EB-5 visas are path to citizenship and profit for wealthy foreigners

As it says on the Statue of Liberty: 

Give me your rich and well-fed, 
Your huddled elites yearning to live in Beverly Hills,
Affluent wretches from your teeming shores,
Send these, the multiple mansion owners, the deep-pocketed, to me,
I lift my lamp for those with gold galore!

This poem might as well be the mission statement for the U.S. government’s EB-5 visa program, which sells a quick path to American citizenship. Could there be a more perfect fit?

A bipartisan collection of self-appointed “good government” types recently tried to reform, or end, this program. That would be a mistake. EB-5 is an outstanding example of a public-private partnership. The American public takes most of the risks, while the private sector (foreign investors and well-connected U.S. crony capitalists) get most of the benefits. For now, the reform effort failed, but EB-5 will be up for renewal again in September.


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