Expiry of EB-5 visa scheme could dent Indians chances of getting green cards

As the US investor visa scheme, EB-5, is slated to expire on 30 September, it is expected to diminish the prospects of Indians getting green cards. With the picture of the US government renewing the same programme under a cloud, the new EB-5 investor visa programme may see the investment account being increased to $800,000. This raise could dissuade many Indians from applying for this visa scheme. Launched in 1990, the EB-5 visa programme was introduced for foreign citizens in a bid to generate direct as well as indirect jobs in various sectors in the US. The programme became highly popular among foreigners as it was the easiest way to obtain green cards by investing an amount of $500,000 in a new entrepreneurial venture, with options for repatriation. The US government, taking cognisance of the popularity of the scheme, is going to overhaul it. Mark Davies, Davies & Associates, LLC, Global Chairman, was quoted by the Business Line as saying that frequently Indian parents procure green cards for their children who are pursuing studies in the US by giving them the funds to apply for an EB-5 visa scheme. This gives Indian studying in the US an edge in finding jobs after graduation without having to look for a sponsoring employer. Unlike Indian H1-B visa holders who need to wait for at least eight years to obtain a green card, people who are granted EB-5 visas get permanent US green cards for themselves as well as their dependents. Abhinav Lohia, Davies & Associates, LLC, Partner & Practice Chair, Business and Investor Visa Practice (India & South East Asia) said that even the investment amount of $500,000 is quite a deterrent because the return on investments is not high. In addition, the currency fluctuation also puts off Indians, Lohia added. If you are looking to migrate to the US, approach Y-Axis to get the best possible guidance and assistance to file for a visa from one of its 19 offices located in eight major cities of India.