WASHINGTON: Beginning April 1, Indians wishing to immigrate to America will now have to pay an additional $50,000 for the EB-5 or the US investor visa, a media report said.
Although, this additional tax would impact all visa categories, it will predominantly create a barrier for people investing in the EB-5 visa programme, the American Bazaar daily said in the report on Friday.
In 2019, the EB-5 investor visa programme, for the first time since the 1990’s, increased the minimum investment amount to $900,000. With this increase, the new 5% additional tax would mean that applicants would have to pay the extra $50,000, when they move money to an escrow account in the US to fulfil their application criterion.
“The changes to the tax on remittances is a reminder to Indians to carefully plan their tax position before making the move to the US,” the American Bazaar quoted Mark Davies of Davies & Associates LLC, as saying. “People seeking to emigrate who do not wish to pay this tax at source and rather account for it later may wish to move their money before the new rules come into effect.”
Although, this additional tax would impact all visa categories, it will predominantly create a barrier for people investing in the EB-5 visa programme, the American Bazaar daily said in the report on Friday.
In 2019, the EB-5 investor visa programme, for the first time since the 1990’s, increased the minimum investment amount to $900,000. With this increase, the new 5% additional tax would mean that applicants would have to pay the extra $50,000, when they move money to an escrow account in the US to fulfil their application criterion.
“The changes to the tax on remittances is a reminder to Indians to carefully plan their tax position before making the move to the US,” the American Bazaar quoted Mark Davies of Davies & Associates LLC, as saying. “People seeking to emigrate who do not wish to pay this tax at source and rather account for it later may wish to move their money before the new rules come into effect.”
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