The world’s largest US EB-5 fundraisers, USIF alerts Indians to apply for their EB-5 visas soon as the program may experience several changes in the later months of 2018. Likewise, several other visa categories could also be tightened.
The EB-5 Visa Program was created in 1990 especially for overseas investors to settle in the United States. The applicant of this program can secure the US status by investing at least $500,000 in an American business with a commitment to create 10 or more permanent jobs for the citizens of the United States. According to the news, the investment required may level up within this year. The National Law review (US), in this context states that the government is proposing to raise the minimum investment amount to $925,000 for ventures in the newly defined targeted employment areas and $25,000 to $1 million in other ventures.
Historically, the EB-5 Visa program is the fast way of obtaining a permanent US Green card for students and business people. It the fastest mode comparatively to other prominent visa programs like H1-B, EB-2, EB 1A/B/C and EB-3. Moreover, the family members of the EB-5 visa holder can acquire US conditional residency within 16 to 18 months. The family can gain access to less tuition fees in educational institutions and an easy acceptance in renowned Universities of the US.
The UCIS data reveals that the number of applications to EB-5 visa from Indians has increased steadily in past few years. Nearly 174 petitions were filed in 2017, which were indeed 57% more in comparison to that of 2015.
As quoted by Business Standard, the head of the USIF India Operations, Andrew Graves mentioned with the changes coming into effect, a qualified investor must show a net worth of $1 million. Also, the investment should be made from a legal source of funds. According to Andrew Grews, this major legislative changes to this visa program can be expected by March 23, 2018. Hence, to invest at a lower amount, applications must be filed before the changes occur.
USIF plays a crucial role in the EB-5 Visa program. Several exclusive rights for procuring and investing capitals for EB-5 program projects are held by USIF. From the increase in the number of USIF investors from India in span of two years, the authorities expect that if the investment amount remains unchanged, the applications from India for this visa program may rise by 200 in 2018.