Senator Lindsey Graham is co-sponsoring a bill that would ease some new restrictions on the EB-5 program, WSJ reported. The bipartisan bill is notably backed by Chuck Schumer and would lower the minimum amount for foreigners investing outside low-employment areas and by allowing some investors to move to the U.S. while they wait for their visas.
- The Basics: The program currently allows foreign investors to obtain a U.S. green card in exchange for investing at least $1.8 million into a job-creating development project. The new legislation would lower the minimum investment outside low-employment areas to $1.1 million and extend the program until 2025.
- What opponents are saying: Funding luxury apartment towers goes against the spirit of the program, which was meant to create jobs in high-unemployment areas.