• About Us
  • Activity
  • Advertising
  • Books
  • Business
  • Contact
  • EB5
  • Entertainment
  • feedback
  • Government
  • Home
  • Interviews
  • Members
  • National
  • Nevada
  • Nevada News and Views
  • Newsmax
  • NN&V Ads
  • Opinion
  • Politics
  • Polls
  • Privacy Policy
  • Subscribe
  • Subscription Confirmation
  • Survey
  • Survey
  • Terms of Service
  • Today’s Top 10
  • Travel
  • Travel
  • Travel
  • Welcome!
  • Yop Poll Archive
Nevada News and Views
  • Home
  • Muth’s Truths
  • Politics
  • Government
  • Entertainment
  • More
    • Nevada
    • Opinion
    • Business
    • Travel
    • News
    • Sports
  • Facebook

  • Twitter

  • Pinterest

  • RSS

EB5

Congress, Biden Reauthorize EB-5 Visas for Mostly Wealthy Chinese Nationals

Congress, Biden Reauthorize EB-5 Visas for Mostly Wealthy Chinese Nationals
N&V Staff
March 14, 2022
(John Binder | Breitbart News) – President Joe Biden and members of Congress reauthorized a little-known program that peddles United States visas, and eventually naturalized American citizenship, to China’s wealthy real estate investors.

Lawmakers in the House and Senate passed a government funding bill late last week, later signed by Biden, that renews the EB-5 visa program where wealthy foreign nationals can claim to invest at least $800,000 in U.S. development projects and receive green cards for themselves and their family members with eventual pathways to citizenship.

Most significantly, the program is a boon to China’s elite who secure green cards to the U.S. for themselves and their families under the guise of investing in U.S. real estate. For years, China’s elite have taken the bulk of EB-5 visas.

When the program lapsed in June 2021, about 80,000 foreign nationals — most of whom are from China — had their green card processing halted.

Included in the bill, though, are a number of reforms pushed by Sens. Chuck Grassley (R-IA) and Patrick Leahy (D-VT). Specifically, the Grassley-Leahy reforms include annual reporting requirements to the Department of Homeland Security (DHS), a prohibition on foreign nationals implicated in fraud and foreign government officials from receiving EB-5 visas.

As Breitbart News has reported, 10,000 foreign nationals and their families are allowed to enter the U.S. every year on the EB-5 visa. Though the program claims to revitalize underserved American neighborhoods, most investments are used to build luxury real estate.

As CityLab noted, New York City’s billion-dollar Hudson Yards project, which has subsequently driven up rents in the neighborhood, was funded by foreign EB-5 investors:

Hudson Yards, of course, is nobody’s idea of distressed. Located at the source of New York’s High Line, it’s the most expensive real-estate project in U.S. history. It could not possibly qualify as distressed under the terms of the program, or any understanding of the word. In order to buy EB-5 visas at the lower rate ($500,000), immigrant investors must put their money behind projects in areas with high unemployment—a proxy for need. [Emphasis added]

Manhattan’s West Side may not suffer for lack of opportunity, but, as Kimmelman notes, New York real estate is a realm for Kurosawa-esque visionaries. The Related Companies, the developer behind Hudson Yards, raked in at least $1.2 billion in EB-5 funds for this project. To qualify, Related needed a work-around to bypass the distressed-area requirements—a pass that New York authorities were happy to issue. [Emphasis added]

In June 2020, Breitbart News detailed a case in St. Petersburg, Florida, where luxury condos starting at $1 million per unit are being built using EB-5 investment funding.

Prev postNext post

Related Items
EB5
March 14, 2022
N&V Staff

Related Items

More in EB5

Bill Stenger sentenced to 18 months in prison for his role in the EB-5 scandal

N&V StaffApril 14, 2022
Read More

Prosecutors seek maximum sentence after plea deal in Vermont EB-5 scandal

N&V StaffApril 6, 2022
Read More

Fraud-Plagued “Pay to Stay” Immigration Program Didn’t Stay Dead

N&V StaffApril 5, 2022
Read More

Woman admits to $22.8M fraud scheme involving Coachella hotel project

N&V StaffOctober 26, 2021
Read More

Court records point to state cover-up in EB-5 fraud at Burke Mountain Resort

N&V StaffSeptember 9, 2021
Read More

Chicago EB-5 fraud cases put pressure on Senate Judiciary Chairman Durbin

N&V StaffMarch 17, 2021
Read More
Scroll for more
Tap

Subscribe Free By Email

Looking for the best in breaking news and conservative views? Let Chuck do all the work for you! Subscribe to his FREE "Muth's Truths" e-newsletter.

* indicates required
Nevada News and Views
Nevada News & Views is an educational project of Citizen Outreach Foundation, a non-partisan IRS-approved 501(c)(3) organization. It is not associated or affiliated with any political party or group. Nevada News & Views is accessible by the public at no cost. It funds its operations through tax-deductible contributions from donors and supporters and does not accept government money or grants.

TAGS

Featured Article Nevada Politics business Muth's Truths government Government Opinion Obama Muth’s Truths Ron Knecht News Donald Trump GOP Republicans

Copyright © 2021 Citizen Outreach | Maintained by VirtualAlly

Woman admits to $22.8M fraud scheme involving Coachella hotel project
Fraud-Plagued “Pay to Stay” Immigration Program Didn’t Stay Dead