What is an EB-5 Visa?
Issued by the United States Citizenship and Immigration Services, the EB-5 Visa is an Immigrant Investor Program. This type of visa allows foreign nationals who invest or bring investment in the U.S to get a Green Card. The EB-5 visa allows the applicant, their spouse & family children below 21 years of age to get a permanent residency Green Card. However, it’s the choice made by the affluent population, especially those with the ultimate goal of settling in the country.
What were the benefits of EB-5?
The EB-5 visa program is not just limited to the foreign nationals from treaty countries with the U.S. This program provides the freedom to reside anywhere in the U.S benefitting the entire family. Additionally, applicant’s children get educational benefits in all stages of schooling within the United States.
EB- 5 provides plausible citizenship after 5 years of permanent residency in the country.
First issued as a pilot program in 1990, it has been reauthorized periodically ever since. In the current situation of the pandemic, on June 30, 2021, there have been speculations about the expiration of EB-5 investor program. This leaves thousands of good investor’s fate uncertain as their status is in progress. This could also jeopardise funding efforts for the economic development projects rolled out. Legislative reforms have a good chance of securing a long-term reauthorization and reforms for the program, but reforms may bring changes, such as stricter application requirements. It may benefit interested EB-5 investors to file their applications now, prior to any legislative changes.
It might take a longer time for the applicant to get the hold of their EB-5 visa. Although the EB-5 program is volatile and goes through a periodic renewal every few months, some mainland Asian countries like India and China face visa backlog.
Although the developments of the program will be derived by June 30, 2021, only time will tell if it’s an ideal choice for Indians. As a replacement, Grenada Citizenship by Investment is also a viable option for Indians to acquire citizenship in the USA through E-2 visa program.
Read more about acquiring Citizenship by Investment here.
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