As members of Congress in Washington debate raising the minimum required to obtain a US immigrant investor visa from US$500,000 to US$1.35 million, concern about the rise has set off a scramble among wealthy would-be participants in China, the South China Morning Post reports. “Some clients are demanding that we make sure their applications are submitted before April 28,” the date the program is set to expire, said Judy Gao, director of the US program at Can-Reach (Pacific), a Beijing agency that helps with EB-5 Immigrant Investor visas. China’s wealthy are continuing to dwarf all others as the largest participants in the EB-5 program, despite heightened measures by the Chinese government, which limits individuals to exchanging US$50,000 worth of yuan a year, a 10th of what the EB-5 program requires. The EB-5 program is estimated to have drawn $14bn in Chinese investment and created 200,000 US jobs.
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