Some portions of this EB-5 program for the foreigners who get Green Cards through this visa in exchange of investing money in the US projects are going to get expired on the 30th of September. And the critics are arguing of some of the provisions should just be let off.
Initially, the Congress implemented this EB-5 program as part of the comprehensive overhauling of the immigration policy in the year 1990. The visa was for investors who invest $1 million and created ten jobs, and a separate provision was there for people to invest $5,00,000 in the areas of high unemployment and rural areas.
Due to the sluggish applications in the year 1992, Congress decided to allow private bodies to apply in becoming the regional centers, which pools the money from foreign investors.
Overseas interest in this EB-5 visa program has exploded in the past few years. Applicants were not coming until the time of recession. However when construction projects financing became difficult in local areas, some of the developers started looking funding from overseas. According to an Immigration Lawyer.
Only 700 visas were issued in the year 2007, and last year, a quota of 10,000 visas was reached through this EB-5 program for the first time and it stopped accepting the applications. And yet again, the same number of quota was reached this year.