India has emerged as the top third nation when it comes to the EB-5 Visas. These are investment-linked US Visas that are also referred to as ‘cash for PR’ (Permanent Residency in the US, also popular as Green Card).
The number of Indians obtaining the EB-5 Visas has increased by 4 times in the last 2 years. This is as per the statistics revealed by the Department of State in the US. 585 EB-5 Visas or conditional Green Cards were offered to Indians. This was during the 12-month term that ended in 2018 September. Just 174 such US Visas were offered to Indians in 2017.
In the fiscal year 2016, just 149 of these conditional Green Cards were allocated to Indians. This is a whopping increase of 293% in the 2 year period between 2016 and 2018.
In the past few years, hundreds of Indians are lining up to file an application for the EB-5 Visa. This is inclusive of those who are already working in the US, as quoted by the Times of India.
Indians are increasingly opting for this investment linked US Visas in the recent due to diverse reasons. One among them is that obtaining the Work Visas like H-1B and their extensions as well have become tougher.
Another factor is that Work Authorization for specific streams of H-1B spouses will be eliminated. There are also many children of the H-1B workers who are aging out. This is especially those who are in the Green Card queue under the employment category.
An investment of $1 million is needed for the EB-5 Program. Minimum 10 US jobs must also be created. The limit decreases to an investment of $500,000 if it in specific TEAs – Targeted Employment Areas.
The investor with the EB-5 Visa can apply for US PR Visa subject to fulfilling conditions. This is after holding the conditional Green Card for 21 months.
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