US may set tighter standards on cash for visas green card scheme
The programme, referred to as EB-5, offers wealthy foreigners the opportunity to seek citizenship by investing money ($500,000 - $1 million) in business ventures such as wind farms, gas stations, ski resorts and office towers. Two years following the investment, the visa applicant must prove that the money has generated at least 10 employment positions before applying for citizenship.
Critics condemn the system as a "cash for visas" scheme, although a rising number of developers are calling it their saving grace during the financial crisis which has seen a dry-up in construction financing.
Henry Liebman, who has used the programme to construct over 30 retail and office developments in south Seattle, says the EB-5 is vital since it is the only funding available. He is now looking to use the programme as source of money for construction projects in four other US states.
The niche programme was created in 1990 and is currently available to 10,000 investors and members of their family per annum. It has blown up since the 2008 financial crash left the US dotted with delayed construction sites.
- Australia cancels nine visa types and introduces four business visas - April 9, 2013
- Survey shows Hong Kong tops global setup costs for businesses - March 21, 2013
- Senators debate huge reduction in family visas as part of immigration reform - March 19, 2013
- Brazilian Nationals have Increasing Interest in the EB-5 Green Card Investor Program - March 8, 2013
- Massive fall in Ireland to Australia working holiday visas - February 25, 2013
- Buying a US Green Card is More Popular than Ever - February 12, 2013
- UK Tech industry hopes immigration reform includes entrepreneur visas - February 6, 2013
- Canada to launch new entrepreneur start up visa scheme - January 28, 2013
- Chinese multimillionaires jump ship to protect their assets - December 19, 2012
- Overseas Investors: EB-5 Applicants Investing in US Charter Schools to receive Green Cards - October 24, 2012
- Hong Kong immigrants in Canada rushing to return to Asian homelands - May 22, 2013
- Costa Rica Central Valley becoming the next expat haven - May 21, 2013
- Canada to lure Silicon Valley techies struggling with immigration issues - May 20, 2013
- Australia plans to admit 190000 immigrants in 2013 - May 17, 2013
- Merkel urges Germans to accept immigration policy changes - May 16, 2013
- Kiwi lifestyle and higher wages lure highly skilled Brits - May 15, 2013
- Canada ramps up search for skilled immigrants in specific trades - May 14, 2013
- US senator submits game changing bill to repeal FATCA - May 13, 2013
- Germany reels under surge in immigrants from EU countries - May 10, 2013
- Survey confirms emigration of hundreds of thousands of Irish - May 9, 2013