Rattled with economic woes since 2008, the USA has dusted off a 1990 visa programme offering a short-cut to the once coveted Green Card (permanent residency) within six months if a foreigner invests a minimum of $ 500,000 to settle down there along with family.
The investment, under this Immigration Investors’ Programme, is expected to provide one per cent interest in three to four years, subject to market conditions. The investment would have to be made through authorized legal channels.
The US Congress had passed the Immigration and Nationality Act in 1990 which created the fifth employment-based visa category (EB-5), enabling a foreign national to secure a US Green Card for self, spouse and unmarried children under the age of 21 years.
Faced with difficult times, the Barack Obama Administration dusted off EB-5 programme in 2008. “Even we came to know about it only three years ago,” Mr Greg Wing, Managing Partner, Green Card Fund, LLC (also known as Arizona EB-5 Regional Center), now in India seeking investors, investments and immigrants,told Business Line on Thursday.
A wholly-owned subsidiary of Bedford Venture Group, LLC, monitors the investors’ immigration throughout the process of getting their Green Card.
Interestingly, although the immigration quota under EB-5 permits up to 10,000 investors per annum, there have been few takers so far. In 2010, only 1,885 investors availed of it, investing a total of $1.1 billion. They included China (866 investors), South Korea (295) and Great Britain (135). Only 62 Indians availed of the facility, investing $40,000,000. “This year, we expect 70% more Indians availing of EB-5.”
Unlike tightening of norms for other categories of visas, the USA is leaving no stone unturned to encourage more Indians and others to follow the EB-5 visa route. “We are holding seminars and meets across China, India and other countries in this regard. In the first six months of 2011, the number of Chinese applying for it has already crossed the 1,200 mark.”
To facilitate its work, Green Card Fund has roped in the Bangalore-based Fox Mandal Consultants and Advisors. Another US-based immigration consulting firm, Kenn Morris America, is also offering its services to Indian investors. The US Citizenship and Immigration Services (USCIS) ensure processing of applications within 15 calendar days for an additional fee under the premium processing of Green Cards.