U.S. to effect steep hike in EB-5 charges

Why is it in the news
  • The United States Citizenship and Immigration Services is all set to raise the threshold investment level for EB-5 visa. 
More in the news
    • The minimum amount required to be invested in the Targeted Employment Areas (TEAs) in the U.S. will go up to $9,00,000 (₹6.2 crore), an 80% hike from the existing $5,00,000 (₹3.5 crore).
    • Also, the fees for standard investment (in urban areas) will go up to $1,800,000 (over ₹12 crore) from $1,000,000 (Rs. 6.8 crore).
    • About EB-5 Visa:
      1. EB-5 program was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.
      2. Under the programme, entrepreneurs and their spouses as well as children under 21 are eligible to apply for a green card.
      3. It allows permanent residence to them if they make an investment & plan to create or preserve 10 permanent full-time jobs for US workers. 
      4. It remains the fastest way of getting a green card.
    • EB-5 and India:
      1. Several high networth professionals, students, entrepreneurs and families in India have been exploring EB-5 in the last three decades. 
      2. Indians are among the top five applicants in the EB5 Immigrant Investor Program.
      3. A total of 10,000 EB-5 immigration visas are issued each year.
      4. India will witness a scramble for EB-5 visas in the next few months, before the new rules kick in.
      5. Experts estimate that 1,200 applications from high net worth Indians are on the waitlist for the EB5 visa.
 
Source
The Hindu, BS.




Posted by Jawwad Kazi on 25th Jul 2019
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