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February 27, 2015

Report raises questions about EB-5 visa fraud

  • Fraud and lax regulation ‘cast doubt on the ability of local authorities to screen Chinese EB-5 investors,' a federal watchdog says.
  • By PAUL WISEMAN
    AP Economics Writer

    WASHINGTON — Chinese investors seeking green cards to live in America run the risk of being defrauded under a loosely regulated visa program, according to a report Thursday from a federal watchdog.

    The U.S.-China Economic and Security Review Commission raises questions about America's EB-5 visa program, which grants green cards to foreigners in return for investments of $1 million — or just $500,000 in high-unemployment or rural areas. Local government officials are supposed to vet the investors and their projects before visa applications are approved.


     
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