Affluent Indians choose EB-5 visas as H1-B increasingly comes under curbing cloud
As the Donald Trump-led US administration is gearing up for seriously curbing the H1-B and L1 visas, affluent Indians are increasingly choosing the EB-5 visa program to avail the much sought after green card in the US.
The EB-5 visa, popular as the Immigrant Visa program is intended for immigrants with high net worth who can avail the permanent residency and Green Card for themselves as well as their close family members by making a single investment of 500, 000 American dollars for a new business venture in the US with an potential of creating at least 10 jobs in the US.
Jose Latour, American Venture Solutions’ President, and Managing Director have said that there is a lack of any other mode for citizens in India to avail the green card. As well as there is increased awareness regarding the EB-5 visa and this has resulted in the enhanced applications for this visa, said Jose as quoted by the Hindu Businessline.
There has been a huge hike in the applications that have been filed for the EB-5 visa this year and this makes India the world’s fourth largest market for EB-5 visas.
The US administration is also planning to increase the salary ceiling for H1-B visas from the current 60,000 American dollars to 130,000 US dollars. This is going to make this visa unattainable for a majority of the students from India graduating in the US. Hence, they are more likely to opt for the EB-5 visas for employment opportunities in the long term prospects.
Co-Founder and CMO of US-based private investment firm LCR Capital Partners Rogelio Caceres have said that as H1-B visas are likely to be seriously restricted by the Trump administration, HNIs from India are getting more attracted towards the EB-5 visas. The fact that EB-5 visas are supported by both the political parties in the US and that it is time bound and reliably makes them more appealing to the Indian investors, added Caceres.
Latour of the AVS has also elaborated that Trump administration will continue with EB-5 visas by making some crucial changes. These changes might well be operational even prior to the expiry of the extension of the pilot program in April, said Latour.