New rules for the US EB5 Visa are now effective

The new rules for the EB5 Visa of the US have now come into effect.

Published by the US Dept. of Homeland Security, the new EB5 rules include an increase in the minimum investment amount. The minimum investment has increased from $1 million to $1.8 million while investment in a TEA (Targeted Employment Area) has increased to $900,000 from $500,000.

This is the first time that the rules for the EB5 Visa have been significantly altered since 1993. As per The Hindu, there was a spike in the number of Indian applicants before the investment hike came into effect.

The new EB5 rules are effective from 21^st November 2019.

The EB5 Immigrant Investor Program of the US is for immigrants who seek the coveted US Green Card in lieu of a considerable investment. Applicants need to make the required investment in a commercial enterprise in the US to be eligible for Permanent Residency. They can also include their family, that is, spouse and children under 21 years, in their visa application. Initially, applicants who are approved are given a “conditional” Green Card for two years. During these two years, the enterprise that they invest in should be able to create 10 jobs for local American workers for the conditions to be removed from their Green Card.

Traditionally, many Indians have sought the EB5 Visa for better education and career prospects for their children. An EB5 visa holder can work in any field and in any position in the US. It is also not necessary for them to live in an area where they have made the investment.

India had already reached the EB5 quota of 700 for the fiscal year 2018 (October 2018 to September 2019) in June 2019.

Immigration Experts believe that despite the hike in the investment amount, the EB5 Visa will continue to be popular among Indians. The demand is more among Indians who are already residing in the US. There could be an initial slump, but with the H1B Program getting tougher and wait times for Green Cards increasing, the EB5 Visa will continue to draw Indians.

Another significant change in the EB5 Program is that the TEAs will now be designated by the DHS rather than the state. The DHS will follow uniform criteria for the entire US.

New rules also clarify that there cannot be any TEAs in the Metropolitan Statistical Areas where the population is more than 20,000. This means that Indians will need to invest either in the rural areas or in high unemployment areas outside major cities. The ones who want to still invest in the cities will need to shell out $1.8 million instead of $900,000.

Y-Axis offers a wide range of Visa and Immigration products as well as services for aspiring overseas students including Work Visa for the USA, Study Visa for the USA, and Business Visa for the USA.

If you are looking to Study, Work, Visit, Invest or Migrate to the USA, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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