Upsurge among Indians to get Green cards
Three Indians per week are forking out half-a-million dollars for an American Green card. There exist multiple modes under EB-5 Investor Visa Program that allows investments to be made in the range of $500,000 to $1 million to speedily acquire permanent residency in the United States. Upon fulfilling terms of investment, one can be granted a Green card in as soon as two years.
What is EB-5 visa?
The 'EB-5 Investor Visa Program' is an opportunity for foreign nationals and immediate families (children under 21) who wish to immigrate to the US and are keen on acquiring green cards and a permanent residency in a shorter frame of time.
How does EB-5 visa program work?
Under the EB-5 Visa program, one can invest minimum $1 million to starting a business from scratch which would create 10 full-time jobs for Americans. Alternatively, one can invest $500,000 into a pre-approved government business to create 10 or more American jobs in rural areas. However, this program isn't a guarantee: if invested funds fail to create jobs green cards may also be rejected.
What is driving the sudden rush for EB-5?
Primarily two factors are driving the sudden rush. The Trump administration has been vocal about overhauling work visas granted to immigrants especially the H-1B; the current EB-5 visa program is also expected to expire in April. Additionally, 'US Citizenship and Immigration Services' intends to significantly modify the 'EB-5 Investor visa program' by raising minimum investment to $1.35 million from the current $500,000.
Top Indian executives driving up tick
Reports say approvals granted to Indians under EB-5 visa program has been increasing by 30% every year. Top executives from corporates like McKinsey, Aditya Birla, Reliance and wealthy business families are adopting the EB-5 route to ensure a future for their children. Despite surge, India lags far behind China: in 2015, 111 approvals were granted to Indians as compared to 8,156 to the Chinese.
