The popular US investor visa scheme EB-5 is scheduled to expire on September 30. And its expiry is expected to impact the chances of Indians to obtain green cards.
Although it is still unclear whether the US government will renew the programme, there is a good chance that the new EB-5 investor visa programme will have an increased investment amount of $800,000. Such a hike is expected to deter many Indians from opting for the scheme.
The EB-5 visa programme was launched in 1990 for foreign nationals with the aim of creating both direct and indirect jobs across various sectors in the US. The programme has grown at a blistering pace since then as this turned out to be the shortest way to ‘buy’ green cards with an investment of $500,000 in a new commercial enterprise, which can be repatriated.
Keeping in mind the soaring growth of the scheme, US government is now planning to revamp the scheme. In a letter dated September 8, which was addressed to the Leaders of the US House of Representatives, Senators Charles E. Grassley and Patrick Leahy stated that they oppose a straight reauthorisation of the EB-5 Regional Center Program.
“Indian parents often obtain green cards for their children who are students in the US by gifting them the funds for an EB-5 application. By doing this an Indian student studying in the US is able to find a job after graduation without the need for a sponsoring employer, this gives those students an enormous advantage in a competitive jobs market,” said Mark Davies, Global Chairman, Davies & Associates, LLC.
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