Vogel: EB-5 Reauthorization

Vogel: EB-5 Reauthorization

Creating a just and rational Immigration system poses difficult, complex and critical questions.

In spite of the need to address urgent issues such as the Syrian refugee crisis and fix our broken immigration system, Congress has chosen instead to focus on the reauthorization of the EB-5 program, which enables immigrants and their families to obtain work permits and permanent residency if they make a $500,000 investment in a commercial enterprise in the United States.

Initially, Congress claimed that EB-5 is a jobs program and required that this $500,000 investment create ten permanent jobs for qualified U.S. workers. But two years later, Congress modified this requirement so foreign investors could count indirect jobs, saved jobs and induced jobs if they channeled their investment through Regional Centers.

In Vermont, Bill Stenger has raised more than $500 million dollars of EB-5 money to finance various ventures, including projects at Jay Peak and Burke Mountain. However, when it comes to the overall EB-5 program, even Stenger is critical about the way some developers have used EB-5 money and dealt with their investors. He’s written that, “out of the more than 750 EB-5 projects in the country, Jay Peak is one of only a handful actively engaged in paying back its investors.”

So we probably shouldn’t be surprised to learn that, at last count, there were 59 open investigations for fraud related to the EB-5 program, nationally – and it's inspired some very creative accounting. But what troubles me most is the fact that the U.S. is essentially selling green cards.

I think it’s unfair that a fully qualified family that plays by the rules, has to wait twenty years for a green card while another family jumps to the front of the line simply because it has $500,000 to invest.

Becoming a permanent resident and ultimately a citizen of the United States is an accomplishment most immigrants treasure – and work long and hard to achieve. To my mind, selling that opportunity undermines – you might even say cheapens - this wonderful privilege.

Piecing together a fair and effective immigration policy is challenging. But Congress ought to be able to come up with something better than this.




  • New York

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.