The fate of the EB-5 visa program, which qualifies wealthy individuals and their families with instant Green Cards, by merely investing $500,000 minimum into designated projects in the United States, will now be decided by Wednesday, December 16, after it got a reprieve for an extension.
The program, which is popular with developers in many states, and has seen a deluge on Chinese investors, has also seen plenty of fraud, to give pause to lawmakers.
The 25-year-old program, which is coming up for reauthorization before Congress, allows foreign investors to gain permanent U.S. residency in exchange for investments that create American jobs, preferably in rural areas and neighborhoods with high unemployment.
Renewal of the program – which awards a U.S. green card to foreigners who invest $500,000 into the U.S. economy – was part of a short-term spending bill approved by the House of Representatives Friday, reported The Real Deal. The bill, approved by the Senate on Thursday, will keep the government running through Dec. 16 while lawmakers negotiate the $1.15 trillion budget, of which EB-5 is a small component.
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