US lawmakers cry foul over China-dominated ‘golden visa’
The EB-5 Immigrant Investor Program provides up to 10,000 U.S. green cards every year to foreign nationals who invest at least $500,000 in U.S. development projects. Critics argue that the program, nicknamed the “golden visa,” allows the rich to “cut” the line to U.S. citizenship. The program was initially designed to foster development in rural areas of the U.S., but most of the investment money has gone to New York. A number of righter rules and changes to the program would see the minimum investment increase and ensure that the funds are directed into underdeveloped rural areas. These changes have the potential to reduce Chinese investment through this channel, as China currently accounts for 70% of all EB-5 visas.