A popular but contentious immigration program, which gives US visas to rich investors is under pressure just weeks away from its deadline for renewal, on 30 September. The EB-5 Immigrant Investor Program has helped tens of thousands of immigrants coming to the US in return for billions of dollars of investment into the country.
But, government officials and politicians have criticized the 28-year-old program for misuse, saying it needs to be radically reformed or even shut down. In June, President Donald Trump received a letter from Senator Chuck Grassley, saying that the EB-5 US visa program was riddled with fraud. The US Citizenship and Immigration Services director, Lee Francis Cissna, has asked Congress not to renew the program due to concerns about fraud, national security risks, and abuse.
One of the biggest criticisms of the program is that it was supposed to get investment into rural areas and those with high levels of unemployment that find it difficult to get capital, resulting in the creation of jobs, but that, instead, it has been abused to develop the likes of five-star hotels in Manhattan. This is according to Grassley and Fakhoury Global Immigration partner, Brandon Meyer.
There have also been calls to increase the minimum amount of investment, from the current figure of $500,000 to as much as $1.35 million, resulting in many investors rushing to sign up before the 30 September deadline.