Chinese people are tired of ‘golden visas’ to the US

For many years now, Chinese people have been flooding the EB-5 program with applications.

It is considered the `golden visa`, attracting tens of thousands of applicants.

`China is a victim of EB-5 proliferation,` said Ronald Klasko, an immigration attorney in Philadelphia.

A seminar on investing in the US in Beijing.

China’s sudden interest in recent years has caused the backlog of applications to skyrocket.

The future of the EB-5 visa is also quite unclear.

This program has recently become a source of cheap capital for American real estate firms.

Chinese people received up to 80% of visas issued under the EB-5 program in the past 2 years.

This has made potential investors like Li hesitate.

Each year, this program only allows the issuance of 10,000 green cards.

In addition to having to wait a long time, Chinese investors also face many other barriers, including authorities increasing control of money flows abroad and uncertainty about the President’s immigration policy.

Vanessa Piao said she felt lucky because the application was processed last year, before China increased its cash flow controls.

Many real estate firms also noticed this change.

The number of applications to participate in this program this year is still increasing.