Indians looking to migrate to the US on EB-5 visa (immigrant investor visa program) may find it very expensive in future if the proposed reforms to it are approved by Congress. If that happens, the minimum money that prospective immigrants must invest will almost increase by almost twice.
Released on 8 March, the Immigrant Investor Visa and Regional Center Program Comprehensive Reform Act’s draft is mooting to increase their commitment of minimum investment to $925,000, up from the present $500,000 in target employment areas. In other areas, the commitment to investment will be hiked to $1.025 million, up from the present $1 million. The increase in investment ceilings for the two areas will reduce the profits considerably that investments in target employment areas would have usually brought.
If the draft is approved by Congress, it will take the place of the existing investor immigrant program that was launched in 1992 as a pilot.
The final opportunity to file for the current investor program with an investment of $500,000 may end on 23 March, putting an end to the 1992 law, says The Hindu Business Line
The rise in the required minimum investment can throw a wet blanket on dreams of not only some wealthy individuals who want to obtain US permanent residency but also of Indian students enrolled in the US universities, professionals and H-1B visa holders, it is opined.
The US investor visa scheme is also a hit with holders of H-1B visas because it gives them a green card quicker than it would under other visa programs for a residency. Many Indian IT and finance professionals also apply for the EB-5 visas.
Proposed by the draft is also the amendment to the clause on the minimum job numbers created by EB-5 visa applicants’ investment.
Under the current requirement, 10 jobs have to be created within two years of getting a conditional EB-5 visa. Hereafter, it may be changed to nine jobs in priority urban areas and rural areas and 12 jobs in other regions.
If you are looking to migrate to the US, talk to Y-Axis, the world’s No.1 immigration and visa consultancy, to apply for a visa.