Proposed Changes that May Have Helped Reduce EB-5 Fraud Rejected
April 5, 2018
A handful of lawmakers worked to propose changes to one visa program that is continually up for elimination. The proposed changes were offered in an effort to reduce the numbers of EB-5 fraud allegations while helping to bring stability to the program. There have been many New York projects that have been completed based on investors who have benefited from this visa.
The most recent budget passed by Congress included provisions for extending the EB-5 visa through September of this year. However, there have been no changes to the program though some congressional leaders attempted to bring reforms. There were many that feared such changes would bring an end to the program altogether.
Senator Chuck Grassley supported reforms that would have raised the minimum investor level to $925,000 before foreign investors would be permitted to apply for a green card. The changes would also have required that 1,450 visas would be reserved for development projects that were intended for rural areas. While there were many critics who felt that the reserved visa requirement would have hampered plans for New York projects, having program stability may have eased investors’ minds.
Without the proposed changes, the current program has only been extended an additional six months. The constant concerns over whether the visa will expire may be turning potential investors away. One of the biggest concerns over this particular green card program is the allegations of EB-5 fraud that have made headlines in recent years. Investors who are currently residing in New York and are concerned that they have been a victim of fraud may seek the guidance of an experienced attorney in order to ensure that their rights are protected.
Source: therealdeal.com, “EB-5 Visa“, E.B. Solomont, March 22, 2018