Business Mantra News
Indians who are wishing to get settled in US now have to pay higher cost to get EB 5 Visa. The US authorities however will continue the Investment Link Visa Route or EB 5 Visa but getting the same is likely to be more expensive, by as much as Rs. 5 Crore.
As per the draft rules, the minimum investment is proposed to be increased from $1 million (Rs.6.4 Crore) to $1.8 million (Rs.11.4 crore). This will put a burden of 5 crores upon investors who wanted to get visa for Permanent settlement in US through Investment Link Visa Route or EB 5 Visa.
The cost of investment for business operations in specified rural area or those with higher unemployment limits, known as targeted employment areas had also been proposed for hike to $1.35 million (Rs.8.6 Crore).
The popularity of EB 5 visa has increased since the US authorities has started vetting of Visa applications which include more applications for getting H-1B visa for entry level employees. A youngster who wishes to study and then work in the US has to present the requisite investment money to get approval to reside in US and then to become a US resident under EB-5 Visa.
The Immigration experts said that there has been a significant increase in number of applications from Indians to get EB 5 Visa. The Number of such Visas given to Indians has increased from 90 in 2016 to 174 as of September 2017.
The EB-5 Visa also termed as “CASH FOR VISA” is allowed individuals to get lawful Permanent Residence in US but this is not citizenship, if they make the prescribed investment and create at least 10 Permanent full time jobs for workers of US. Then conditional Permanent Residence is given to the investors, his spouse and children below 21. After two years, they have to apply for removal of conditions as imposed by the US authorities. If their application is allowed, then the investor and his family can permanently reside and work in US.