An amendment that would strengthen the EB-5 immigrant investor visa program has been added to the Gang of Eight’s massive immigration reform bill. This EB-5 visa program grants visas to foreign investors. Nevertheless, there are certain requirements and the foreign nationals who seek to get Green Cards based on investment must invest more than $500,000, in economic development projects, in America. Investors along with their immediate family members would become eligible for Green Cards if their investments create at least 10 full time jobs in America.
This program initially grants conditional Green Cards to the investors and then permits them to obtain permanent resident cards valid for ten years, after two years. Nevertheless, the investment that a particular foreign national makes must create a minimum of 10 new jobs in the country. The amendment that would strengthen the EB-5 visa program and make the program permanent, was filed by Senator Patrick Leahy. Senator Leahy stated that his amendment would make the EB-5 program permanent. He said that the program is doing well in Vermont and that awareness about the program must be created in all the other American states.
This EB-5 visa program has been used to finance major projects at Jay Peak and at Sugarbush. Vermont Senator Patrick Leahy also stated that these major projects would serve as models. EB-5 program in Vermont, is creating jobs for several American workers and his amendment is an amendment that would create jobs. The Senate Judiciary Committee has finished marking up the immigration bill that was crafted by the Gang of Eight and the bill would be considered by the full Senate in the first week of June. Senator Leahy’s amendment received bipartisan support and this EB-5 visa program that was implemented in 1993, is offering Green Cards to foreign investors in exchange for investing half a million dollars in certain projects, in America. He stated that his amendment that would attract foreign investors, would make the country’s economy stronger as investment would boost the economy of America.