The EB-5 visa program has been extended up to 30 September 2018.
Since this only extension and not a modification to the EB-5 program, investment limit has not been increased for the visa applicants.
Experts aver that the extension may see many applicants rushing to make most of it before it is reformed.
The EB-5 visa program allows individuals to apply for legal permanent residence in the US for themselves and their dependent family members. Under this program, people should invest the requisite amount and create a minimum of 10 full-time jobs for US citizens. The minimum investment one has to make is $1 million. People are allowed to invest $500,000 as well for operating businesses in specified rural areas or in target employment areas (TEAs), where unemployment limits are higher.
There are two types of EB-5 investments. In one, a business is established directly by the investor and in the other, investment is made through recognised regional centres, which then sponsor businesses
The United States Citizenship and Immigration Services (USCIS) was quoted as saying in the recent past that legal permanent residence is provided to foreigners who encourage America’s economic growth. It added that it was working on fine-tuning the program.
Draft rules have been mooted to increase the investment limits of applicants. As per them, the minimum investment limit has been proposed to be increased to $1.8 million.
The number of Indians who received these visas has grown almost twice from 90 in the year ending 2016 to 174 in the year ending September 2017. It is said that each year 10,000 EB-5 visas are issued.
If you are looking to migrate to the US, talk to Y-Axis, the world’s No.1 immigration and visa consultancy, to apply for a visa.