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Angelo Paparelli on Dysfunctional Government

Naked Short Sellers of the EB-5 Immigrant Visa Category

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I spent this week on a three-city speaking tour in Asia with a delegation from the County of San Bernardino (California) Economic Development Agency. Our purpose was to promote foreign investment into the county and outline the advantages of the EB-5 (Employment-Creation) immigrant investor visa category. Speaking in Seoul, Shanghai and Hong Kong to enthusiastic audiences, I was struck by several moments of irony.


The audiences were amazed that in America a man raised in Indonesia, the biracial son of a Kenyan father and a Kansan mother, could become President of the United States. Despite the economic turmoil the world faces, these audiences still see America as a land of stability in a sea of uncertainty. They appreciate not just the improbable ascendancy of our President-elect. They also marvel at how the prolonged and hotly contested primary and general election races could result in such a smooth and peaceful transitioning of power.


I was impressed with the dynamism and plentiful opportunities in Asia, and reminded that America is not necessarily the sole destination of choice.


I was also struck by the farsightedness of San Bernardino County. While many local governments compete to display machismo toughness in immigration enforcement, San Bernardino promotes the economic benefits that employment-based immigration affords.


If only our leaders in Congress were so enlightened. They just kick the football a few yards ahead by approving an extension of the EB-5 regional center program only to March 6, 2009 rather than grant a permanent extension. As unemployment soars well past six percent, our tentative federal leaders ignore the job-creation benefits that a permanent EB-5 regional-center extension would produce.


Why should foreign investors be bullish on America when Members of Congress are short sellers?


[Disclosure: With Steve Yale-Loehr and Nelson Mamey (a lawyer who prefers real estate finance and development over law practice), I own a recently approved regional center in Southern California.]

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Comments

  1. eb5 investor visa's Avatar
    Thankfully the eb5 investor visa has now been extended until 2012. This will mean there will be additional millions of dollars and potentially hundreds of jobs created by these foreign investors. This, is a very good thing for all involved and serves as a sort of beacon in the often muddy discourse involved with immigration.
  2. eb5 investor visa's Avatar
    That is very good news. A permanent extension would ensure a very stable program and benefit the country for years to come. On the other hand, hopefully soon enough the U.S. will not need to worry about high unemployment. Even so, the economic rewards from the eb5 investor visa are still great.
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