Sharp Increase in US EB5 Visa Investment Limits Expected
An expert has stated that the latest deadline for the extension of the US EB5 visa, which permits overseas nationals to seek a green card by investing in the US, is expiring on September 30. It is expected that the investment limits under the scheme will be increased sharply. The Office of Management and Budget released its Spring 2018 Agenda, informing the public regarding the regulations which the US administration aims to enact or consider. It seeks, to sharply increase the EB5 investment limit from $500,000 to $1.35 million. It has announced that that a final action is likely by August.
The $500,000 limit will increase to $1.35 million and the $1 million limit is set to increase to $1.8 million.
EB5 visa program was introduced in 1990. It allows a person to invest $500,000 either in a Targeted Employment Area, where there is a high rate of unemployment or else in a rural area outside of metro limit, or $1 million in a non-TEA area, which creates 10 jobs. This will enable the person to get US Citizenship.
President Trump aims to implement strict norms for issuing H1-B visas, availed of by Indian IT firms. With this the EB5 visa was in demand as it offers a short route to citizenship.
A private member introduced a bill seeking to increase the minimum salary of H1-B visa holders to $130,000. Presently it is $60,000. Furthermore the US administration announced the suspension of processing of H-1B visa petitions for fiscal year 2019, commencing on October 1, 2018. Presently, the US Citizenship and Immigration Services review all H1-B petitions with more scrutiny. Simultaneously, the EB5 visa program has also become controversial as critics feel that it is putting up US citizenship for sale.
Authorization for the EB5 program is on a temporary basis since September 2015. 10,000 EB5 visas are issued annually and there is a limit cap at 700 for each country. The rate of approval for Indian applicants is 64 percent. Some Indians invest directly without going through a regional center that works on the investments and monitors them thus creating jobs. It needs white money.
What Indians must do
Indians who plan to apply for this visa must apply before August 2018 to avoid increased investment limit. Indian applicants can migrate in the unconditional investor entrepreneur programs for a less amount to other countries. Globally we can find several opportunities to migrate by using the investments. Moreover, they will be more attractive than the EB-5 on cost, processing time and risk factors.
Canada is a case in the point. Investors in the investor immigration programs can get an unconditional residential status for self and dependents. They can make the investment after the Quebec government clarifies regarding the application.
Bulgaria is also a good option as it serves as a gateway to the European economy. Bulgaria has a Citizenship by Investment Program which helps a person to get the residency in six to nine months. Also it has an easy option for citizenship in 18 -24 months.
The Bulgarian citizen has a right to live, study and work in any of the 27 EU countries. There are bilateral agreements with the EU and Switzerland and Norway.
Britain offers two Tier-1 visas called the Entrepreneur Visa and Investor Visa which are very modern and easy to understand. Additionally there are fewer risks in them. An investor can obtain a UK visa in eight to sixteen weeks, leading to permanent residency status after five years. Finally, the EB-5 needs many years to be fruitful.