February 8, 2012
A critic of the EB-5 visa program says it's failing (maybe); report says it's easier to buy your way into the U.S. than other countries
Atlantic Yards Report
David North of the "low-immigration, pro-immigration" Center for Immigration Studies (also see SPLC's criticism of the organization's ties with extremists), the most public critic of the EB-5 immigrant investor program, expands on his December 2011 Congressional testimony with a January 2012 report titled The Immigrant Investor (EB-5) Visa: A Program that Is, and Deserves to Be, Failing.
His summary is that "despite massive promotional efforts":
- There are comparatively few takers, and only a fraction of them complete the process and get green cards;
- No one, citizens or aliens, middlemen or workers, or the economy generally, seems to be getting much out of the program;
- Many of the investments turn out to be bad ones, some scandalous; and
- Other immigrant-receiving nations run much more rational programs than we do, while securing more significant investments, proportionately, from aliens.
Posted by eric at February 8, 2012 11:17 AM