The Iowa Republican representative Steve King, has introduced Monday March 13, 2017 a new bill that would permanently end the controversial EB-5 visa program, characterized – according to him – by fraud and abuse.
Founded in 1990, the EB-5 visa program has funded many projects by offering Green Cards to foreigners who invest $500,000.00 in rural areas known as Targeted Employment Areas (“TEA”) to $1,000,000.00, in U.S. real estate and/or in U.S. new or troubled business, with the only obligation to maintain for the next two years at least 10 US citizens in full-time jobs.
According to recent statistics, the program has created more than 35,000 jobs in 2015 and the states consuming the most EB-5 investment are California, New York, Texas and Florida; while Chinese applicants represent 85% of EB-5 applicants.
The new bill was anticipated by several reform proposals by the end of the last administration, but the bill that wants to permanently stop the program represents the most relevant initiative.
The bill supports immigration crackdown initiatives promoted by the new Government and it was anticipated by the comment posted on Twitter by the Iowa representative “We can’t restore our civilization with somebody else’s babies”, that has immediately been condemned as racist for its explicit reference to foreign investors who choose the EB-5 Program in order to obtain the U.S. residency.
With the collaboration of Federica Magni.
This post is also available in: Italian