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US Residency through Investment Route gets Costly

January 2018, 29
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US-Residency-through-Investment-Route-gets-Costly
Indians who intended to take a quick and expensive route, for becoming permanent residents in the US, can relax now. The EB-5 is slated to become expensive, by Rs 5 crore. 

Recently the US authorities took stringent vetting steps in the visa applications, for the H-1B visa applicants at the entry level. This has enhanced the popularity of EB-5 visa among wealthy Indians. A dependent child aiming to pursue education and work in the future in the USA gets the gift of the required investment funds, which enables him/her in becoming a resident of the US through this route. 

The number of EB-5 visas granted to citizens of India has registered an increase from 90 in 2016 to 174 by the end of Sep 2017. As a whole,10,000 EB-5 visas are issued annually. The immigration experts feel that the number of applications from India, for these visas has increased greatly, recently.

The United States Citizenship and Immigration Services through the recent tweets dispel fears that this program will be finished. In a tweet, there is a mention that EB-5 visas give legal permanent residence to overseas nationals who facilitate increased economic growth in the USA. There is an attempt to provide remedies for the program.

The USCIS has laid some proposals in its draft rules, in January 2017, regarding increasing the investment limit and had invited public comments till April 2017. They aimed at increasing investment levels and at ending manipulations and favours. The alterations would assist in reducing unemployment and also bring changes in the rural areas.

These draft rules suggested that the minimum investment limit should be raised from $1 million to $1.8 million, a hike of around Rs 5.2 crores. Presently, investors are authorized to invest a lesser sum of half a million, towards business procedures in particular rural areas, named as targeted employment areas, or in spheres where the unemployment limits are high.

In such areas, the proposed investment was increased to $1.35 million.  The EB-5 program, allows persons to apply for seeking lawful permanent residence in the USA when they invest and create ten full-time or permanent jobs, meant for the US workers. The aspirants are given permanent residence with conditions, where they and their spouse/children less than 21 years are included. 

When the two years are completed, they can apply for removal of these conditions. Upon approval, they and the family members can live and work permanently in the USA.

When the child attains the age of 21 years, the investor is eligible to apply for his child, as an unmarried child, over 21 years as a legal permanent resident. Such petition requires the applicant to wait for a long period, and it is common for wealthy families to present the investment funds to their children who can submit an application for the visa in their own name.
 
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