U.S. Lawmaker Wants to End EB-5 Fraud by Cutting Visa Program
March 23, 2017
In spite of the ongoing national debate regarding immigration, there are still a variety of visa programs that are offered for those who are seeking to come to this country. However, one lawmaker expressed his desire to end EB-5 fraud abuse by revoking this visa program. There are likely many developers and investors living in New York who may have an interest in keeping the program alive.
U.S. Congressman Steve King recently announced the introduction of legislation that would stop the funding for the program. The EB-5 visa offers an opportunity for foreign nationals to invest in development projects in exchange for the right to have their application for a green card fast-tracked. This particular program has come under increased scrutiny in recent years due to a number of fraud allegations.
Some developers have entered guilty pleas after being accused of misappropriating investors’ funds for personal or other unauthorized uses. The program’s funding is set to expire in the next few weeks if Congress does not renew it. While there are some who have claimed that Mr. King’s motives for ending the program are questionable, the ones who have been harmed by the incidents of fraud are the foreign nationals who may face being deported when the projects are later scrapped.
It is unclear what the future holds for this particular visa program. In the meantime, those individuals residing in New York who either fear that they may have been a victim of EB-5 fraud or have concerns about their green-card status if the project they invested in has either been abandoned or is being investigated by the federal government can get help. An attorney familiar with U.S. immigration issues can provide information concerning their rights and offer potential solutions regarding these unsettling situations.
Source: constructiondive.com, “Congressman introduces bill to scrap controversial EB-5 visa program“, Kim Slowey, March 15, 2017