You are hereCritics of EB-5 Program need to really give more balanced views
Critics of EB-5 Program need to really give more balanced views
Many of the critics (we sometimes criticize some aspects also) of EB-5 Program really don't understand what the investors have to go through when they criticize the EB-5 Program as a simple transaction of getting green cards in exchange for putting up $500,000. They don't really understand that investors and family members have to go through conditional permanent residence period and that there is a real risk of not getting I-829 conditions removal approved and also losing some of the investment amount.
If this was as simple as the critics make it out to be, why is there around 15% denial rates on all filed I-526s and I-829s?
Just saying the EB-5 Program is about giving away green cards for receiving something is not going to cut it. The last time I checked, the entire US immigration categories are about that. You marry a USC, and you get a green card. [I realize that some people are going to say that the foreign spouse loves the USC spouse and marries him or her, and that the green card is an incidental benefit; but most EB-5 investors and families "like" USA and make investments, and in order to live in the U.S., they need green cards, so to me, there is not much difference.] You are born in USA and you get a U.S. citizenship. You work for a chicken farm and you get a green card. Of all things, you can win a lottery and get green cards.
I hope the mounting criticism against the EB-5 Program is not unfairly tied to the particular nationalities or ethnic backgrounds of the majority of EB-5 investors, because one of the biggest source of economic benefits not mentioned or considered comes from a lot of spendings in the U.S. done by EB-5 investors and their families: they buy houses, cars and generally spend substantial amounts of moneys in the U.S. that help surrounding areas. This positive economic benefit cannot be counted, but there is no doubt in my mind that this brings real and substantial economic benefits to the U.S. And I have yet to come across the EB-5 investor who receives public benefits such as welfare or unemployment checks.
Call me a cynic, but I believe a lot of negative coverage on the EB-5 Program is due to the fact that most of the EB-5 investors are relatively wealthy individuals, and for various reasons, people believe it is very "easy and simple" for these relatively wealthy people to decide to pursue EB-5 cases. This is simply not true: it's never simple and easy to move your entire family to USA and buy new house, cars, etc.