21 August 2008
US: Chinese immigrant encouraging foreign investors to "pay-for-visa"
A wealthy Chinese immigrant living in America has called on more Chinese developers to invest in the country, reports the Houston Chronicle, so they can "buy" an American visa.
Under the Investor EB-5 visa, foreign investors can automatically receive a permanent residency visa, or "green card", if they meet certain criteria. A USD$1 million business investment or a $500,000 investment into an economically struggling area will secure a residency visa for foreigners.
Dan Nip, a real estate developer and Chinese immigrant, has been using the EB-5 visa program to lure more Chinese foreign investors to move to America. He and other investors have created a Global Century Development Group in order to market his local area to foreign nationals who are willing to migrate and invest.
According to the news provider, the 31 investment zones (of which 12 are active) attracted $500 million in investments in 2007, which is predicted to double this year. The immigration department has said the investors are putting their funds into a range of businesses, from restaurants to office buildings.
The American Visa Bureau is an independent consulting company specialising in American visa and immigration services.
Article by Jessica Bird, American Visa Bureau.