Bloomberg Law
June 17, 2021, 5:14 PM

Investor Visa Groups Haggle Over Expiring Program’s Renewal

Lydia O'Neal
Lydia O'Neal

A group lobbying Senate Majority Leader Charles Schumer and other lawmakers is working against a June 30 deadline to override restrictive rules for investor visas that are often dubbed “green cards for millionaires.”

Former President Donald Trump’s administration drove up the price of these visas, particularly for foreign investors who get them in exchange for financing luxury real estate projects in prosperous urban areas. In Schumer’s home state, Manhattan’s Hudson Yards raised at least $1.2 billion in EB-5 visa funds.

The Trump administration’s changes were made final in 2019 amid widespread industry pushback and a ramp-up in applications, which ...

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