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In the backdrop of policy changes making H1-B visas difficult, the US Immigration Fund (USIF), an EB-5 Regional Center operator, has got a nod from the authorities.
The US government nod allows USIF to seek investments from immigrants to fund The Charles real estate projects, from New York City to California.
Investment-seeking companies apply for an EB-5 petition called I-829 and I-526, which seeks permanent residency for EB-5 investors, to live and work anywhere in the US. By investing $500,000, an EB-5 investor, his/her spouse and unmarried children under 21 years of age are authorised to live, work and attend school anywhere in the US.
A spokesperson from USIF told BusinessLine that with The Charles getting clearance, a total of 3,200 USIF investors have got citizenship approvals to date. Nick Mastroianni II, CEO and Chairman of USIF, said: “Achieving I-829 approvals for yet another one of our EB-5 projects is a significant achievement for our company.” It is learnt that some of the USIF-backed projects have the backing of Jared Kushner, son-in-law of US President Donald Trump.
Some sections of qualified professionals are using the EB-5 visa route in the backdrop of stricter curbs being placed on obtaining and renewing H1-B visas. The US government, with this category of visa, wants to attract more investments and create a specific number of jobs, based on which citizenship is given.
A new visa policy announced by the Trump administration makes it difficult for professionals employed at one or more third party work sites to obtain an H-1B visa.
Under the new policy, a company will have to go an extra length to prove that its H-1B employee at a third-party work site has specific and non-qualifying speculative assignments in a speciality occupation.
With an EB-5 visa, the investor, spouse and two unmarried children under the age of 21 are given US citizenship status and other benefits related to education. While the US government grants 85,000 H1-B visas every year, it allocates 10,000 visas for foreigners who invest through the EB-5 category.
Another key benefit while applying for an EB-5 visa is the shortening of wait time for a green card. Through the normal H1-b visa route, it would take anywhere between seven and 15 years, and there’s just a 30 per cent probability of making it. With an EB-5, citizenship can be obtained in less than three years.
Quicker green card
“With unpredictability over the green card process, people are looking at fast-track options and EB-5 fits the bill,” said Rohit Turkhud, Partner at Fakhoury Global Immigration.
Apart from USIF, there are others who facilitate EB-5 visas.
The New York City Regional Center has secured approximately $1.5 billion of capital for 21 economic development projects in Brooklyn, Queens, Manhattan and the Bronx.
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