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As the H-1B visa process becomes stringent, more Indian H-1B visa holders in the US are looking at EB-5 investor visa as their ticket to the US.
In February, the Trump Administration announced a new policy that tightened the issuance of H-1B visa for those employed at one or more third party work sites.. Indian IT companies are the biggest beneficiaries of H-1B visa and the latest policy had a huge impact on Indians working onsite.
EB-5 programme
For these Indians EB-5 programme is attractive. Nima Korpivaara, Partner, David Hirson & Partners LLP, which process EB-5 applications in the US, said the firm saw significant rise in the number of Indian nationals with H-1B filing for Green Card through EB-5 programme since 2016.
EB-5 requires the applicant to invest $5,00,000 in the US projects and create employment for at least 10 Americans. Once the approval is in place it takes only two years to get the Green Card instead of 15 years now. Korpivaara explained, “With the ability of H-1B holders to adjust status to the Green Card in the US, Indian nationals are looking at EB-5 as a short cut to get their green card in two years or less.”
Pankaj Joshi, Managing Director, Nysa Capital, said number of Indians applying EB-5 has seen a significant increase since 2015, mostly from parents who want their kids to study abroad.
India is the third largest filer of EB-5 visa after China and Vietnam. US issues 10,000 visas every year under this category, 7 per cent per country. According to a report, number of Indians who filed for EB-5 was 86 in 2013, 99 in 2014, 239 in 2015, 348 in 2016 and 500 in 2017.
The increasing demand will result in visa retrogression. That is time taken to get the Green Card may increase from two years now to five. There are talks about increasing the investment to $1 million.
Vivek Tandon, Founder and Chief Executive Officer, EB5 BRICS, said, “Now, for people who wish to move to the US via EB-5 route, can apply for the visa and make the investment before the delay sets in.
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