As the Trump administration attempts to make rules tougher to block immigrants from entering the US, Indians can opt for EB-5 visa for realising their American dream as uncertainties surround the H-1B and L1 visa programmes. With the EB-5 Investor visa program, also known as Immigrant visa program, individuals earn the green card and permanent residency for themselves and their immediate family (children up to the age of 21).
What are the rules?
There are two ways to obtain EB-5 Investor visas:
There are two ways to obtain EB-5 Investor visas:
1. Direct investment: One can invest a minimum of $1 million, start a business from scratch and create 10 full-time American jobs.
2. Regional centre program: Make a one-time investment of $500,000 (Rs 3.4 crore) into a government-approved EB-5 business that creates 10 or more full-time American jobs in rural areas. One can also redeem the investment after five years.
Are Indians taking the EB-5 route?
Every week, on average, three Indians are signing up to shell out half-a-million dollars each to have a green card, an Economic Times report said.
Who takes the larger part of the pie?
According to a report published in NDTV, China currently secures 85 per cent of the 10,000 EB-5 visas awarded every year, due to increased awareness of the EB-5 program and the uncertainty surrounding H-1B visas.
After the 2008 financial crisis, in particular, the program was used by many Chinese millionaires.
When was the program started?
in 1990, the EB-5 program was created by Congress to stimulate the US economy through job creation and capital investment by foreign investors.
What are the changes suggested?
In January, the United States Citizenship and Immigration Services (USCIS) proposed raising the minimum investment amount from $500,000 to $1.35 million for the EB-5 Investor visa program.
What are L1 visas?
L1 visas facilitate the temporary transfer of a foreign worker in the managerial, executive or specialised knowledge category to the US to continue employment with an office of the same employer.
What is the current status of H-1B visas?
On April 11, the US Citizenship and Immigration Services (USCIS) used a computer-generated lottery to select petitions to meet the 65,000 general-category cap and the 20,000 cap for those with advanced US degrees for FY18.
From April 3, the US missions across the world started accepting H-1B visa applications for FY18. According to the USCIS, it received 199,000 H-1B petitions during the filing period.