The EB-5 Visa Program is emerging as the preferred pathway for foreign nationals seeking U.S. permanent residency, particularly attracting affluent families and high-net-worth individuals. In an exclusive interview with Financial Express Online, Nicholas A. Mastroianni, President and CMO of the U.S. Immigration Fund (USIF), sheds light on the program’s popularity and recent policy changes.
The U.S. Citizenship and Immigration Services (USCIS) has introduced appealing updates, making the EB-5 program more enticing for Indian investors. Key modifications include the introduction of concurrent filing, allowing simultaneous pursuit of Green Card and EB-5 applications. The EB-5 Reform and Integrity Act of 2022 has bolstered integrity with stringent background checks and streamlined investments in Targeted Employment Areas. USCIS has also embraced an online visa application system, promising expedited processing.
A significant policy revision in October 2023 clarified the EB-5 investment period, now set at a clear two years from funds infusion, enhancing program efficiency and integrity. USCIS’s commitment to modernization is evident with the introduction of the online visa application system, promising accelerated processing, accuracy, and real-time updates.
FY 2023 witnessed a surge in EB-5 visa applications, showcasing a notable uptick compared to previous years. The EB-5 program’s demand among Indian investors has risen significantly, with a 400% increase between 2016 and 2019. In 2022, there were 1,381 applications filed by Indian investors, reflecting growing interest post-Covid travel restrictions.
The future outlook for EB-5 adoption in India appears promising, attracting high-net-worth individuals and affluent families. With 676 EB-5 visas issued to Indians in FY 2023, the program’s appeal is evident. The current investment requirement of $800,000 caters to the specific economic segment in India.
USIF’s roadshows in 2023 across India, including cities like Hyderabad, Bangalore, Mumbai, and Delhi, have played a pivotal role in engaging with prospective clients interested in the EB-5 program. These roadshows have facilitated connections and shared information, contributing to the program’s success. USIF looks forward to continued success in its upcoming roadshow in February 2024.
The EB-5 program stands out as a credible and sought-after path to U.S. permanent residency, offering a straightforward route to a Green Card for investors and their families. Recent reforms, including the EB-5 Reform and Integrity Act of 2022, have enhanced transparency and reliability, making it an accessible and efficient option, especially for current U.S. visa holders.
Source: Financial Express
