The EB-5 Immigrant Investor Program has Provided a Breeding Ground for Securities Fraud
Back in 1990, Congress created the United States Citizenship and Immigration Services (USCIS) EB-5 Immigrant Investor Program. The idea was to help stimulate the country’s economy by encouraging foreign investment in U.S.-based projects in exchange for a quicker path to U.S. citizenship for those foreign investors. The foreign investors, who invested in an EB-5 project of at least $500,000 that would lead to the creation or preservation of 10 or more jobs for U.S. workers, could qualify for an EB-5 visa. Later in 1992, USCIS set aside EB-5 visas for those foreign investor investments made through regional centers designated by the USCIS.
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