India is all set to reach its allocation of the EB-5 Visas for the first time this month as per the experts in the US Immigration industry. It is exceeding its yearly cap of EB-5 and will soon face retrogression for FY 2019-20.
The US EB-5 Visas offer Green Cards to overseas investors in return for their investment. These Visas will also soon become out of access for affluent Indians.
An applicant of EB-5 Visa has to make an investment of $500,000 in a business enterprise. This must create a minimum of 10 US jobs, as quoted by the Economic Times. The applicant will be offered US Green Card in roughly 1 to 2 years
Around 10,000 EB-5 Visas are offered annually by the US and have a cap of 700 Visas or 7.1% per nation. Meanwhile, service providers for EB-5 Visas claim that 30 to 40% of Indians are making the transition from L-1 and H-1B Visas to EB-5.
A bill is pending for Vote in the US Congress seeking to increase the minimum investment limit for the EB-5 to $925,000. This program is a good option for affluent individuals who seek to reduce immigration processing by 1/6th compared to EB-2 or H-1B routes.
The rate of rejection for L-1 and H-1B Visas has increased in the past few years. These Visa routes are at present the toughest to be obtained whereas the EB-5 is easier to be acquired comparatively. However, even the cap for EB-5 will be reached this month in June 2019.
Y-Axis Immigration Expert Usha Rajesh said that the number of Indian immigrating to the US has not decreased. However, it is getting tougher for the overseas workers to remain in the US based on Work Authorization, added the Expert.
It is estimated that more than 1,000 High Net Worth India origin individuals applied for the E-B5 Visas in the previous fiscal year for immigrating to the US. Also, around 60% of the EB-5 Visa applicants are parents who seek pathways for their kids to remain in the US upon graduation.
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