Nearly half the immigrant investors who won EB 5 visas during

Overselling the American dream overseas

Canada Goose Outlet Lee runs Maslink, a firm that connects cash hungry American businesses with Chinese investors canada goose uk shop keen to move to the United States. residency and citizenship.

cheap Canada Goose Interest in the immigration program, known as EB 5, is so high that Maslink, which already has offices in Shanghai, Beijing, Hangzhou and Chongqing, is expanding to two more Chinese cities. companies that pay them, promote canada goose clearance EB 5 as a quick, easy way to gain canadian goose jacket legal entry to the United States and to make a canada goose store potential profit in the bargain.

canada goose The pitch is Canada Goose online effective. Citizenship and Immigration Services (USCIS), the agency that oversees the program. companies looking to participate. companies and promoters like Maslink are encouraging them to buy.

canada goose deals Over Canada Goose Coats On Sale the past two decades, thousands of immigrants have been burned by misrepresentations that EB 5 promoters uk canada goose make about the program, both inside and outside the United States. citizenship.

canada goose black friday sale always tell the people who approach me that the EB 5 investment program is a risky business, said Brian Su, a Springfield, Illinois based immigration consultant who publishes a popular blog on the program. you cannot bear the loss, the total loss of your investment, don play this game.

canada goose coats But those risks are downplayed by canada goose uk outlet almost everyone involved in the program including the USCIS itself. Chris Bentley, canada goose black friday sale the agency spokesman, for instance, said overwhelming majority of EB 5 investors and their dependents go on to qualify for permanent resident status. An analysis of USCIS own data, however, suggests buy canada goose jacket cheap that not true. Nearly half the immigrant investors who won EB 5 visas during its 20 year history have failed to obtain permanent residency.

The rise in canada goose outlet new york recent years of an unregulated industry paid to fill the EB 5 pipeline with rich foreigners has only added to the dangers. immigration attorneys are often the ones paying the highest commissions, not the ones offering the best investments, according to the industry insiders who spoke to Reuters.

buy canada goose jacket the Wild West, said Henry Liebman, a Seattle attorney and developer who uk canada goose outlet has been doing EB 5 funded projects almost since the program inception.

canada goose clearance sale dealing with a bunch of unregulated companies, most of them small, that aren registered with anyone and can do whatever they want, he said. definitely canada goose factory sale buyer beware. businesses seeking immigrant investors through EB 5 has exploded over the past three years.

canada goose clearance In Canada Goose Outlet 2007, there were just 11 specially designated businesses allowed canada goose clearance sale to offer EB 5 visas to foreign investors in exchange for their cash; today there are 117 and 88 more are applying for the status. Many of the newcomers are commercial real estate builders looking for alternative funding to keep their projects alive.

sources of domestic capital have dried up, developers have tried to scramble to find other ways to finance their projects either in whole or in part, said Stephen Yale Loehr, buy canada goose jacket an adjunct law professor at Cornell University Law School and the unofficial dean of the EB 5 bar.

Canada Goose Parka As they assemble their marketing machines, some of them tap former real estate associates who, only a few years ago, were peddling interest only, subprime and stated income loans, Canada Goose Parka says Michael Gibson, who performs due diligence on EB 5 projects for immigrants.

canada goose coats on sale are canada goose seeing people who are coming into the market right now who are offering advice, promoting some of these centers, who a year or two ago were selling mortgage products, Gibson said. will tell investors almost anything they can to get them to canada goose coats sign Canada Goose Online the subscription agreement.

Canada Goose sale Overseas, the firms pushing Canada Goose Jackets the program are coming under scrutiny. In fact, China ministry of public security issued two warnings this year about EB 5 and imposed new restrictions on the promoters. But Su says the marketers have simply moved their presentations out of public settings like hotel ballrooms and into smaller, more private settings.

canada goose store Chinese government, they realize this EB 5 thing is risky and that a lot of the EB 5 companies are not telling the whole story, Su said. Securities and Exchange Commission (SEC) told Reuters they are unaware of any marketing abuses in the program. Canada Goose sale businesses known as centers in USCIS parlance has been decertified despite evidence that many are endangering the immigration status of their investors by violating basic program rules. businesses that pay them to canada goose uk black friday do so.

Canada Goose Jackets The picture that emerged was troubling. The examination found widespread problems in the way the program is promoted. Some marketers, for instance, imply or claim outright that the investments they selling are insured or government backed and that the EB 5 immigrants who invest in them are guaranteed permanent green cards. Neither is ever true. businesses in the program canada goose coats on sale are inadvertently torpedoing the residency applications of their cheap Canada Goose investors by changing cheap canada goose uk their projects in material ways without first obtaining USCIS approval.

canadian goose jacket Unfortunately, these missteps often come to light years into the immigrants residency in the United States, when they petition to have the conditions on their green cards lifted and are denied.

Canada Goose online problem is that by that time, they got their house, the kids are in school, they friends with the neighbors, their lives are here, said Jose Latour, a former State Department official who practices immigration law in Florida. through no fault of theirs, the rug is being pulled out from under them. There is nothing sadder than to see a family that followed the rules and did everything right and then loses because of a third party failing to reach their end of the deal.

In sum, the examination found the EB 5 program is anything but an easy and certain path for wealthy foreigners to get into the United States and stay here. It a lesson that thousands have learned the hard way over the past two decades and one that experts warn many more will learn in the years ahead. they make a bad investment choice and they end up facing removal, it disastrous, said Gibson.


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