US Congress is looking to extend this controversial visa program that offers a route to the citizenship of the US, this program is mostly popular among the citizens from China who invest in the businesses of the US in return for US green cards.
The EB-5 overseas investment program, which permits the private and public entities for proposing the development projects in which overseas citizens could invest their money. It is likely to issue an extension of ten months with no changes and would run till 30th September 2016. Part of federal spending law is expected to pass in this week, the program was supposed to get expired previous Friday but Congress passed a bill to continue financially support the agencies of the government through Wednesday.
News of extension had came in over a week of time after the Commission for Securities and Exchange had announced that it has taken actions against the lawyers in the US who are accused of providing EB-5 investments even though they were not the registered brokers.
With around 10,000 visas granted yearly, this EB-5 program has become the convenient way for the rich citizens from China to get the permanent residency of the US and bring their family later on. In the year 2014, 85 % of the EB-5 visas were granted to the citizens from China.
Although the limit is there on the applicants who could get the EB-5 visas from every country, this program is not very popular in other countries. This allows many people from China to exceed the limit.
To get the conditional EB-5 green card, the applicants should invest between $5,00,000 and $1 million in the business of the US depending on the location, create and preserve a minimum of 10 jobs. It could take around 3 to 4 years for the EB-5 applicants from China to get the US green cards from the time they had applied.