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Wealthy may Find it Difficult to Get Coveted US Visa

Wealthy may Find it Difficult to Get Coveted US Visa

US immigrant visas will soon be out of reach even for Indians with deep pockets as the country is about to hit its allotted quota for EB-5 visas, which guarantees green cards to foreign investors in exchange for their investments.

This comes at a time when the Trump administration has initiated the process to ban work permits for spouses of H-1B visa holders.

An EB-5 applicant is required to invest $500,000 (about ₹3.25 crore) in a commercial enterprise that creates at least 10 US jobs. In return, the applicant can get a green card in one-and-a-half to two years.

The US issues about 10,000 EB-5 visas per fiscal year starting October 1, with a country cap of 7.1% or 700 visas. India is set to hit its quota of EB-5 for the first time this month.

The US Congress created the EB-5 programme in 1990 to stimulate the US economy through capital investment by foreign investors and job creation. There is a legislation pending vote before the US Congress for raising the minimum threshold investment limit to $925,000.

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Tags: Immigration Green Card EB-5 Visa