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US stricter on cash for visas green card programme
US stricter on cash for visas green card programme
| Published: | 28 Feb at 6 PM |
The US government might be getting stricter on a “money for visa” green-card programme which faced heavy criticism even though it boosted the construction industry in a number of recession-battered markets, reports The Daily.
The EB-5 programme gives wealthy foreigners the opportunity to be granted citizenship if the invest between $500,000 and $1m into ventures including ski resorts, office towers, gas stations and wind farms. Two years after investing the money, the visa recipient has to prove his or her money helped create 10 jobs or more for a chance of obtaining citizenship.
Critics have blasted the programme, claiming it is “cash for visas”, but a growing number of developers have described it s their saving grace on the back of the financial crisis which caused financing towards construction to dry up.
The niche programme, which began in 1990 and is at present open to 10,000 investors along with their family members, has shot up in popularity since the financial downtown left the US full of incomplete construction sites.
US Citizenship and Immigration Services (USCIS), which administers the programme, has now approved 219 development zones nationwide – either in areas of high unemployment or rural areas, where funds can be raised via the EB-5 programme at the discounted rate of $500,000 per investor. This is up from 11 zones in 2006. Out is front in California with 58 zones, while Florida is next with 20.
The EB-5 programme gives wealthy foreigners the opportunity to be granted citizenship if the invest between $500,000 and $1m into ventures including ski resorts, office towers, gas stations and wind farms. Two years after investing the money, the visa recipient has to prove his or her money helped create 10 jobs or more for a chance of obtaining citizenship.
Critics have blasted the programme, claiming it is “cash for visas”, but a growing number of developers have described it s their saving grace on the back of the financial crisis which caused financing towards construction to dry up.
The niche programme, which began in 1990 and is at present open to 10,000 investors along with their family members, has shot up in popularity since the financial downtown left the US full of incomplete construction sites.
US Citizenship and Immigration Services (USCIS), which administers the programme, has now approved 219 development zones nationwide – either in areas of high unemployment or rural areas, where funds can be raised via the EB-5 programme at the discounted rate of $500,000 per investor. This is up from 11 zones in 2006. Out is front in California with 58 zones, while Florida is next with 20.
