Indian immigrants make up 6% of the total foreign-born population in the USA and are the second largest group of immigrants after Mexicans. EB-5 for Indians, is a golden opportunity for them to migrate to the U.S. without much hassle. Though the program has some necessary requirements to be met.
One of the ways to become a permanent resident of the United States for Indians is to apply for an EB-5 visa. Data from USCIS indicates that there was an approximately 82% increase in the number of EB-5 visas granted to Indians between FY 2019 and FY 2023. This increase can be partially ascribed to a number of driving forces that are particularly meaningful to Indian families and people. The desire to provide a stable and secure future for their families is evidently the main motivator.
In this article, we will get to know about some ‘must know facts’ for Indian investors thinking about investment in the EB-5 Visa Program.
EB-5 Program Overview
The United of America is a diverse country with people from all over the world getting their chances to live in the country and to experience and explore the American lifestyle, education and business.
An ideal country for settling down America brings to the entire world an opportunity to get their citizenship (green card) via an investment.
The EB-5 Visa was introduced in 1990 to encourage foreign investors to invest in the U.S. economy. The EB-5 Visa grants foreign nationals the right to get a US permanent residency permit by investing in U.S. commercial enterprises. In order to be eligible for the E-5 Visa program, an applicant must invest in an U.S. business and create a minimum of 10 jobs for U.S. skilled workers. The program is highly sought after by Indian citizens as it offers a fast pathway to obtaining a Green Card which is a permanent residency permit in the USA.
Things to Know Before Investing
Being a hefty sum to invest for the EB-5 Visa, the investors should know certain things in order to gain clarity of the process and to avoid any roadblocks:
1. Eligibility:
The Indian National Applying should be 18+ and should not have any criminal records attached to his name. The documentation pertaining to their income and address proof should also be legitimate.
2. Investment Costing:
The minimum investment amount for an Indian applicant or investor should range from $800,000-$1,050,000. This investment has to be maintained for 2 years. Another condition of the investment is that it should create at least 10 or more employment opportunities for US citizens or non citizens registered in the US barring from the investor’s spouse, child and family member.
Additional costings (barring investment cost)
- I526 petition fee : $3675 for a family
- I829 petition fee : $3750 + $85 per person
3. Family Members:
The family members accompanying the investor should also qualify with certain specifications like the spouse should be above 21 and should not have any criminal background. In case of a child present in the picture he/she should be less than 21 and not married.
4. EB-5 Processing Time:
Indian nationals should expect to wait five to six years to process their EB-5 visas. This timeline covers several months for gathering paperwork and submitting the application, three to four years for the approval of the I-526E petition, and six to twelve months for receiving a conditional green card.
Benefits of EB-5 for Indians
- Legal Rights of a Green Card Holder:
Once you and your family enter the United States, you become a conditional resident of the United States for a period of two years. This status grants you protection from US laws, the right to work in the US, establish a business or any other business in the United States, and the right to travel to the United States visa-free. The green card also exempts Indians to pay extra property taxes or educational fees. Students can also appear for the government exam after getting the green cards.
- The right to immigrate to the USA
Once your EB-5 visa application is accepted, you and your family can immigrate to the United States to live and work in the United States for the rest of your life. The Investor can move in and about the country along with his/her family all throughout the country without any other legal obligations faced by non-resident NRIs.
- The Right to Include your Family members in your Application
An Indian investor may include his or her spouse, unmarried children under the age of 21, and any other family members in his or her application. This will be beneficial for them as they will not have to separately invest but will be included because of their partner or parent. It will in fact help them to get a better lifestyle, education opportunities and working opportunities in the United States.
- Healthcare and education accessibility
Indian investors under the EB-5 visa program are entitled to health insurance under a variety of plans and to seek medical care in US hospitals.
Children of investors who are single and under 21 have unrestricted access to US education regardless of their status as international students. When enrolling in universities, they can apply for scholarships and receive tuition fees that are 150–300% less than those of other international students
- The Ability to Open American Bank Accounts
A person with an Indian EB-5 Visa can open an account with a US bank and use it to send money overseas or save money.
EB-5 for Indians : Investment Challenges
Indian investors participating in the EB-5 Visa program, which offers a pathway to obtain U.S. permanent residency by investing in job-creating projects, may face several challenges:
- Visa Backlogs: The EB-5 visa backlog is a major concern for Indian investors, as it can lead to long waiting periods and impede their plans to immigrate to the United States and realize the benefits of their investment.
- Source of Funds: The source of funds documentation is also a major concern, as investors must provide extensive documentation to prove the legal source of their funds. In a country with complex and bureaucratic financial documentation processes, it can be difficult for investors to obtain and organize the necessary paperwork.
- Regulatory changes and updates: These are a concern for investors, as they can lead to uncertainty and affect investment requirements as well as visa processing procedures in the United States. Investors must stay up to date on the latest immigration policies and regulatory changes in the United States to ensure they are prepared for any potential changes.
- Currency fluctuation: It has a significant impact on the total cost and return of an EB-5 investor’s investment. The Indian rupee’s exchange rate can fluctuate between the US dollar and the Indian Rupee, which can significantly affect the cost and return of the investment.
