‘New normal’: Vancouver’s stock of high-end homes overwhelmingly going to Chinese buyers – MacDonald Realty executive Dan Scarrow says 70% of the 1,500 Vancouver homes his company sold in 2014 went to Chinese buyers, many of whom gained residence through Quebec’s IIP following the termination of the federal program.
GAO says feds lack proper oversight of EB-5 investor visa program – U.S. Citizenship and Immigration Services (USCIS), the federal agency responsible for EB-5 oversight, does not have a strategy or an information system in place to assess the program’s actual economic benefits or the risk of fraud, according to a reportfrom the Government Accountability Office (GAO).
Key EB-5 Industry Leaders Encourage Congress to Reauthorize the EB-5 Program – The EB-5 Investment Coalition has circulated a letter to Members of Congress urging them to continue the dialogue on extending or making permanent the EB-5 program, and in coming to a consensus on the necessary reforms and changes needed for the program.
Lincoln attorney who failed to advise client properly is disbarred – Longtime attorney Thomas Ferneau did not contest complaints that he had, without consent, transferred the balance of client funds to an investment account he managed following assisting a couple with an Economic Citizenship application in Dominica.
Government of Dominica Prepares for Citizenship Programme Growth – In his 2015/2016 Budget address, Prime Minister Roosevelt Skerrit announces revised CBI investment thresholds and declares that he expects an increase in applications in the coming year.
Who Can Source Investors For EB-5 Projects: The World of Finders, Consultants, Attorneys, and Broker Dealers – Greenberg Traurig’s Laura Foote Reiff explains the potential pitfalls in sourcing investors from immigration attorneys or consultants that are not properly registered.
About 12,500 Russians fined since early 2015 for concealing dual citizenship – Around 12,500 people were fined a total of about 7 million rubles ($111,000) in the first six months of 2015 for failing to notify the authorities of second citizenship, Russia’s Federal Migration Service has announced.
Chinese high rollers swap investment for Irish residency – The Irish government has granted residency status to 55 wealthy foreigners in the past three years through its investment program, with the majority coming from China.
St. Kitts CBI Program Undergoing Major Changes – St. Kitts government has held a nation consultation with CBI stakeholders, stressing the importance of managing the program carefully and highlighting improvements already in place and those soon to be implemented.
Chinese millionaire migration to Canada is in a state of flux – Larry Wang, president of leading Chinese immigration consultancy Well Trend United, says he is not surprised by the failure of the IIVC program. Wang also suggests that new documentation rules for the Quebec IIP have put off potential investors.