Affluent families, particularly those whose progeny are pursuing studies in the US, are said to be looking at EB-5 visas, the US investor visas. The H-1B work visas are much more difficult to secure for newly qualified individuals, particularly for entry-level jobs, these visas are catching the fancy of the parents of these young aspirants.
There is good news for people who are interested in applying for EB-5 visas. The US government has extended up to 8 December from 30 September, which was earlier the deadline for investments through regional centres. It is the second time that the expiry date has been extended in 2017. It was also extended earlier from 28 April to 30 September this year.
With the challenges increasing for securing H-1B visas, interest in EB-5 seems to be growing. The Times of India had earlier reported on how IIT graduates who were offered jobs in the US in 2016 were facing it difficult to obtain work visas.
The newspaper quotes the 2016 report by Open Doors, a research agency, as saying that there are close to 166,000 overseas students in America who comprise 15.9 percent of its total international student population. For families who would be able to afford EB-5 visas, it allows their children to work in the US without the barriers they would have had to face, had they been working on H1-B visas.
To apply for the EB-5 visa, one needs to invest $1 million in new commercial enterprises or $0.5 million to operate from assigned rural areas or regions with increased unemployment rates, which are referred to as targeted employment areas. The objective in the latter is the ability to create a minimum of 10 full-time jobs on a permanent basis for US workers.
There are two routes of investments within EB-5. In one, investors establish their own businesses and in the other, they invest in recognised regional centres, which allow businesses to be sponsored. The latter is the more attractive route. In fact, out of the 90 EB-5 visas that Indians were granted between 1 October 2015 and 30 September 2016, 76 were given for investments through regional centres. Although figures of the number of visas issued to Indians are still low in numbers, they have risen from only five EB-5 visas issued in 2005.
These visa holders are given a ‘conditional’ permanent residence not only for themselves but also for their spouses and children aged below 21. They can apply to get these conditions waived after two years. If they are successful, they along with their families can settle down permanently in the US.
Industry estimates state that since 2008, more than $18.4 billion has been infused into the US economy through the EB-5 visa routes.
If you are looking to migrate to the US, get in touch with Y-Axis, a leading company for immigration services, to apply for an EB-5 visa.