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Experts: ‘Misinterpretation’ belies value of expanded EB-5 visa proposal
The main argument against the proposal by Congressman Jared Polis, a Democrat speaking for Colorado in the House of Representatives, to expand the EB-5 visa program to foreign-born entrepreneurs interested in starting a technology in the U.S. is predominately rooted in a fear that immigrants will take jobs away from American citizens.
However, as venture capital advisor Eric Ries told BBC News, “I feel incredibly strongly that that is a misinterpretation of the proposal.”
In fact, lawmakers, financial analysts and business executives have all cited the EB-5 visa program as a way to bring new jobs to their geographic areas.
Kirill Makharinsky, a British national and co-founder of the U.S.-based start-up company YouNoodle, told the news source that 10,000 visas issued under Polis’ proposal could create more than 3,000 new, funded companies in the U.S. each year.
He added, “They would generate more than 10,000 jobs on average every year. In the first 10 years that would add up to over 500,000 highly-skilled new jobs.”
Polis’ bill is expected to be referred to committee in the next several weeks, where it will be subject to debate and amendment.