The EB-5 investor visa program, which allows foreign nationals to obtain green cards for themselves and their families if they meet certain benchmarks for investment and job creation, has been the subject of recent scrutiny from several federal agencies. The Securities and Exchange Commission (SEC) filed suit against a Chicago man in connection with an allegedly fraudulent investment scheme targeting prospective immigrant investors. It has also issued subpoenas to companies that have raised capital through the EB-5 program. The White House has generally expressed its support for the EB-5 program and other programs that attract immigrant entrepreneurs and others, as a means of boosting the economy. It is not yet clear whether the current EB-5 controversy will amount to anything, or if it will be yet another political feud in the larger process of immigration reform.
Prospective immigrants may petition for an employment-based immigrant visa under the EB-5 program if they meet four major criteria:
1. Investment of at least $1 million in a "new commercial enterprise," or at least $500,000 in some circumstances;
2. "New commercial enterprise" is generally defined as a for-profit business, however organized, formed after November 29, 1990;
3. The immigrant must play an active role in managing the enterprise; and
4. The investment must create at least ten new full-time jobs for authorized workers, not including the investor or the investor's immediate family.
U.S. Citizenship and Immigration Services (USCIS), which manages the EB-5 program, has authorized the establishment of Immigrant Investor Regional Centers (IIRCs) to assist investors with various EB-5 processes. Ten IIRCs have opened in New Jersey so far.