Is The US Selling Visas To Wealthy Foreign Investors?

The EB5 program provides visas to investors who bring at least $500,000 into the U.S.

By Joy DiazJuly 31, 2017 10:30 am| ,

Most Americans probably didn’t know about the EB-5 investor visa program until earlier this summer, when Nicole Meyer, the sister of President Donald Trump’s son-in-law, Jared Kushner was heard promoting the program in China.

The EB-5 program is an old one, created by Congress in 1990. Under the program, an investor must bring between $500,000 and $1 million into the U.S. In exchange, the investor and his or her family receive visas that allow them to enter and live in this country.

Critics of the program object to what they call “greenbacks for green cards,” or selling visas to wealthy foreigners.

Antonio Palacios, the Mexican-born founder and CEO of Teltech in Dallas, lives in the U.S., legally under an EB-5 visa. He says those who benefit from the program must share American values, pay taxes and work hard, in order to retain their visas.

 

Written by Shelly Brisbin.