EB-5 visa: Why this route to US residency has become popular among Indians
Indians in US
The number of Indians who obtained permanent residency and green cards for the United States through the EB-5 programme, also known as green card by investment programme, has reached its highest-ever mark.
For many wealthy Indians, the EB-5 programme has proven to be not only one of the fastest but also the most reliable ways to obtain a US green card.
The Indian government's recently released figures on citizenship renunciations also show a growing number of Indians seeking a better future in the West.
In 2022 alone, 225,000 Indians chose US citizenship, with nearly half of them (78,284) opting for the United States, followed by Australia, Canada, and the UK.
What exactly is an EB-5 visa programme?
Under the EB-5 visa programme, investors can obtain a conditional green card that initially remains valid for two years. T
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o qualify for the conditional green card, investors must invest a specified amount of capital, typically around ₹8.6 crore or ₹6.4 crore, in a Targeted Employment Area (TEA) and create or preserve a certain number of jobs in the United States.
After holding the conditional green card for two years, EB-5 visa holders can apply to have the conditions removed by submitting an application to the US Citizenship and Immigration Services (USCIS). This process involves demonstrating the sustainability of the investment and the creation or maintenance of the required jobs.
If the application is approved, the investor receives a permanent green card, granting them permanent residency in the United States for ten years.
EB-5 visa residencies roseby 400 per cent in 3 years
Among Indian investors, the EB-5 visa has generated significant interest. The overall demand for EB-5 visas has increased by approximately 400 per cent between 2016 and the beginning of 2019, Hindustan Times reported.
Why is the EB-5 visa programme so popular?
One of the significant advantages of the EB-5 visa is the absence of restrictions on the area where visa holders can study or work. They are also eligible to start businesses in any part of the country. Additionally, the program has become more accessible and attractive due to the option of filing the EB-5 visa petition concurrently.
Also watch |WION Fineprint | Massive hike in U.S. Visa fees expected
Another reason behind the increasing number of Indians turning to the EB-5 visa programme is the assurance of long-term residency in the US. The possibility of obtaining residency through several years of employment is becoming increasingly remote.
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