There are countless foreign nationals who dream of obtaining a green card and beginning a new life here in New York or elsewhere in the United States. One popular avenue for seeking this opportunity is through the EB-5 visa. Though this program has had its share of allegations regarding EB-5 fraud, investors can take measures that reduces this risk.
The EB-5 visa program is classified as a type of employment-based visa that allows foreign investors an opportunity to secure a visa and then permanent residency. Though this visa has supported many successful projects here in New York, it has its share of critics. Many of these opponents state that examples of EB-5 fraud have tainted the visa program.
The EB-5 visa program was first launched in 1990 in order to allow foreign nationals an opportunity to obtain a green card in exchange for their investments in qualified real estate development projects. Several projects throughout New York have to come to fruition, thereby permitting many foreign residents an opportunity to make a new start in this country. While this program has been beneficial to both sides in the majority of cases, there have been numerous allegations of investors losing their monies due to alleged EB-5 fraud.
The federal government is considering whether to provide for another extension of the EB-5 visa program. While it is headed into its 28th year, the program does have its detractors who are concerned about the recent lawsuits over alleged EB-5 fraud. The program has provided funding for many successful projects in the New York area, and countless foreign nationals have obtained visas by way of their investments.
New York City and the surrounding boroughs have often benefited from investments through the EB-5 visa program. This particular visa allows for foreign nationals to invest a minimum amount in a qualified development project that provides a set number of employment opportunities for residents. In exchange, the investors receive the opportunity to apply for green cards for themselves and qualified immediate family members. Unfortunately this visa has been the subject of many civil lawsuits over allegations of EB-5 fraud.
Many New York developers have completed their projects with the help of funding raised through the EB-5 visa program. This program was started in 1990 and allows foreign nationals an opportunity to obtain a green card through investments in qualified projects here in the United States. Unfortunately, the program has been tarnished by allegations of EB-5 fraud. The latest allegation involves nearly 200 investors who claim to have been defrauded.
Many New York businesses have benefited from the EB-5 visa program. This federal immigration program allows foreign nationals an opportunity to apply for a green card after investing in qualified development projects. Unfortunately, not every project comes to fruition, and some investors have been the victims of EB-5 fraud.
There have been many projects completed in New York through the use of investments from companies that are affiliated with the EB-5 visa program. In most cases, the project is developed on time, and the foreign investors are assured of their rights to apply for a visa and seek permanent residency. Unfortunately, there have been situations where the developers committed EB-5 fraud, and both investors and loan companies are left to try and recoup their losses.
At the end of September, the EB-5 visa program is set to expire once again. While it is uncertain what actions Congress may take, there have been efforts on the part of some lawmakers and an official with the Immigration Service, who are calling for the program to be terminated. There have been many projects here in New York that came to fruition due in part to funding from this program, but concerns over EB-5 fraud and national security may make it more difficult for the program to survive.
The establishment of the EB-5 visa was intended as a way of obtaining foreign investment capital for certain projects that met the program's parameters. In exchange for the minimum $500,000 investment, a foreign national who met the qualifications would then be eligible to apply for a green card. Many states, including New York, have benefited from this particular visa program though it has been the target of many EB-5 fraud attempts.