The EB5 immigrant investor visa program allows wealthy foreign investors to invest in U.S. projects that could create jobs here, and then those investors can apply for citizenship.
Earlier Saturday, the family of Jared Kushner held a presentation in Bejing for the purpose of enticing wealthy Chinese investors to America.
Over several hours of slide shows and presentations, representatives from the Kushner family business urged Chinese citizens gathered at the Ritz-Carlton hotel to consider investing hundreds of thousands of dollars in a New Jersey real estate project to secure what’s known as an investor visa.
Called the “golden visa,” it puts priority with wealthy immigrants and has caught some heat from Congress.
Some believe that Trump’s aim to crack down on immigration and close loopholes could put the program in danger.
The EB-5 has been extremely popular among rich Chinese who are eager to get their families — and their wealth — out of the country, though the fact that some move their money out illegally has made the program unpopular with the Chinese government, too.
In the ballroom of the Ritz-Carlton on Saturday, Chinese investors were advised to invest sooner rather than later in case the rules change. “Invest early and you will invest under the old rules,” one speaker said.
The Qiaowai company hosted the event. They’re currently working with the Kushners to secure investments for Kushner 1, a project in New Jersey that could potentially create 6,000 jobs.
President Trump isn’t directly referenced in the promotional material, but investors admit that Jared Kushner’s celebrity and family connections are part of the appeal.
Wang Yun, one investor who was at the event spoke about the concerns raised by the indirect connection the project has to President Trump.
Wang reasoned that the link to Trump would be a boon if the presidency goes well but could be disastrous if it does not: “We heard that there are rumors that he is the most likely to be impeached president in American history. That’s why I doubt this project.”
I don’t know that I’d call those rumors, as much as I’d call it theory. Trump stumbles a lot, but so far, he’s managed to stay just outside the rim of that particular boiling pot.
Public relations people for the Qiaowai company refused to allow others to be interviewed, and eventually ushered reported away from the event and the investors, saying this was not a story they wanted out.
Ok. But it is out, and now people can make up their own minds as to if allowing wealthy immigrants to leap to the front of the immigration line should be a thing.
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