COMMENTARY | The EB-5 program has been in existence for more than 20 years. It has not garnered much attention until recently due to the dire downward economy yet upward unemployment. Simply put, it allows immigrants to gain American citizenship as an investor. The criteria is simple: Invest at least $500,000 in an U.S business or project that will also create at least 10 jobs. In return, citizenship for the investor as well as a spouse and dependents will be obtained in two years. Under normal channels, citizenship is gained after five years. So this is the fast-track route for a handsome fee. This is a very attractive offer for other people in need of emigration, i.e. when Hong Kong was facing the return to China’s rule in the 80’s and 90’s. $500,000 seems like a small fee to escape a communist future.
More than a million people have obtained permanent residency in the U.S. annually for the past five years according to the homeland security statistics. The U.S. is a true melting pot and has always been since Plymouth Rock in 1620. This program will attract educated immigrants and promote job growth. These investors will find a home for their money whether it is in the U.S or another country, and the U.S will welcome the same amount of immigrants next year. This opportunity should not be seen as putting a price tag on citizenship exclusive to the rich but as an opportunity to pump foreign funds into our shrinking economy.
For the past decade or more, the rapid increase of outsourcing has decreased jobs by the hundreds of thousands. The invention of the Internet allows team members to be oceans apart. It is impossible to stop the 24/7 hour shifts gained from global time zones, cheap labor in emerging countries, and advancing technology enabled meetings in multiple physical locations. If we outlaw outsourcing, we’ll likely see more companies close down and reopen in foreign lands than an uptick in local jobs. So I, for one, will embrace foreign investors with as much eagerness as the paycheck I look forward to every month.