It wasn’t a problem during the Obama era. Rich foreigners bought US citizenship with the ease of writing a check…a big check. Now all of the sudden, with President Trump in office, the EB-5 immigration program is suddenly a big deal to the elite media.
The EB-5 immigration program was established by Congress in 1990 to encourage foreign investment in the United States. It’s supposed to give wealthy foreigners a quick road to U.S. citizenship in exchange for subsidizing development in rural or blighted areas and creating American jobs.
In reality, the program has been riddled with fraud and abuse. Investors, overwhelmingly Chinese nationals, have to wait years for their visas, and their investment partnerships rarely power distressed developments or create the promised number of American jobs.
But the EB-5 program has proved to be an effective way to attract Chinese investment into luxury hotel and condominium projects.
It was OK for Obama…but it’s bad for Trump. Go figure.
Read the whole story in the San Francisco Chronicle