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Immigration Reform (For The Wealthy) As Green Card Purchases Surge Over 100%

Tyler Durden's picture




 

With immigration reform the new hot topic in Washington (along with pretty much everything else that is), we thought it intriguing that, as Bloomberg notes, the government's program allowing foreign 'entrepreneurs' to purchase so-called EB-5 visas saw its numbers more than double in 2012 (up from 69 in 2002 to 3,677 in 2012). The program allows the foreigners 'Alien Residence' status providing they 'show' they will spur 10 jobs for every $500,000 spent. We wonder how much of that 'investment' has flowed directly into cash purchases of REO-to-rent property with some well-drafted white paper explanation for how real-estate-based Keynesian multipliers will create magnitudes more jobs from that spending. "Give me your tired, your poor, Your huddled masses yearning to breathe free... your 'anyone with some cash please...."

 

 

Source: Bloomberg

 

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Fri, 02/08/2013 - 11:19 | 3225824 taniquetil
taniquetil's picture

That's some really effective NAR lobbying for ya'.

Fri, 02/08/2013 - 11:44 | 3225881 Buckaroo Banzai
Buckaroo Banzai's picture

There are scam "investment consultants" who will create sham companies that wealthy foreigners "invest" in, in order to secure this visa. Of course the company is fake, and no jobs are created, but it has to LOOK real for long enough to serve its intended purpose. Of course, the sham company has to contract with honest vendors to maintain appearances-- and then those honest vendors get stuck holding the bag as the sham company ignores their invoices, and then of course goes out of business. I know about this from talking with someone last week who got stuck with a huge unpaid invoice from one of these sham companies. Of course they had to do a bunch of digging to get to the bottom of what was going on, but it didn't take too long for them to put 2 and 2 together, and figure out it was all a ruse to sell visas to wealthy Chinese.

It is so fucking comical what a joke this country has become. Why not just tell wealthy Chinese that they can buy a Green Card for $10 million dollars cash? I suppose it would piss off the Communist Chinese Government, so we have to go through these charades, and no one gives a fuck when honest people get caught in the crossfire.

Fri, 02/08/2013 - 11:57 | 3225925 economics9698
economics9698's picture

Reminds me of the wetbacks who came over during the housing boom , bought houses, rented them out to 6 or 8 illegal’s, got second and third mortgages, undercut all the contractors here with $5 per hour labor, and split.

But the gangster elites got their cheap labor, it's all about the elites.

 

Fri, 02/08/2013 - 12:42 | 3226058 trav777
trav777's picture

we should be selling immigration...who the fuck wants more welfare leeches?

Fri, 02/08/2013 - 13:11 | 3226184 donsluck
donsluck's picture

It has been well researched and confirmed, illegals are a NET POSITIVE for the tax base. Take that finger and shove it up your ass. It has nothing to do with welfare, and everything to do with a soft invasion by a foreign power.

Fri, 02/08/2013 - 16:12 | 3226891 trav777
trav777's picture

lol, yeah, nothing confirms that like the +10M residents CA got out of which they achieved +150k tax returns and +7M medicaid recipients.

NET POSITIVE.

The rest of the economy subsidizes all these illegals' wages thru free hospital visits, spanish education, free cheese, etc.

It's a transfer payment to employers

Fri, 02/08/2013 - 22:53 | 3228050 Tompooz
Tompooz's picture

The soft invasion is peaceful and paid for.   It also provides a shield for future nuclear follies.

Would you prefer it the hard way?

Fri, 02/08/2013 - 11:22 | 3225830 mightycluck
mightycluck's picture

NAR iS lobbying heavily for this. This guy has been saying this all along. With colorful charts!

http://confoundedinterest.wordpress.com/2013/02/07/consumer-confidence-a...

Fri, 02/08/2013 - 11:22 | 3225832 LongSoupLine
LongSoupLine's picture

United States of Fire Sale.

 

 

Fuck you NAR and Congress.  We're fucked.

Fri, 02/08/2013 - 11:31 | 3225851 otto skorzeny
otto skorzeny's picture

soup-you're slippin'-a suprising dearth of expletives

Fri, 02/08/2013 - 11:31 | 3225859 LongSoupLine
LongSoupLine's picture

sorry otto, it's Friday...I'm fucking happy.

Fri, 02/08/2013 - 11:38 | 3225877 Joe Davola
Joe Davola's picture

Who's this Happy, and what does she look like.

Fri, 02/08/2013 - 11:48 | 3225902 unplugged
unplugged's picture

doing dopey, sneezy, etc, also?

Fri, 02/08/2013 - 13:12 | 3226187 donsluck
donsluck's picture

Well...just close your eyes.

Fri, 02/08/2013 - 11:47 | 3225901 eclectic syncretist
eclectic syncretist's picture

The day isn't over either.  Happy weekend Z-hedgers!

http://www.youtube.com/watch?v=um3Vcw7P_2M

 

Fri, 02/08/2013 - 11:23 | 3225834 Abrick
Abrick's picture

Indulgences, citizenship, justice, they all have their price. Is that free market enough for ya?

Fri, 02/08/2013 - 11:25 | 3225836 overmedicatedun...
overmedicatedundersexed's picture

hey, if they pay 63% income tax let em all in , but we all know they get special exemptions being put upon foreign persons who deserve the special status of the recently oppressed. no tax for them, just for you.

Fri, 02/08/2013 - 11:28 | 3225840 otto skorzeny
otto skorzeny's picture

the cash can flow in but just try to get cash out- capital controls bitchez. the only positive to this is usually the foreigners get sucked in at the top.

Fri, 02/08/2013 - 11:27 | 3225843 logically possible
logically possible's picture

This is another ploy from the Bernankes handbook to grow yourself out of dept.

Fri, 02/08/2013 - 11:27 | 3225844 Inthemix96
Inthemix96's picture

Rats jumping ship folks?

Could be the writing on the wall for these fuckers.

Fri, 02/08/2013 - 11:31 | 3225853 reader2010
reader2010's picture

Ask yourself this question instead: How many Americans abandoned their US citzenship for the tax reasons back in 2012? 

Fri, 02/08/2013 - 11:30 | 3225854 EmileLargo
EmileLargo's picture

I find it baffling why anyone with money would want a Green Card. If you have money and get a green card, you are at the mercy of the lunatics in the IRS for the rest of your life - and have to pay American taxes on your income and assets WORLDWIDE, FOREVER. Why would anyone want to do that? if you want a first world country's passport (because you are from China or whatever), there are so many better options to choose from.

Fri, 02/08/2013 - 11:32 | 3225863 otto skorzeny
otto skorzeny's picture

take it from Largo-keep it offshore in the Carribean (preferrably guarded by sharks)

Fri, 02/08/2013 - 12:14 | 3225963 Raymond Reason
Raymond Reason's picture

I can't count the number of immigrants i've known from former Yugoslavia, who came here with their heads full of Hollywood propaganda, became disillusioned, and returned home.  Americans find it quite shocking that someone would leave the land of the free, to return to war-torn Kosovo. 

Fri, 02/08/2013 - 12:45 | 3226072 trav777
trav777's picture

experience is the SAME, exactly so.

however, you have obviously never been to the balkans if you think of it as "war-torn."  Only sign of war in serbia was a still-bombed building in Belgrade.

People there are ok...poor, but ok.  Generally a HELL of a lot happier than americans.  And the women are hot as fuck.

Last serbian i banged here came over having watched TV believing all whites are such racists and all of this crap and got here and was like holy shit reality is exactly the opposite of TV.  Really could not believe it.  I said that's cool and put my dick in her mouth

Fri, 02/08/2013 - 14:08 | 3226444 Raymond Reason
Raymond Reason's picture

Never been there, but have a lot of Serb friends.  They tell me it's still chaotic in Kosovo, driven by US operations enabling Albanians. 

 

Hmmm, i know a few former Serbs and Bosnians who found out about US drunk driving laws the hard way.  If they lose their wives here, they never replace them....their standards are too high. 

Fri, 02/08/2013 - 16:14 | 3226901 trav777
trav777's picture

kosovo and the whole bosnia thing sucks for them because it was like one day, the USA told muslims it was ok to come kill them.  That was the words of a bosnian serb girl (different girl) who had really nice tits...oh sorry, who was living in her words a happy life until that happened and next thing she's 9 living in a car with her family.

We fucking bombed WHITE PEOPLE, contrary to what all of these racebaiting self-hating flogger punk bitch whites on this forum say all the time.

Worst war ever...could see no reason; we are natural allies of these people, maybe we just wanted to fuck them for siding with the Soviets.

Fri, 02/08/2013 - 21:59 | 3227925 Raymond Reason
Raymond Reason's picture

You're not the only one to wonder, why we hate the Serbs.  My theory....well not mine, but Eustace Mullins'.  It's an ancient grudge, and one of the few places one earth where the motives of the Tribe are thinly veiled.  Christians are the true enemy, not Muslims.  And the Balkans are a stronghold of the only branch of Christianity that hasn't been infiltrated or completely subverted.  Orthodoxy is the glue binds Russia to Serbia, not old Soviet ties.  Soviets tortured and killed priests by the thousands, and no one over there has forgotten.  

Fri, 02/08/2013 - 11:35 | 3225869 eclectic syncretist
eclectic syncretist's picture

Holy SHit!!! RIch people are jumping ship from countries all over the world.  Gonna form the bank of lunar lunacy based on the moon with no taxes, no fiat, no central banks and homestead expemption/emminent domain laws for the rest of the universe as far as Hubble can reach. 

Fri, 02/08/2013 - 11:37 | 3225875 Rearranging Dec...
Rearranging Deckchairs's picture

Who else did you think were buying properties in Bel-Air that are in escrow 4 days after listing? Everyone in So Cal has noticed an influx of affluent chinese. 

Fri, 02/08/2013 - 11:46 | 3225895 paulbain
paulbain's picture

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Rearranging Dec wrote:

Everyone in So Cal has noticed an influx of affluent chinese.

My understanding is that the influx is even greater in Western Canada, e.g., Vancouver. Probably due to a similar immigration policy, to wit, "Let everyone in, ASAP!!"

-- Paul D. Bain

PaulBain@PObox.com

 

 

 

 

 

 

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Fri, 02/08/2013 - 12:06 | 3225946 JR
JR's picture

Posted by adr on Janaury 24, 2013:

adr

It is really getting insane in California. There are towns outside LA that are now 90% Chinese, growing big time. The only places new construction is going on, and existing property values are skyrocketing as the first Chinese buyers sell to new Chinese buyers.

Then you have the Chinese buying up half of downtown Toledo, OH and I hear a lot of Detroit. A chinese firm just bought a large hotel in Cleveland.

I think the Chinese see America going communist and want to get in on the ownership of the population so they are ready to profit off the misery. Remember communist leaders lived better than the kings of old. Iowa still makes really hot farm girls, perfect to fill the brothels of Comrade Kim.

Fri, 02/08/2013 - 12:46 | 3226075 trav777
trav777's picture

well if they move into Detroit, crime will go down but pollution will go up

Fri, 02/08/2013 - 11:46 | 3225897 unplugged
unplugged's picture

Grant full amnestsy with these conditions:

1. fence & man the entire border

2. if were here illegally, can't vote for 20 years

3. if were here illegally, must pay back taxes -or- 5000 community service hours

Fri, 02/08/2013 - 11:52 | 3225914 Dr. Engali
Dr. Engali's picture

The thing about fences is they work both ways. Be careful what you wish for.

Fri, 02/08/2013 - 12:29 | 3226011 JR
JR's picture

Amnesty is surrender; amnesty is the support for high crimes; amnesty is the banker trick to stop opposition from the American middle class.

Discipline, progress, culture: open these to unlimited immigration and they are finished. Open borders is open season on private property, the rule of law, the protections of a written constitution and the investment in treasure and lives that was paid for a border to mark the boundary of one of the most important nations in the history of the world.

Immigration has been a part of America’s progress; illegal and manipulated Third World immigration is America's current crisis, destroying everything that was built, everything we have held dear.

Fri, 02/08/2013 - 12:47 | 3226079 trav777
trav777's picture

it should please you all that Marco Rubio is going to give the GOP SOU response in Spanish too.

You know, to shamelessly pander to fucking mexicans and other 3rd world central american trash.  Because the GOP doesn't give a shit about the white majority when these wedge blocs are more reliable to staying in power.

And half the whites are yankee race traitors anyhow

Fri, 02/08/2013 - 13:04 | 3226155 Laddie
Laddie's picture

Only 39% of the "white" vote went to Obama in 2012. That includes Jews and Arabs, who though counted in Census as "white" do NOT identify as white.

As far as the broader populace given that the White percentage includes Jews and Middle Eastern people who do not identify as White (or vote like most Whites), the White population of European descent is likely below 60%.

Fri, 02/08/2013 - 16:16 | 3226911 trav777
trav777's picture

40% need to be exterminated.

they hate their own race and can't see what the fuck is going on around them.

There is NO REASON for any white person to vote for a nonwhite, ever.  PERIOD.

And if you can't figure out why what I'm saying is right and at the same time making you REVULSE, then you're too stupid to figure out that you've been CONDITIONED.

You have clear bloc votes...people announce that they don't want equality, they want you gone and to take your shit...so you vote for THEIR candidate...yeah, you pretty much should just drop the fuck dead.

Fri, 02/08/2013 - 13:41 | 3226314 unplugged
unplugged's picture

Its a practical approach with those conditions attached.  Deportation of all those illegally here is about as likely as an honest audit of Fort Knox.

Fri, 02/08/2013 - 11:59 | 3225930 JR
JR's picture

Never mind that the EB-5 program was so riddled with fraud and corruption that it had to be suspended from 1998 to 2003. The government now assures us it has worked to clean up the program, requiring potential deadbeat investors to pay upfront.

The EB-5 program is the purposeful destruction of the American culture. It fits in with the philosophy of Neo-Conservatives Julian Simon and Ben Wattenberg who have advocated, as did the Jewish sponsors of the 1965 U.S. Immigration Act, that very high levels of immigration from all parts of the world will allow the U.S. to become the world’s first “Universal Nation,” making the nation safer for its Jewish population.

This program is just another cheap source of culture smashing and financing for America’s international elite, as is the on-going wave of low-wage illegal immigrants from the south a cheap source of labor for the multinationals based on American shores.

Deal Book says it all: “[D]evelopers can raise money through the EB-5 program by offering returns of less than 4 percent. In contrast, the interest rates on debt start at 6 percent, with some riskier forms of financing running at 10 percent or higher. Investors who take an equity stake in a hotel project aim for returns of 20 percent.

In return for investing a minimum from $500,000 for “targeted employment areas” (TEA) or at least $1 million in a new commercial enterprise employing at least 10 full-time U.S. workers, the foreign investors get permanent citizenship, their prime goal.

“Foreigners are buying visas and are much less concerned about the rate of return they earn on their investment,” said David Loeb, a senior analyst at Robert W. Baird.

Of course America’s producers must pick up the welfare bill to subsidize the corporatists’ demographic pressure.

It all fits in with what Zh’er Lord Peter Pipsqueak wrote yesterday regarding the EU in response to George Soros who said, "The Euro is transforming the European Union into something very different from the original conception."

“NO shit George? Well I've got news for you, the rapidly diminishing white nationalities that are being ethnically cleansed by uncontrolled immigration across the EU seem to have got the impression thirty or forty years ago they were joining a common free trade area, a kind of European trading zone that would be of benefit to all.

“And look what we have ended up with, a trojan horse of a common currency, an all controlling central bank, ultimately leading to one central government for all countries, national laws superceded by the European Human Rights legislation and last but not least the total loss of sovereignty and national identity by the indigenous white population being out-bred by the immigrants deliberately imported to replace them.

“So you’re not alone George, we all were sold down the river by our corrupt/naive/incompetent politicians, many of whom still cannot see where it is ultimately heading.”

http://dealbook.nytimes.com/2012/09/06/visas-for-dollars-program-a-boon-to-hotel-developers/

Fri, 02/08/2013 - 12:53 | 3226105 trav777
trav777's picture

WTF do you mean they can't see where it is heading?  They know where, toward perpetual dynastic control for their families, just like all the other multicult 3rd world countries.

Wealth lives forever in mexico and power does too.  In black countries, it's even stickier, because blacks INSIST on being ruled by corrupt black men and then their children.  In white countries, they have to concoct foundations to accomplish dynastic control.

PRIMITIVE PEOPLE have PRIMITIVE notions of governance, they favor simple things like divine right hereditary monarchy and shit like that.

Only INTELLIGENT people, aberrantly so, are of the "individual rights" ilk.  You see these systems incredibly rarely throughout history and what goes with them?  Shit like real science and math.  Look at ancient Greece and Rome.  Then you have the renaissance and britain...an inexorable march upward of average IQ and a parallel arc of self-governance.  Everywhere you saw one, you saw the other. 

Muslims value beating their women more than self-governance...core values are expressed via ACTIONS.  Stupid is (everything is) as it DOES.

Fri, 02/08/2013 - 12:02 | 3225937 Raymond Reason
Raymond Reason's picture

No sponsor required by this visa. 

The biggest obstacle for a foreigner migrating to the US, is finding a sponsor.  Someone who is willing to sign an affidavit to pay back any govt assistance the immigrant receives, for a minimum of 10 years and up to the entire life of the immigrant.  That's after the immigrant arrives.  The arrival process itself takes 5-10 years for anyone other than spouse or under-aged child.  This kind of immigrant is seen as "unfriendly" by govt (not on the teet), so the process is not likely to become any quicker in the future.   And changing the sponsor requirement would be a political hot potato, i think. 

On the other hand, as i look around my city, most of thei immigrants are refugees and require no sponsorship.  Bosnians, Kenyans, Columbians, Haitians.   A lot of Jews too....they may have some kind of exemption. 

Fri, 02/08/2013 - 12:49 | 3226085 Jeepers Creepers
Jeepers Creepers's picture

I have no problem with wealthy LEGAL immigrants coming over here and engaging in capitalism.

What I have a problem with is ILLEGAL ALIENS breaking in and then having the gall to demand entitlements like locusts.  Illegal immigrants have destroyed California which at one time WAS the best place on Earth to live.   The rest of the US is next if we embrace open border policies.

Fri, 02/08/2013 - 13:07 | 3226169 paulbain
paulbain's picture

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Nope. The USA has too much immigration of ALL kinds. See NumbersUSA.com for more on this topic.

-- Paul D. Bain

PaulBain@PObox.com

 

 

 

 

 

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Fri, 02/08/2013 - 12:55 | 3226113 Laddie
Laddie's picture

"Give me your tired, your poor, Your huddled masses yearning to breathe free..."

Although the Statue of Liberty, properly known as Liberty Enlightening the World, was a gift to the United States from France as a tribute to American political traditions, the sonnet by the Jewish Emma Lazarus helped change it into a symbol of immigration. Affixed to the base of the statue several decades after its construction, the poem welcomes to America "huddled masses yearning to breathe free / The wretched refuse of your teeming shore."

Review of  Kevin MacDonald's The Culture of Critique by Stanley Hornbeck

Fri, 02/08/2013 - 15:03 | 3226618 cynicalskeptic
cynicalskeptic's picture

 so..... we let rich foreigners in an dsell them a ton of property in Manhattan, California and Florida.....   Manhattan is vastly overpriced and soem parts are likely to end up uninhabitable, California falls in the ocean after the next biq quake and Florida ends up underwater in a few years....   

and in a decade all those who thought they were fleeing autocratic oligarchies find out that they're wher they started but here they're the new guys and outsiders  - they would have been betteroff back home where they were part of the insider crowd.

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