The EB-5 visa program ' Donald Trump

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Trump Administration aims to introduce EB-5 visa program for foreigners including Indians
The EB-5 visa program provides green cards to foreigners who invest at least $ 1 million in the US. After China and Vietnam, India is the third highest point of the EB-5 visa application.
Updated: June 23, 2018 08:57:33
By PTI



U.S. President Donald Trump stopped at the White House before signing the executive order on immigration policy
U.S. President Donald Trump stayed at the White House before signing the executive order on immigration policy. (Reuters file photo)
The Trump Administration has urged the US Congress to improve or eliminate the EB-5 Investor Visa Program, which provides green cards to foreigners who invest at least $ 1 million in the US, which provide approximately 10 permanent full-time jobs Produce.
This step comes from the Trump administration, among the growing reports of misuse of foreign citizens or fraud.
Top US MPs are also opposing the EB-5 investor visa program because of this, cases of fraud rise and this type of investor's visa program is misused.

"The EB-5 Regional Center Program, which is due to end on September 30 this year, is in dire need of reforms for better protection of US investors, businesses and communities against fraud, misbehavior and mismanagement," said El Francis Sisna, Director American citizenship and immigration services told MPs during the congressional hearing this week.
"The most important thing is that there is a need for reforms against national security risks, which allow foreign citizens to invest money or invest in spying against us."
The EB-5 investor visa program allocates 10,000 citizens annually to foreign nationals, which has seven percent caps per country.
While China is the third highest registrant of the EB-5 visa application after China and Vietnam, complaints of abuse and misuse of China are mostly coming.

Last year, 500 EB-5 petitions were filed by Indians, and this year it is expected to be filed 700.
The rate of rejection of applications for Indians under EB-5 is about 20%, whereas due to issues related to the source of documents and money, the normal denial rate is 10%.
Innovation Lohia of Canvas said, "The growing demand for EB-5 is spread across India, especially in Chandigarh, Punjab, Delhi, Mumbai, Tamilnadu, Karnataka, India has 50 investors in 2016, 97 investors in 2017 and 200 are expected of the year.
While presenting the evidence to the Senate Judiciary Committee, Sisna said that the EB-5 regional center program was scheduled to end on September 30, 2018.

"In the last decade, this program has been re-authorized by the Congress without any security measures or equipment for the department to better operate the program. In the absence of legislative reforms, I believe that the Congress actually The program should consider the expiry of the term.
In 1990, when Congress made Category 5, the goal was to encourage the economy through job creation and capital investment.
Two years later, with unemployment climb, Congress created regional center program and separated the EB-5 visa for those who invest in commercial enterprises engaged in regional centers.
As of 2018, a total of 903 Regional Centers are present, up from only 25 in 2008.

The concept of regional center provided more investment, but he also opened the door for abuse, Sisna said that there are indications that the program used to weaken American national security with 19 cases of national security concerns confirming five years of security have to has to.
"We have also spoiled the scandal of the program and weakened public confidence. Unconscious operators have hunted foreign investors and in return, the communities around the country have damaged these economic development trusts the dollar We do.
The head of the USCIS said, "There are a large number of schemes, which include millions of dollars, where this - where the primary motivation of operators can not be a real investment, rather to earn money from the EB-5 program."
Senator Judiciary Committee President Senator Chuck Grassley said that interest in the EB-5 regional center program has increased, so there is danger for fraud cases, cases of corruption and national security.

Many of the underlying problems in this program are many well-documented examples, he said.
Grasley told about the ex-wife of China's third most powerful government official, who blamed the EB-5 for fraud by depositing false documents as part of a plan to save America from theft with the money stolen.
In January, a group of more than 120 Chinese citizens sued the Idaho Real Estate Development Company and claimed they had been forced to commit more than $ 60 million in the investment.
Ranking member Senator Diana Fenstein argued that it should be completely eliminated.
"I believe that selling American citizenship is wrong. It's a special country, thoughAmerican citizenship. This is a special country, although after what happened yesterday, maybe some of us think less of it. But citizenship should not be for sale like a commodity on the stock exchange,” she said.
The program is deeply susceptible to fraud. It involves large pools of moneys, recruited overseas, far from US regulators, she said.
Example after example demonstrate how flawed the programme really is. For instance, in 2013, the SEC charged a couple with stealing funds from foreign investors and diverting funds to other businesses for personal use, she added.
Senator John Cornyn from Texas, however, supported the continuation of the programme with reforms. He said EB-5 had helped in revival of the economy.
“After the Great Recession of 2008, if it weren’t for creative investment vehicles like the EB-5 programme, I hate to think that the economy would have been much worse than it actually was, but there are numerous infrastructure and business development projects in my state that have benefited from being able to access the revenue created through the EB-5 programme,” Cornyn said