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Controversial US Visa Draws Rich From China to India After Reset

The EB-5 visa program coveted by many wealthy overseas investors is being revived after changes aimed at curbing abuses.

The Trump Bay Street, right, under construction in 2016 in Jersey City, New Jersey.

The Trump Bay Street, right, under construction in 2016 in Jersey City, New Jersey.

Photographer: Michael Nagle/Bloomberg

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A US visa program that attracted $37 billion in foreign investments since 2008 for projects including New York’s Hudson Yards and Trump Bay Street in Jersey City is making a comeback — and the queue of wealthy applicants from China to India is growing.

The revived EB-5 program is poised to fund undertakings from a golf resort in the Utah mountains to condos in rural Florida — while allowing some new overseas investors to cut years-long lines. The controversial initiative, which offers a green card in return for putting large sums toward a US business and creating at least 10 permanent jobs, had a backlog that extended almost a decade before it was suspended in June 2021 when Congress failed to reauthorize it.