In Spite of Concerns Over EB-5 Fraud, Program Extended for Now
Dec. 28, 2017
Of the many avenues that are open for immigrants who wish to start over in America, one of the most controversial was just extended for another month. This visa, which is obtained in part through investments, is often the target for allegations of EB-5 fraud. There are many projects in New York that came to fruition through the use of these important investment funds.
The news about the latest extension was met with relief from many of those from certain Asian countries whose citizens are hoping to obtain these coveted green cards. Congress recently voted to extend the program until the middle of January when they will take up the issue once again. The current administration has stated that it may consider revising several of the visa programs. The EB-5 is the only program that requires that hopeful immigrants make an investment into a development project located in the United States. Along with the minimum investment of $1 million (or $500,000 if the project is in depressed region), investors are required to have a plan that provides or retains at least 10 employment opportunities for qualified workers.
Currently, investors from India are estimated to be in sixth place for receiving these coveted visas. However, investment companies who provide opportunities for these particular foreign nationals hope to increase the number of qualified applicants. In the past, these foreign investors experienced a fairly high denial rate based on inadequate documentation and projects that did not meet the qualifications of the program.
It is unclear what congressional leaders will decide in regards to this particular visa program in the coming weeks. There have been many allegations of EB-5 fraud. When investment companies or developers misuse the funds that are meant to be used for the designated project, it can place the investors’ immigration statuses in jeopardy. Whenever New York residents fear they have been victims of this type of fraud, they are likely unsure of their current legal standing. They are entitled to consult with an experienced attorney in order to protect their statuses and determine what actions to take for their current situations.
Source: americanbazaaronline.com, “EB-5 program gets extension until January 19, 2018“, Jayshal Sood, Dec. 25, 2017