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Brookings Institution suggests increasing availability of EB-5 visa program
The Brookings Institution, a non-profit public policy organization in Washington D.C., suggested in a recent policy brief that the federal EB-5 visa program should be made more available to foreign investors.
Through the EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by investing $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.
According to the Brookings Institution, the program is authorized by Congress to offer approximately 10,000 visas each year, but it is currently underutilized. Only about 500 EB-5 visas per year were granted between 1992 and 2004, according to the recent policy brief.
The brief also cites a March 2009 report from the Department of Homeland Security, which explains that the "changing economic environment" is one of the key factors as to why the program has been underutilized. The department's report adds that it is important that greater efforts are made to promote the EB-5 visa program overseas.