{"id":1374529,"date":"2022-03-13T17:50:57","date_gmt":"2022-03-13T21:50:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1374529"},"modified":"2022-03-13T17:51:01","modified_gmt":"2022-03-13T21:51:01","slug":"congress-biden-reauthorize-eb-5-visas-for-mostly-wealthy-chinese-nationals","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congress-biden-reauthorize-eb-5-visas-for-mostly-wealthy-chinese-nationals\/","title":{"rendered":"Congress, Biden Reauthorize EB-5 Visas for Mostly Wealthy Chinese Nationals"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongress-biden-reauthorize-eb-5-visas-for-mostly-wealthy-chinese-nationals%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1374529&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">President Joe Biden and members of Congress reauthorized a little-known program that peddles United States visas, and eventually naturalized American citizenship, to China\u2019s wealthy real estate investors.<\/p>\n<p>Lawmakers in the House and Senate passed a government funding bill late last week, later signed by Biden, that renews the EB-5 visa program where\u00a0wealthy foreign nationals can claim to invest at least $800,000 in U.S. development projects and receive green cards for themselves and their family members with eventual pathways to citizenship.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Most significantly, the program is a boon to China\u2019s elite who secure green cards to the U.S. for themselves and their families under the guise of investing in U.S. real estate. For years, China\u2019s elite have taken <a href=\"https:\/\/blog.lucidtext.com\/2021\/03\/17\/eb-5-visas-issued-by-country-in-2020\/\">the bulk<\/a> of EB-5 visas.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>When the program lapsed in June 2021, about <a href=\"https:\/\/archive.ph\/hozCe\">80,000<\/a> foreign nationals \u2014 most of whom are from China \u2014 had their green card processing halted.<\/p>\n<p>Included in the bill, though, are a number of <a href=\"https:\/\/www.grassley.senate.gov\/news\/news-releases\/grassley-leahy-introduce-new-eb-5-investor-visa-integrity-reforms\">reforms pushed<\/a> by Sens. Chuck Grassley (R-IA) and Patrick Leahy (D-VT). Specifically, the Grassley-Leahy reforms include annual reporting requirements to the Department of Homeland Security (DHS), a prohibition on foreign nationals implicated in fraud and foreign government officials from receiving EB-5 visas.<\/p>\n<p>As Breitbart News has\u00a0<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/03\/19\/coronavirus-chinese-elite-may-win-more-u-s-citizenship-for-investment-visas-despite-scandals\/\">reported<\/a>,\u00a010,000 foreign nationals and their families are allowed to enter the U.S. every year on the EB-5 visa. Though the program claims to revitalize underserved American neighborhoods, most investments are used to build luxury real estate.<\/p>\n<p>As\u00a0CityLab\u00a0<a class=\"x5l\" href=\"https:\/\/www.citylab.com\/equity\/2019\/04\/hudson-yards-financing-eb5-investor-visa-program-immigration\/586897\/\" target=\"_blank\" rel=\"noopener external\">noted<\/a>, New York City\u2019s billion-dollar Hudson Yards project, which has subsequently driven up rents in the neighborhood, was funded by foreign EB-5 investors:<\/p>\n<blockquote>\n<p><strong>Hudson Yards, of course, is nobody\u2019s idea of distressed<\/strong>. Located at the source of New York\u2019s High Line,\u00a0<strong>it\u2019s the most expensive real-estate project in U.S. history.<\/strong>\u00a0It could not possibly qualify as distressed under the terms of the program, or any understanding of the word. In order to buy EB-5 visas at the lower rate ($500,000), immigrant investors must put their money behind projects in areas with high unemployment\u2014a proxy for need. [Emphasis added]\n<p>Manhattan\u2019s West Side may not suffer for lack of opportunity, but, as Kimmelman notes, New York real estate is a realm for Kurosawa-esque visionaries. The\u00a0<strong>Related Companies, the developer behind Hudson Yards, raked in at least $1.2 billion in EB-5 funds<\/strong>\u00a0for this project. To qualify,\u00a0<strong>Related needed a work-around to bypass the distressed-area requirements\u2014a pass that New York authorities were happy to issue<\/strong>. [Emphasis added]\n<\/blockquote>\n<p>In June 2020, Breitbart News <a href=\"https:\/\/www.breitbart.com\/politics\/2020\/06\/29\/eb-5-visa-program-helping-to-build-luxury-florida-condos-for-wealthy\/\">detailed<\/a> a case in St. Petersburg, Florida, where luxury condos starting at $1 million per unit are being built using EB-5 investment funding.<\/p>\n<p><strong><em>John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter\u00a0<a class=\"x5l\" href=\"https:\/\/twitter.com\/JxhnBxnder\" target=\"_blank\" rel=\"noopener external\">here<\/a>.\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden and members of Congress reauthorized a little-known program that peddles United States visas, and eventually naturalized American citizenship, to China\u2019s wealthy real estate investors. Lawmakers in the<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1374529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1374529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1374529"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1374529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1374529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1374529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1374529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}