The Secret to Legal Immigration is Real Estate
For the first time in 24 years, a program for immigrants that trades in visas for investments in American businesses has run out of funding.
The visas that are issued to immigrants in exchange for business investments are called EB-5 visas, and this method is a common way that wealthy investors from other countries are able to secure permanent residence in the United States.
However, there are some drawbacks to the program. For instance, there are some real estate deals that have proven to be sketchy. Even though the program has been put in place in order to create more jobs in the U.S., this is not always as seamless of a process as it may seem. There is also a chance that some wealthy investors will become victims of fraud, if the organization that issues the visas is not properly regulated. The EB-5 visa program was also designed to create business in areas of the country that aren’t doing well economically. Immigrants are given $500,000 to invest in businesses in low-income areas, or $1 million in other areas of the U.S. The overall goal of the initiative has been to help people from other countries realize the American Dream.
After two years of being in the U.S., immigrants have to prove that they’ve properly invested the money and have hired at least 10 employees for the business. The employees must work for the company full-time, and this arrangement allows for the applicant and his/her family members to work toward citizenship.
Since about 85% of the Eb-5 visas went to Chinese investors last year, it is likely that wealthy businesspeople from China won’t be able to apply for the upcoming fiscal year. This can open the door for immigrants from other countries to start more businesses in the U.S.
What do you think of this program? Is it helpful for Americans? Tell me in the comments below.