While the U.S. Immigrant Investor Program has come under closer scrutiny lately, criticized for granting immigrants with at least $500,000 an easy route to permanent residency, Green and Spiegel U.S. lawyer Jonathan Grode says that the program is not simply creating a route for foreigners to “buy” green cards. Quoted in the May 21, 2013 issue of the Legal Intelligencer, Grode says that the program, which permits approved “EB-5” regional centres to administer projects with economic benefits and market those projects to foreign investors to invest, is a “spectacular” program that provides foreign money for local projects at low rates, creating jobs, while allowing successful foreign nationals to obtain residency.
But foreign investors should be careful, Grode says in the article, it’s the “wild west of immigration law” and “not all of the regional centres operate with the best of intentions”.
Grode welcomes recent news that the Pennsylvania Turnpike Commission is hoping to raise $200 million through the Immigrant Investor Program. In his view, projects like this, that involve government backing, are inherently less risky and seen as more desirable by investors. And where an unsuccessful project can mean not only that the foreign investor loses money, but that he or she risks losing access to permanent residency, it is important for foreign nationals to find out which of the EB-5 regional centres are good ones, and which ones are not, says Grode.
For more information about the Immigrant Investor Program in the United States, please contact Jonathan Grode at: (215) 395-8959 or (401) 454-7880, or through Green and Spiegel’s contact page.
Here is a link to the full text of the article in the Legal Intelligencer: