EB-5, or the “US golden visa,” is an investment visa that allows rich foreign investors to acquire a green card quickly. To qualify, an investor must invest in a US company and create ten jobs for US workers. The amount of money invested varies from $500,000 to $1 million. Most investment amounts are returned to the investor within a few years.
Since its inception in 2008, the US golden visa program has drawn $37 billion in foreign investment. However, critics have cited financial irregularities and national security concerns. This program is expected to be impacted by new policies under the Trump administration. The Trump administration has not officially stated whether it will affect the program. However, the government has announced several changes to the program in the last few months.
One of the biggest changes in the EB-5 program is the inclusion of Indian nationals. In the past, Indian national was only eligible to apply for an EB-5 visa if they were in the United Arab Emirates. This new change will allow Indian nationals to apply for a visa without waiting as long. It will also allow for a faster processing time.
The US government’s reintroduction of the EB-5 program coincides with a rise in the number of affluent Chinese and Indians. According to the US Department of Homeland Security, roughly 10,000 Chinese and Indian citizens plan to apply for a ‘golden visa’ this year. The program is also expected to be impacted by increased capital controls in China, which could make the transfer of money more difficult.
The EB-5 program also includes several new requirements. It allocates portions of the visas to high-unemployment, low-to-average, and rural areas. The program also requires investors to create at least 10 permanent jobs. It also allows for five years for an investor to apply for citizenship. The most popular route to obtain a green card through the EB-5 program involves investing in a new commercial enterprise in the US.
Another important change is creating a new category of US golden visas called visa set-asides. These visas are for individuals who invest in infrastructure projects. The new rules went into effect on November 21, 2019. This new category allows for faster processing of visas, which is important to Indian nationals.