Popularly known as the Golden Visa, The US’ EB5 visa scheme has received a nod to be extended till December 22nd. Mr. Tanuj Patel, who is currently the MD of LD Capital Bridge, a United States commercial lending firm confirmed that “It is good news for all the applicants since we are seeing another short-term traditional extension here. However, it should be the last one”
The EB5 visa programme was introduced by the US Congress in 1990. It allows a person to invest an amount upto $500,000 in either TEAs (Targeted Employment Areas ) or a rural area outside of a metro or else an opportunity to invest about $1 million in a non-TEA area which can create at least 10 or more jobs. This visa can help you get US citizenship in an even shorter time than the H1-B visa holders.
Since the rules for H1B visa has recently been getting tougher by the day, this EB-5 program has gained more popularity this year. For now a lot of Indian students graduating from U.S universities are opting for this golden visa as it helps in gaining them the Green card in a shorter span of time. Mr. patel also informed that “At present India stands in the sixth position for EB-5 and with more awareness spreading about the various programs, EB-5 applications from India shall rise,”.
The EB-5 visa programme has now become controversial with criticism that it is like putting up the US citizenship for sale. The US Congress in September has extended this scheme by three months, this is the second extension of the year.
What it would mean for Indian applicants?
For those of you wondering what it would mean for Indian applicants, Mr. Mark Davies of the Davis and Associates LLC explained that Indian applicants noe need to be very mindful of two issues on the EB5 visa scheme, One being the most likely price increase and second is retrogression.
Elaborating on the demographic profile of Indians who are applying for this EB5 visa, Mr. davies told that most likely the applicants are students who are studying in the US, workers on the H1B visas already staying in US, business owners willing to expand into the country and families looking to relocate to US.
According to DeCicco “The Trump administration has implemented tougher regulations on immigration and have increased the screening process of applicants under each category,”
“In these times, we feel it is especially important for EB5 investors to work with experienced immigration attorneys and companies that have a long track record of successful EB5 ventures.”
Explaining about the kind of investments made by Indians under this visa program, Caceres said: “Seventy-four percent of Indians select real estate projects, as do most other nationalities. Certain areas of the country are also very interested in restaurant franchises and hospitality industries.”