The recent development for Indian immigrants seeking investment based US residency is expected to see a change soon. Though the US government plans to continue the investment based Green Card in EB 5 category but it would get costlier by as much as 5 crore. The recent steps by the US government which are vetting the visa applications under H1b Visa regime, boosted the EB5 visa popularity among rich Indians. This is the quickest way to US residency by just investing in US businesses with the requisite money and creating adequate employment for US workers.
The number of investment based residency visa have increased from 90 in 2016 to 174 in Sept 2017. In total 10000 such visas are issued each year by US. But from India the category of visa has increased considerably. There was a sudden uproar due to some tweets by the USCIS or the United States Citizenship and Immigration Services, which gave a vague insight making people believe this EB5 program would also come to an end. One of the tweet stated, “EB-5 visas provide lawful permanent residence to foreign nationals who promote economic growth in the United States. We’re working to fix the programme.”
Now USCIS has come up with clarity of the EB5 visa program and it stated “Our proposed rule would increase investment levels and end gerrymandering. The changes would help true high unemployment and rural areas,”
According to draft rules; the minimum investment limit for EB5 residency was $1 million or 6.4 crore and now it is going to increase to $1.8 million or 11.4 crore. But in rural areas, presently investors are required to just invest reduced amount of half a million specially for those areas with higher unemployment limits. These rural areas are called target employment areas or TEA’s. Even here the proposed investment is now hiked at $1.35 million or 8.6 crore.
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According to USCIS, EB5 visa classification includes; “all investors must invest in a new commercial enterprise, which is a commercial enterprise:
1- Established after Nov. 29, 1990, or
2- Established on or before Nov. 29, 1990, that is:
- Purchased and the existing business is restructured or reorganized in such a way that a new commercial enterprise results, or
- Expanded through the investment so that at least a 40-percent increase in the net worth or number of employees occurs”
Under EB 5 Green Card program, any individual with the necessary investment amount can apply and become a lawfully permanent resident but not a citizen of the US. But they must create at least 10 permanent full time jobs with their investment, for US workers. These individuals receive conditional lawful permanent residence for themselves, spouse and kids under 21 years of age. And after a period of two years they can reapply for uplifting the conditional status. Once their application is approved these individuals and their family can permanently live and work in the US
Post the child turning 21, the individual can further petition for this child as unmarried over 21 of a lawful permanent resident. But the waiting period for such petition is to long so most families gift the investment amount to the child who then applies for EB5 Visa in her or her name to become lawfully permanent resident.
