Eric's Compelling Conversations Series
- 2014-04-17
"In America, nobody says you have to keep circumstances somebody else gives you."
Amy Tan, Chinese-American novelist
The United States remains a huge country, and we have more than enough room to absorb ambitious, focused, and wealthy immigrants. Not only can we easily absorb the "nearly 6,900", but we could actually absorb far, far more if the federal government focused on job creation. Let's add a zero or two. Let's bring in 690,000 EB-5 visas from China.
We could, after all, lift the caps and revitalize the American economy. We could prioritize immigrants bringing entrepreneur, engineering, and technical skills. It would also be far, far easier to sell this savvy immigration plan than the blanket amnesty for illegal, often unskilled, immigrants currently being promoted by the Obama administration. We could also require EB-5 immigrants to pass a real English test - and ask immigrants seeking citizenship to read, write, and speak English at least a fourth grade level. (The current American citizenship tests require an approximately 2nd English level; Australia, in contrast, requires an approximately 8th grade citizenship level. Some middle point certainly seems reasonable.)
Instead of fearing a dramatic surge of wealthy Chinese, we should welcome them with open arms.
A dramatic surge in interest from wealthy Chinese is threatening to overwhelm a U.S. program offering investors green cards in exchange for cash. The number of applicants is now so great that the government might run out of permits. Any foreigner willing to commit at least $500,000 and create 10 jobs in America can apply for an investor immigrant visa -- also known as an EB-5.
The demand from mainland Chinese eager to move abroad has already led the U.S. government to warn the program could hit a wall as early as this summer. Chinese nationals account for more than 80% of visas issued, compared to just 13% a decade ago, according to government data compiled by CNNMoney. That translates to nearly 6,900 visas for Chinese nationals last year, a massive bump up from 2004, when only 16 visas were granted to Chinese.
"The program has literally taken off to the point [that] in China, the minute anybody hears I'm an immigration lawyer, the first thing they say is, 'Can we get an EB-5 visa?' " said Bernard Wolfsdorf, founder of the Wolfsdorf Immigration Law Group. "There is a panic being created in China about the demand [getting] so big that there is going to be a visa waiting line," he said. Related story: Invest $1 million, try for a U.S. green card The EB-5 program is limited to 10,000 visas per year, a number that includes visas granted to an investor's spouse and children.
At the moment, there are 7,000 applications pending, said David Hirson, a partner at immigration law firm Fragomen. If just half are approved -- and each investor moved with two family members -- the program would easily surpass its annual limit. Immigration lawyers said that even more applications have been made since Canada ended a similar program last month that was also popular with Chinese.
"The cost is very reasonable in relation to other countries," Hirson said. Australia, for example, requires a $4.5 million investment -- nine times the minimum required in the U.S.
Written by: Sophia Yan
