US to restrict ‘cash for visas’ Green card
United States, 28th February: The US is likely to restrict ‘cash for visas’ Green-card scheme amid reports of wide criticism.
The US ‘cash for visas’ green card scheme is said to have provided a stimulus to the US construction industry.
US ‘cash for visas’ green card—Also known as US EB-5 visa program, it provides rich foreign nationals an opportunity to become US citizens provided they are willing to invest between $500,000 and $1 million in US ventures like office towers, ski resorts, gas stations and wind farms.
In addition to making investments in the US, the foreigner getting the US EB-5 visa must prove two years after making the investments that the funds invested by the him/her led to creation of a minimum of 10 US jobs.
Such US visas are, indeed, the need of the hour especially as the US is making efforts to keep the economy stable following economic crisis. Critics of the US EB-5 visa program say the scheme is nothing but ‘cash for visas’ and needs to be stopped immediately.
US EB-5 visa scheme can save US construction industry—The best thing about the US EB-5 visa program is that it can help in financing the US construction industry. The program allows a total of 10,000 foreign investors each year to come to the US along with their families.
It was launched in the year 1990 by the USCIS (US Citizenship and immigration services) and has been proving to be a breather to cash-starved construction industry in the US.
Foreign investments coming through the US EB-5 visa program have helped in construction of nearly 30 projects in south Seattle, confirms Henry Liebman.
Throughout the US, 219 development zones with high rates of unemployment have been given approval by the USCIS for which investment can be received through the US EB-5 visa program. However, the US immigration agency is not willing to create new regional centers and has already revealed toughening the norms shortly.
Taking a look at the figures for the year 2012 show that nearly 61 percent of applicants for new regional centers were denied by the agency in the initial quarter. However, the agency denies any increase in denials saying its nothing but a three-month window.