EB-5 Visas from China Under Fire!

[Randy W]

in the LA Times

 

San Gabriel Valley raids target scammers who helped wealthy Chinese get U.S. visas, feds say

 

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Each year, the government issues thousands of temporary residence visas through its Immigrant Investor Program. To qualify for the visas, immigrants must typically invest at least $1 million into a U.S. business venture, but the amount required is cut by half if an investment project is located in an area of high unemployment and is designed to create full-time jobs. If a project ultimately meets the visa programs requirements, the investors are granted permanent legal residence in the U.S.

 

Over the last several years, the Chans and Zeng have collected the half-million-dollar ante from more than 100 Chinese nationals and submitted plans to federal officials for several development projects that didnt exist, according to an affidavit agents submitted to a judge who granted warrants to search the properties.

 

No one has been arrested or charged in the investigation. The Chans and Zeng could not be reached for comment.

 

. . .

 

Some of the investors, for example, are on a Chinese government list of most-wanted fugitives, accused of bribery and other crimes, according to the affidavit. Others did not invest their own money but allegedly used funds loaned to them from the suspects investment fund.

 

Interest in obtaining EB-5 visas, as they are known, has taken off in recent years, in large part because of demand from wealthy Chinese citizens. After issuing only 350 of the visas in 2005, the government granted 9,500 of them in 2015, and 85% of those went to Chinese people, the affidavit said.