Anti-Fraud Overhaul Bill for Immigrant Investor Visas Introduced

Two prominent Senators hope to build upon recent Homeland Security Department regulations to work a complete overhaul of the EB-5 immigrant investor program.

The EB-5 Reform and Integrity Act (S. 2540), introduced Sept. 25 by Sens. Charles Grassley (R-Iowa) and Patrick Leahy (D-Vt.), would make several changes designed to combat fraud and abuse in the program. It would also reauthorize the EB-5 regional center program for another five years.

Under the immigrant investor program, green cards are awarded to foreign nationals who invest at least $500,000 in a commercial enterprise that creates 10 or more U.S. jobs. The ...