Trump takes aim at 'golden visa' program that's pumped hundreds of millions of dollars in investment into Texas

Article CAIRCO note: 
From article, foreign investors will have to pony up more cash to get on the fast track to a green card
Article author: 
Tom Benning
Article publisher: 
Dallas Morning News
Article date: 
24 August 2019
Article category: 
National News
Tags: 
ICE
visas
President
Article link: 
Excerpts are included below - read the original complete article
Medium
Article Body: 

The luster has come off the “golden visa,” the immigrant investor program that’s injected hundreds of millions of dollars into Texas development projects in recent years.

President Donald Trump is reining in the program -- typically called EB-5, in reference to its visa classification -- in the wake of longstanding complaints that it’s ripe for fraud and riddled with loopholes large enough to distort its original purpose.

Starting in November, foreign investors will have to pony up more cash to get on the fast track to a green card, while developers will have a harder time gaming the system to get cut-rate deals ...

The clampdown effort actually started under President Barack Obama ...

Congress created the program in the early 1990s, setting aside a yearly quota of 10,000 visas for foreigners who could put up $500,000 or $1 million, depending on the type of development ...

Article final link: 
The above article contains excerpts - we encourage you to read the complete original article
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