« What's going on here? Atlantic Yards Watch offers more evidence that those operating railyard flood lights turn them on well before announced 6 am start. | Main | What's going on here? Arena roofing contractors dump white powder on Pacific Street »

December 5, 2011

The latest green-card-scam news from EB-5 Report Atlantic Yards Report

Atlantic Yards Report, Senate hearing on EB-5 program December 7; Obama's jobs council recommends EB-5; USCIS issues draft memorandum consolidating EB-5 policy

The EB-5 Regional Center Investment Pilot Program--the main vehicle for immigrant investors seeking green cards--is due to expire in September 2012, unless Congress acts, and advocates and legislators are beginning to take a closer look.

The EB-5 program, which grants green cards to investors and their families who invest $500,000 (or $1 million if it's not in a Targeted Employment Area) to create ten jobs, initially required the investment itself to create the jobs directly.

But investments through regional centers--federally authorized private (or sometimes governmental) investment pools--make it much easier, as indirect jobs can be calculated via an economist's report. No wonder the number of regional centers has been skyrocketing, and developers (like Forest City Ratner) and others seeking cheap capital have glommed onto EB-5.

Hearing December 7

On December 7 at 10 am, the Senate Judiciary Committee will hold a hearing titled “Reauthorizing the EB-5 Regional Center Program: Promoting Job Creation and Economic Development in American Communities.” It will be webcast.

Based on the title, it sounds unlikely that criticism of the program will be highlighted.

Atlantic Yards Report, At last Congressional hearing on EB-5, little skepticism, some evasion, calls for streamlining program

Given the upcoming Senate Judiciary Committee hearing December 7 on the EB-5 investment immigration program, it's worth a look back at a House hearing 9/14/11 held by the Judiciary Committee's Subcommittee on Immigration Policy and Enforcement.

Unsurprisingly, the hearing, titled "The Investor Visa Program: Key to Creating American Jobs" (video), featured little skepticism about the program and some fudging from witnesses. One evaded the fundamental reason why developers and entrepreneurs like EB-5: foreign investors are willing to accept little return in exchange for green cards. (Hence the support for Atlantic Yards.)

Atlantic Yards Report, A new, questionable EB-5 project in China is being called "the new Atlantic Yards"

Would you believe that Atlantic Yards--after my reporting and other reasons for controversy--has now become a cautionary example in the international world of investment immigration?

From EB5info.com, Huge Chicago EB-5 Multi-Hotel Project Under Scrutiny by Investors:

Several Chinese agents and investors are calling into question the claims being made by a new EB-5 Visa Regional Center, The Intercontinental Regional Center Trust of Chicago.

Many are calling this project the new Atlantic Yards due to the extremely large size of the offering ($249.5 million) and the claims being made by its promoters and migration agents in China. The agents need to heavily promote issues of this magnitude in order to raise such an exceptionally large offering (most EB-5 visa project offerings are under $50 million) in a very short period of time.

Posted by eric at December 5, 2011 10:56 AM