EB-5 swamp needs draining, too.
Congress will give EB-5 a new lease on life this week by slipping renewal of the controversial program into a continuing resolution. Administered by the Department of Homeland Security, it is formally known as the Employment-Based Fifth Preference Immigrant Investor Program. In plain language, it’s a green card fire sale for rich foreigners.
Under EB-5, a foreigner pays $500,000 and is granted a green card, placing the purchaser and immediate family on a road to permanent residency in the United States. Silken middlemen on two continents speed the process. The stated purpose of the EB-5 program is job creation. Each $500,000 fee is supposed to be directed to projects in economically distressed “targeted employment areas” in the U.S. to create ten full-time jobs.
According to a report by the Government Accountability Office, the program has created “unique fraud and national security risks.” Hustlers around the world are hawking the precious U.S. visas. Sales have tripled in recent years. The GAO says funding for the visas could come through the “drug trade, human trafficking, or other criminal activities.” Those claims of ten-jobs-per-green-card seem sketchy as well. The reporting on the economic benefits of the program, the GAO warned, “is not valid or reliable.” Money flowing in from China is one of the main drivers of the program.
In most advanced countries the amount required is something like a million. In some countries its more.
I think this is how and why within a couple of years almost all of the motels in the US are run by Indians, and the convenience stores by arabs. It occurred a decade or so ago, but when it happened it happened over a relatively short time span. It is a way to get entry to the US with a relatively small investment. I believe companies are helping them do it. Maybe someone can tell me I’m wrong.
This is what happens when unaccountable corrupt crony globalists mortgage the future of America on the backs of overworked taxpayers, borrowing 44% of every $ spent to buy votes and pad their lock box.