the rush is on. Professionals who work with EB-5 investors say they're seeing an uptick in interest lately.
“We’d usually receive a few phone calls a day," said Howard Ting, vice-president of YK America, an EB-5 investment firm and developer in El Monte. "Now, we’re getting probably close to a dozen phone calls.”
He said investors have called to ask if they can get in under the current rules, which are looser than what some lawmakers have proposed as the program comes up for renewal.
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