Applying for a US Green Card to become tougher for Indian investors
1 min read 25 Jul 2019, 05:18 PM ISTThe minimum investment amount to apply for an EB5 visa has been increased from $500,000 to $900,000The wait time for an EB-5 visa is still much shorter than other green card programs
PremiumNEW DELHI : Making it tougher for Indian investors to get an American Green Card, the US government has now changed the rules for applying for an EB-5 Investor Visa programme from November.
The EB-5 visa program allows individuals to apply for permanent residence under the Green Card scheme in the United States if they make the necessary investment in a commercial enterprise in the USA and give jobs to 10 people.
According to the new rules published by the US Homeland Security Department recently, EB-5 visa applicants need to make a minimum investment of $900,000 in Targeted Employment Areas (TEAs). The figure has been increased from 500,000 to account for inflation.
The standard minimum investment amount has also been increased to $1.8 million (from $1 million) to account for inflation.
The new rule modernizes the EB-5 program by providing priority date retention to certain EB-5 investors and clarifying USCIS procedures for the removal of conditions on permanent residence.
"The minimum investment amount to apply for an EB5 visa has been increased from $500,000 to $900,000, inferring that the higher investment requirement will be a dampener for all investors. We most certainly know that this hike will impact Indian investors immeasurably," said US immigration lawyer Vivek Tandon who runs EB5 BRICS.
"The investment requirement will undergo a five-year review for adjustment for inflation. So going ahead, the fee is likely to increase every five years which is why this is the best time to secure an early priority date as the waiting list will only get longer for Indian citizens. The wait time for an EB-5 visa is still much shorter than other green card programs and this is the last chance for Indian applicants to secure an EB-5 visa with an investment of $500,000," he said.
The new rules will come into effect from November 21, 2019.
