US-based Greystone to raise funds from Indian investors through EB-5 visa platform
Mumbai: New York-based private equity and real estate advisory firm Greystone on Tuesday announced its plan to raise funds from Indian investors seeking permanent residency in the US through EB-5 investor visa programme.
Under the EB-5 programme, immigrant foreign nationals and their immediate family (children up to the age of 21) can obtain US green cards and permanent residency by making capital investment into one or more newly formed commercial enterprises that can create jobs in the US. The investment could range between $500,000 to $1 million. Each year, the US government grants 10,000 EB-5 visas to foreign nationals, most of them are Chinese investors so far.
Through its EB-5 fund raising platform, Greystone is currently planning to raise a total of around $57.5 million globally. So far $17.5 million has been raised from 35 investors. The company expects at least 20-30 investors from India investing through the platform, said Abteen Vaziri, director, Greystone EB-5 at a press briefing held in Mumbai.
Launched in 2015, Greystone’s EB-5 practice provides foreign investors access to EB-5-compliant investment opportunities and investment servicing, and manages the EB-5 application process from end-to-end, the company said in a statement.
“Greystone’s dedicated EB-5 team has 25 years representing lenders in real estate finance and structuring of real estate transactions,” Vaziri said, adding that application for US green cards or permanent residency in the US through EB-5 programme has surged over the last few years.
Earlier this year, the United States Citizenship and Immigration Services (USCIS) proposed to increase the required investment amount to $1.3 million from $500,000 in ‘targeted employment areas’ and $1.8 million from the current $1 million in a non-targeted employment area. A targeted employment area is an area with high unemployment.