EB-5 Visa - The Best Visa for US Green Card in 2023
One of the most frequent applicants for an EB-5 visa are parents who want to provide their kids with a stable future in the United States.
The economies and cultures of India and the United States have interwoven for many years. Indian immigrants have made the United States a world leader in disciplines like science, medicine, and technology while also prospering to provide a good lifestyle for themselves and their family in America.
Immigration ties between the two nations are at an all-time high. Indian immigrants are currently the second-largest immigrant group in the United States, making up around 6% of the country's foreign-born population, according to the Migration Policy Institute.
The demand for U.S. green cards through the EB-5 visa program surged significantly in 2022 over the previous year, despite the upheaval in the U.S. tech industry (or perhaps because of its knock-on effects on H-1B visas).
Why is there such a spike in interest and why should Indians who want a U.S. green card seriously consider the EB-5 program right now? A perfect storm of EB-5 interest is being produced by a number of causes.
H1B or EB-5?
Indians who have used or are considering using the H-1B visa to work in the United States have read the depressing news reports of widespread layoffs in the American computer industry.
These workers now face unanticipated pressure to leave the country or find other employment within a short period of time (60 days) in order to satisfy visa requirements for ongoing employment.
This pressure is the result of workforce reductions. Even if they are fortunate enough to locate new employment (and a new employer sponsor) within that 60-day window, H-1B visa holders are becoming more aware of the risks associated with this type of visa for both themselves and their families than they were before to the recent waves of tech downsizing.
Apply to Change Visa Status
Visa holders are now allowed to alter their status to the EB-5 visa, which doesn't have the same limits and limitations as the H-1B visa, under a new U.S. law known as the EB-5 Reform and Integrity Act ("RIA") of 2022.
The new law enables people who are already legally residing in the country to submit an application to change their visa status to that of a lawful permanent resident (Form I-485) at the same time as their EB-5 petition (Form I-526E), allowing them to stay in the country while their immigration applications are being processed.
Why EB-5?
Parents from India are among the most frequent EB-5 visa (for the U.S.) applicants. Parents frequently contribute to the program in order to provide their children with a safe future in the United States, a path through education to a high-paying employment, and quicker access to a green card. Additionally, EB-5 may give Indian families access to the cheaper education costs paid by American families.
High-net-worth individuals are also eager applicants because they can pursue advanced degrees and licenses in their field through study at some of the best universities in the world, which are found in the U.S., including business owners, entrepreneurs, and professionals like doctors and engineers.
Despite their distinctiveness, EB-5 investments are nevertheless considered securities and are handled similarly to stocks, bonds, and other conventional financial instruments.
The Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) have strict regulatory standards in place to combat and weed out unscrupulous actors in the industry, and many of those regulations are reflected in the new integrity rules of the RIA.
Investors should choose the best regional center for their EB-5 needs with greater care than ever due to the growing interest in EB-5. The project offering is the foundation of every investment.
The Indian government announced various additional restrictions in its union budget for 2023, including greater taxes on outbound financial transfers from the country, such as foreign investments, which would harm EB-5 investments entering via India's banking system.
EB-5 investments would be subject to the income tax on outgoing transfers, which includes a 20% tax-collected-at-source (TCS). The first of July 2023 is anticipated to mark the beginning of this tax. When compared to the current TCS rate of 5%, this would represent a huge increase.
Although the tax can be claimed on tax returns, starting the transfers before the deadline of July 1, 2023, is the most effective way to avoid the 20% TCS.
Conclusion
People can obtain a Green Card with the EB-5 visa, which enables them to reside and work in the US. An individual must invest a specific sum of money in a brand-new US business that generates at least 10 full-time jobs for US citizens in order to qualify for an EB-5 visa.
The US Citizenship and Immigration Services (USCIS) oversees the EB-5 program, which aims to promote investment and job creation in the US. After receiving an EB-5 visa, an individual and their immediate family (spouse and unmarried children under 21) are permitted to reside and work in the US for a preliminary period of two years.
They can then submit an application to have their Green Card made permanent. For people who wish to move to the US and have the resources to make a sizable investment, the EB-5 visa is an ideal option.
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