Wishesh magazine january 2018 Wishesh magazine january 2018 | Page 72

NRI IMMIGRATION
72
Popularly known as
the Golden Visa, The
US’ EB5 visa scheme
has received a nod
to be extended till
December 22nd. Mr.
Tanuj Patel, who is
currently the MD of
LD Capital Bridge,
a United States
commercial lending
firm confirmed that
“It is good news for
all the applicants
since we are seeing
another short-term
traditional extension
here. However, it
should be the last
one”
The EB5 visa programme
was introduced by the US
Congress in 1990. It allows a
person to invest an amount
upto $500,000 in either TEAs
(Targeted Employment Areas)
or a rural area outside of a
metro or else an opportunity
to invest about $1 million in
a non-TEA area which can
create at least 10 or more
jobs. This visa can help you
get US citizenship in an even
shorter time than the H1-B
visa holders.
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Since the rules for H1B visa
has recently been getting
tougher by the day, this
EB-5 program has gained
more popularity this year.
For now a lot of Indian
students graduating from U.S
universities are opting for
this golden visa as it helps in
gaining them the Green card
in a shorter span of time. Mr.
patel also informed that “At
present India stands in the
sixth position for EB-5 and with
more awareness spreading
about the various programs,
EB-5 applications from India
shall rise,”.
The EB-5 visa programme
has now become controversial
with criticism that it is like
putting up the US citizenship
for sale. The US Congress in
September has extended this
scheme by three months, this
is the second extension of the
year.
What it would
mean for Indian
applicants?
For those of you wondering
what it would mean for Indian
applicants, Mr. Mark Davies
of the Davis and Associates
LLC explained that Indian
applicants noe need to be very
mindful of two issues on the
EB5 visa scheme, One being
the most likely price increase
and second is retrogression.
Elaborating on the
demographic profile of Indians
who are applying for this
EB5 visa, Mr. davies
told that most likely the
applicants are students
who are studying in the
US, workers on the H1B
visas already staying in US,
business owners willing to
expand into the country