We need more of these: Foreign citizens making big investments in U.S. in exchange for green cards

At the WaPo, Foreign citizens making big investments in U.S. in exchange for green cards

The EB-5 program is booming in popularity, driven largely by a struggling U.S. economy in which developers are searching for new sources of capital. It is also fueled by rising demand from foreigners looking for access to U.S. schools, safe investment in U.S. projects and — in the case of China, where most of the investors are from — greater freedom.

The program has broad bipartisan support in Congress, and key senators who are negotiating an overhaul of the immigration system have said they are leaning toward expanding visa programs that provide an immediate boost to the economy.

Since the EB-5 program began in 1992, more than 29,000 people have received visas, foreigners have invested more than $6.8 billion and 50,000 American jobs have been created, U.S. officials said.

IF (big “if”) the government can carry out this program in such a way that real investors are bringing thriving businesses, there’s only thing to say:

More cowbell!

In other immigration news,
Texas taxpayers spent at least $250 million last year in state prison and health care costs for illegal immigrants.

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4 Responses to “We need more of these: Foreign citizens making big investments in U.S. in exchange for green cards”

  1. Outspoken Red Says:

    Not so fast, Fausta. I can only speak for my own experience in my little corner of the country, but I know for a fact that certain peoples from an Asian country (to be unidentified here) are cheating this system. Fellow Asian countrymen already in the U.S., whether individuals or businesses, will deposit funds into the prospective immigrant’s checking account and leave it there until the visa process has run its course. Then, once the “coast is clear,” the newly adorned “investor” will pay the money back. In actuality, the investor has very little money to his/her name, and they take a low-level management job with one of these Asian companies (as planned all along).

  2. Fausta Says:

    Interesting situation, Red!
    they take a low-level management job
    Are they actually qualified for those jobs?
    Do they become citizens? Is this a way to make the naturalization process more efficient?

  3. Outspoken Red Says:

    Honestly, I’ve found the basic denominator is that they all stick together. The Asians will hire these folks for jobs or even create a position because they are friends or relatives or simply, “their countrymen.” Perhaps they meet the qualifications, perhaps not. Well, I guess I can understand sticking together–put yourself in their shoes where you are living in another country speaking a second language. You tend to flock to your “kind.” However, none of this excuses the cheating, in my opinion. I know many of these people, like many south of border Hispanics, simply long to come to America! And both are cheating to get here, only in different fashions.

    Some people eventually get a LPR green card and some of them may become US citizens (though some are reluctant to do so and thus give up their citizenship back home).

    The investor visa is not the only one I’ve seen like this. There’s another one for “skilled” professionals, I think it is H1B. The premise is that your company claims it needs to recruit these foreigners because you can’t find a suitable candidate here in the U.S. (though this is not strictly monitored by our govt.). The employer must advertise the position to show that there were no candidates suitable (well, just make sure you advertise through some media bound to get you no good candidates!). Then show you are financially able to pay the candidate the prevailing wage for this professional occupation (again, I don’t think UCIS subsequently audits to see if you actually paid them that wage–so, most employers pay them LESS than what they claimed they would). Get everything approved, pay some fees, and there you have it. Another visa process that is taken advantage of.

    I personally feel that we need a greatly overhauled guest worker program. Competition is good for us N. Americans; we need to stop crying that the foreigners are taking our jobs, whether it be farm work or engineering. But I also know that once a foreigner arrives on this soil, particularly legally and with a visa that was meant to be temporary in duration, then it is highly unlikely they will be forced to leave the country–and that is wrong, too.

  4. Outspoken Red Says:

    And let me say again that I have observed some of these things on a limited basis (I’m not an accomplice!!), but I have heard that it is quite common.