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With restrictions on H-1B visas growing by the year, there seems to be an uptick in the applications for the EB-5 visa programme to get a Green Card to the US.
Over 500 Indians applied for the EB-5 visa in 2017 against 354 in the previous year.
The EB-5 visa programme provides a relatively easier route to people to get into the US, if they are willing to invest $5,00,000 or $1 million, depending on the area where the investment goes, and generate 10 jobs.
The visa is applicable to the investor, spouse, and unmarried children under 21 years of age.
Policy change
An EB-5 visa expert from the US, however, warns that there could be a sharp increase in the investment requirement shortly if the proposals to change the policy are accepted.
CanAm Investor Services, one among the 900-odd Regional Centres in the US that authorised to drive investments under the programme, sees a likely change in the policy by September.
“This could result in an increase to $9,250,00 from $5,00,000,” he said.
The company, however, sees a spike in interest from Indian applicants.
Those who want to get an EB-5 visa can either invest directly or through the Regional Centres. Direct investments generally are fraught with issues as it is very difficult to meet the requirements.
About 95 per cent of all EB-5 applications are channelised through the Regional Centres shows why the applicants prefer this route.
“We started off our India operations with 50 people making investments under the programme in 2016. we doubled this number to 97 in 2017,” Abhinav Lohia, Vice-President (India and the Middle-East) of CanAm Enterprises, which has seven Regional Centres in the US, told BusinessLine .
“Half way into 2018, we have already clocked 100 investments. We hope to make another 100 by the year end,” he said.
India is the third highest filer of EB-5 visa applications after Vietnam and China. However, there is a cap of 700 visas for each country under the programme.
The investments, made into a qualified project, gets a conditional Green Card valid only for two years. To gain a permanent Green Card, the project should create 10 full-time jobs for American workers.
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