At a time, when the United States is in the middle of a trade war with India and China, and President Trump is all set to run again for the presidential post.
The US is continuing with its tough immigration policy but this time they are raising the bar for fresh visa applicants, on the other hand, there are signs of going soft on Indian immigrant aspirants. One of the most sought after investments visas in the US among Indian applicants is EB-5 visa which is going to see a big change as far as the minimum investment amount is concerned. The US authorities are in the process of raising the existing $500,000 minimum investment to $1.3 million.
EB5 visa: Indian applicants running against time
The USCIS which manages the EB5 visa application process allocates 7% limit for each country out of 10,000 investor visa and India and China have long suffered due to this rule as the burgeoning talent pool from the most populated countries only waited for years to get through the visa application. Over the years, Indians have either had to wait due to visa retrogression or miss out on their dream to settle in the US to other nationality. With the recent Green Card bill or Fairness for Highly Skilled Immigrants (FHSI) presented in US Congress which aims at bringing highly talented and technology talent to the US.
While the Green Card bill gives an advantage to Indian Green Card hopefuls, it is the proposed changes in EB5 visa rule which may hurt you badly if you delay your EB5 application any further. The minimum investment amount is going above one million and it is expected a stampede-like situation may occur among foreign immigrants.
The case for India and China is unique as they have to fight two-pronged battles both in terms of quality of candidates as well as quantity of application that reach US immigration authorities. The high net worth individuals and start-up enthusiasts from India should be wary of the fact about these changes. A recent survey placed the US as no.1 country for startups while India stands at no. 5. The sheer size of the US market, irrespective of its population, is a boon for any new business.
Advantage India with Green card bill, EB5 changes
To understand the difference between US and Indian economy, one must know that India is aiming to become a $5 trillion economy by 2024 while the US has crossed $22 trillion in 2020. In the words of Warren Buffett, you only need a small piece of this pie to become successful. Not to mention the burgeoning consumer base and purchasing power that comes with it. As an investor and entrepreneur, you get to make contacts with the best talent in the world and are exposed to a technologically advanced and resource-efficient market.
The perks that come with EB5 visa are something that attracts Indian applicants the most. Migration to the US becomes smooth and you get to stay with your immediate family and most importantly access to world-class education and healthcare facilities similar to any other US citizen. EB5 visa holders have to pay one-third of what a temporary visa holder has to pay and the option to apply for a green card also available after you complete your stay of 5 years in the US.
All these benefits are still within your reach until the proposed changes come into effect else pay up $1.3 million while your fledgling venture is still building its client list and tackling the visa retrogression issue simultaneously.
It is high time to get going with your visa application process and submit an application at the earliest.