The United States Congress has extended the EB-5 visa program (for investors) until 28 April.
Under the program, overseas people who invest a minimum of $500,000 to set up a business and in the process create jobs for American-born people are granted green cards. The visa program was scheduled to expire on 16 December.
The Real Deal quotes Ronnie Fieldstone, an attorney with Arnstein & Lehr attorney, as saying that the extension would grant more time for a new bill to be passed. Fieldstone and his peers are hoping that Donald Trump, the US President-elect would support this program. He added that when affluent, talented individuals come to America and create jobs for the local people, no one could argue against the program.
In November, George Pataki, former New York Governor, speaking at a conference in Shanghai, had said that Trump was against illegal immigration. He added that since EB-5 was a legal program for immigrating, Trump understands the requirement for capital and investment.
It is being averred that a new bill would increase the minimum investment requirement to $800,000 from the present $500,000 in areas with an incidence of high unemployment and to $1.2 million from the existing $1 million in areas where there are fewer unemployed people.
Noel Epelboim, a developer of Venezuelan descent, was of the view that restricting employment regions would be a good move.
Fieldstone was of the opinion that the bill may not be passed by April 2017. According to him, immigration could be included in one program rather than in fragments.
If you are looking to migrate to the US, contact Y-Axis to avail professional guidance to file for a visa from one of its several offices located in all of India’s major cities.