Posted on 09/11/2014 6:12:58 AM PDT by Oldeconomybuyer
A U.S. immigration program that grants visas to foreigners who invest in U.S. businesses and create local jobs, has for the first time in its 24-year history run out of quota due to the overwhelming demand by Chinese applicants and will thus no longer be China's newly rich's fast passage to America.
The U.S. Department of State said the EB-5 program, which gives visas to those who invest at least 500,000 U.S. dollars and create at least 10 jobs in development projects, has hit its annual quota of 10,000 visas for the fiscal year, and will not receive new applicants until Oct. 1.
Although a new batch of 10,000 visas will be released after October, China's newly-rich will have to queue up for at least two years to get their "green card," or the permanent residency, as the demand for the EB-5 visa is expected to continue surging. In the past, the waiting period was no more than a year.
According to the American Immigration Lawyers Association, the number of Chinese applicants has increased by seven folds since 2007.
By law, no single country can be issued more than 7 percent of that total visa quota, but the U.S. government allows any visa slots unclaimed by other countries to be handed over to China.
(Excerpt) Read more at news.xinhuanet.com ...
Businesses are realizing they can bundle a bunch of EB5 investors to finance big projects.
The old Sahara casino in Las Vegas was renovated into the SLS Las Vegas largely through bundled EB5 investment.
Sure, there are issues in China, but imho, it’s as much people in the US figuring out how to milk Chinese for capital in exchange for a green card.
They’re heading over here where the politicians & bureaucrats still appreciate a good suitcase full of graft.
Good point.
BACKSTORY--In an earlier statement, Sen Charles Grassley said ICE identified key vulnerabilities in EB-5 visas:
1) Export of sensitive technology/economic espionage.
2) Use by foreign government agents/espionage.
3) Use by terrorists.
4) Investment fraud by regional center.
5) Investment fraud by investors.
6) Fraud conspiracies by investors and regional center.
7) Illicit finance/money laundering.
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ARE MEXICAN CARTELS BUYING US CITIZENSHIP? USCIS rubber-stamper Leon Rodriguez, a recent Obama appointee, oversees the legitimization of the border swarm.....emanating from 144 countries.
Rodriguez also administers EB-5 visas as head of USCIS (A DHS agency).....EB-5's are said to involve major threats to US national security:
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Eye-opening exchanges on this topic at the recent House Judiciary hearing on immigration.
<><> Patriot Cong Randy Forbes (Rep-VA) said Americans need to know if violent gang members are walking their streets. Forbes asked UCIS--a DHS agency--headed by Obama appointee Leon Rodrigues---whether the agency asked applicants about gang membership---and when they invariably reply no, how does the agency know whether it's true or not?
The calculated Rodriguez would not reveal information---Forbes insisted on knowing "do you even ask them if they're gang members."
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Rodriguez's confirmation hearings revealed he was a board member of Casa Maryland---a latino-centric advocacy group---pushing for unlimited immigration, and has connections to nationwide immigrant groups.
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ACTION--CONTACT FBI TIPS PAGE WEB SITE---YOU MAY REMAIN ANONYMOUS---https://tips.fbi.gov
<><> Taxpayers demand Rodriguez, USCIS, the Congressional Hispanic Caucus, La Raza, and other tax-funded latino groups, be investigated. Supboena official filings, phone records, emails, snail mail copies, hard drives, bank accounts, checking accounts, credit cards, debit cards, wire transfers, social media contacts, and the like.
<><> Taxpayers demand to know if govt factotums like Rodriguez, and the aforementioned tax-funded groups, are consorting with violent organizations advocating the overthrow of the US govt.
<><> TAXPAYERS demand to know who these people are communicating with, and who is directing their activities.
Once this was done, they trickled back into Hong Kong and it was business as usual within two to three years.
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