The EB5 Visa offers many immigrants a pathway to the US Green Card.
The current EB5 Visa program allows you to live and work anywhere in the US in exchange for an investment of a minimum of $500,000. The investment has to be made in a business or any of the USCIS designated Regional Centres. Successful visa applicants are granted a Conditional Green Card for 2 years. If your investment can meet the job-creation standards then you get a Permanent Green Card.
However, a new hurdle is most likely awaiting Indians who wish to apply for the EB5 Visa. The US Govt. plans to double the minimum investment for the EB5 Visa.
The USCIS started operating a waiting list of Indian EB5 Visa applicants last month. The country cap for the EB5 Visa is 700 for a year. India has already hit the quota with 3 months to spare.
The new minimum investment amount for the EB5 Visa could be as high as $1.35 million. This figure is designed to account for the inflation since the program was founded in the 1990s. However, the final figure is yet to announced by the US Govt.
The increased minimum investment is could have a major impact on the program. The US Govt. may provide a grace period before bringing the new investment levels into effect. Hence, anyone who is looking to apply for the EB5 Visa should do so without any further delay.
However, more than the investment amount, the biggest hurdle that Indians would face would be proving the source of funds used. This could be time-taking considering the increased number of applications during the grace period.
With the new regulations coming into force, restrictions could be tightened on where the investment could be made for the minimum rate. Right now, most investors invest their money with a Regional Centre. The funds are used in construction projects across the US. Currently, the minimum investment amount of $500,000 is only allowed for projects in rural areas or TEA (Targeted Employment Areas).
For those who wish to invest outside the TEA, the minimum investment amount is $1 million. This will most likely increase to $1.8 million with the new regulations becoming effective, as per American Bazaar.
Though there has been no official announcement as yet, changes will certainly happen. Hence, it is advisable that EB5 Visa aspirants should lodge their Visa applications as early as possible.
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