Good News For Visa Seekers, Last Date For EB-5 Visa Extended Up To December 7
US issues only 10,000 EB-5 visas annually and there is a cap of with a 7% per country that means only 700 visas per country.
EB-5 visa's existing scheme has got an extension up to December 7 and it will benefit Indians Indians intending to apply for it. The ToI reported that this will help those who want to leverage the existing investment requirements of US $1 million (approx. Rs 7.2 crore) or half million dollars in specified target areas.
This visa programme allots green cards to foreign investors in exchange for their investments. They also have to give an an undertaking that their investment will create at least 10 jobs for Americans.
This extension in the EB-5 visa scheme is part of the 'spending bill'. The bill was signed recently by US President Donald Trump. This scheme was supposed to expire on September 30, which was also part of a six-month extension. Now it has one more extension, one of many in recent years.
US issues only 10,000 EB-5 visas annually and there is a cap of with a 7% per country that means only 700 visas per country. If one country is not able to fulfill its quota, other countries get those unused visas. Indians are allotted 174 EB-5, a rise of 93% during 2017 fiscal. The latest data by the US Department of Homeland Security (DHS), 307 applications from India were pending during October and November last year. Immigration experts say that India applications may have crossed the figure of 1,000 last 12 months.
The processing time for Indian applicants of an EB-5 application is 18-24 months. Then, the investor and his family (Unmarried children under 21 years of age) get a conditional permanent residence status.
According to the report, most of the India EB-5 applicants are either working there or have a child studying in the US. There are different reasons for the rise in interest among Indians for EB-5 visas. It includes tightening of H-1B visa rules, extended waiting time for H-1B workers get a green card. The EB-5 scheme cuts down the time to get a green card.