An Important Part of the US Residence Program for Expiring Investors | WGN Radio 720

Washington (AP) — A program that has long been dissatisfied with allowing wealthy foreign investors to obtain U.S. residence rights, which is equivalent to wholesale sales of U.S. citizenship, at the end of sputtering. It may be approaching.

Parliamentary approval for an important part of the immigration investor program was set to expire on Wednesday due to the bleak prospects for an update following the failure of the Senate bill, which would have addressed long-standing concerns about inadequate regulation. It was.

Bipartisan bills make up the majority of visa applications and allow funds from foreign investors to be pooled to fund large projects across the United States, often high-end real estate Would have created a new regulation as part of the program.

When Republican Senator Lindsey Graham opposed the bill last week and unanimously prevented it from passing through the Senate, the effort failed and angered two senior Republicans and Democrats who drafted the bill. It was.

“A narrow subset of huge amounts of money and corrupt profits has shown that they want to kill the program altogether, rather than having to accept a sincere program designed to curb their bad behavior.” Senator Chuck Grassley, Senator Iowa, wrote the bill in Vermontsen. Patrick Leahy said on the Senate floor after opposition from Graham.

Kevin Bishop, a spokesman for Graham, said South Carolina Republicans needed more time despite the looming deadline. “He wants to negotiate a long-term compromise with all parties to make the program successful while improving the integrity of the program.”

Despite the bipartisan support of the bill, it is uncertain whether the bill will come back or regain approval without change. Parliamentarians are wary of the entire program, and Republicans are generally increasingly immigrant-restricted.

The US Department of Homeland Security, a component of the Department of Homeland Security that manages investment visa programs, said in a statement that it was assessing the impact of license revocation.

Authorities also said they were considering administrative measures to “modernize and ensure integrity,” although officially known as the EB-5 program.

“Our institutions fully benefit from the EB-5 program and the many benefits it offers in providing employment and economic revitalization, especially to communities in need of foreign capital investment in the United States. We support. “

Parliament created a program to encourage foreign investment and promote employment growth in 1990, when the country was in recession.

The program required an investment of $ 1 million or $ 500,000 in poor areas to create at least 10 jobs. In exchange, foreign investors were able to obtain temporary residence with their immediate family and later apply for citizenship.

Congress also allowed funds from visa applicants to be pooled in a “regional center.” The center may fund large investments and constitute several different businesses. The idea was to promote growth in poor and rural areas.

However, the EB-5 program has made it possible to draw regional maps that include only pockets of poverty. As a result, create a large investment pool to fund luxury real estate projects in New York City, Miami, the San Francisco Bay Area, and other parts of the country, in a way that critics say wasn’t the program’s intent. Funds are often used for this.

The program provides 10,000 visas per year, primarily to wealthy foreigners from China and other parts of Asia. Pooled funds make up the majority as a relatively small number of people start independent EB-5 companies, said David North, a senior researcher at the Immigration Research Center who testified to the Senate about the problem.

Apart from the optics of selling citizenship in essence, the program has been repeatedly polluted by scandals, and authorities have sought to increase oversight of foreign investors, their sources of income, and proposed investment projects. I did. The Trump administration’s directive to increase the required investment was recently withdrawn by federal court.

“I think all possible scams by all possible players are available in this program and deserve to die,” he said.

However, there are defenders. Steve Yale-Loehr, a professor of immigration law at Cornell Law School, says EB-5 brings valuable benefits to the United States. ,” He said.

An Important Part of the US Residence Program for Expiring Investors | WGN Radio 720

Source link An Important Part of the US Residence Program for Expiring Investors | WGN Radio 720

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