( – promoted by odum)
Today I heard a report about the number of Iraq War refugees that Sweden has accepted compared to the number that the US is allowing in. Recently the US is increasing the number allowed in but it is a slow process. Sweden, for example, has granted asylum to about 40,000 since 2003.According to a US citizenship and immigration services (USCIS) fact sheet revised on July 15, however, the US has admitted only 6,609 Iraqis this fiscal year through July 2.
I then stumbled across Vermont mentioned in an investing article about EB-5 visas. I suppose it’s just a great way to get that missing capital for your development project and isn’t directly related to the Iraqi immigration issue but it is a striking comparison in priorities.
Under the program, known as EB-5, a foreigner receives a green card for investing $500,000 in a business in a rural or high-unemployment area. EB-5 investors have to show that the money they are using was earned legally. In exchange for a $1 million business investment that creates at least 10 jobs for at least two years, the immigrant gets permanent residency in the U.S., or what’s known as a “green card.”
Though the EB-5 visa program has been criticized for favoring the wealthy, proponents say it attracts foreign investment and streamlines the process for investors who otherwise may park their money elsewhere.
Of the 31 investment zones approved under the program nationwide, 12 are active. Other approved investments include resorts in Vermont, an office building in New Orleans and dairy farms in South Dakota.
In 2007, such zones drew an estimated $500 million in investments, and that’s projected to double to $1 billion this year, according to the immigration services.
Only 806 gained permanent residency through the program in 2007.
One immigrant investor, who is 48 and semi-retired from the airplane leasing business, said he wrote his check last April and received his temporary green card six months later. He said that accounting and legal fees added about 10 percent to his $500,000 investment. He said he expects to receive a permanent green card in 2009.
http://www.guardian.co.uk/comm…
http://travel.nytimes.com/2008…
http://www.eb5greencard.com/fa…
http://www.chron.com/disp/stor…
Update
The number of EB-5 visas issued this year is expected to be higher, as investors act before the scheduled Sept. 30 sunset of the legislative authorization for the program. An extension has been approved in the House and is awaiting action in the Senate after it returns from recess on Sept. 5,