Two United States senators introduced legislation earlier this month to reauthorize the EB-5 regional center program set to expire in September, which provides a pathway to American citizenship popular among Chinese citizens who invest in American businesses in exchange for green cards.
"In many instances, the program has helped combat a stagnant economy," Senator Chuck Grassley of Iowa, a Republican, said in a statement. "At the same time, though, we've seen too many occasions where national security has been put at risk and job creation has taken a back seat."...
The immigrant investor visa program is not without controversy, though. Established by Congress in 1990, the EB-5 visa, of which roughly 10,000 are awarded each year, has become a convenient way for wealthy Chinese citizens to become permanent U.S. residents and later bring over their family members. In 2014, some 85 percent of EB-5 investors were Chinese, according to a study by Savills Studley, a real estate services firm...Will This 'Fast Track' to US Citizenship Be Renewed?
Related StoriesEB-5 Investment and the Impact on Commercial Real Estate
National Office Sector Report (Q4 2014)