Thursday, August 29, 2024 Discover how Indians can secure a US Green Card with our ultimate guide to the EB-5 Investor Visa Programme, offering a pathway to permanent residency. Discover how the EB-5 Investor Visa Programme can pave the way for Indians to obtain a US Green Card The EB-5 Investor Visa Programme offers a pathway to US permanent residency for those willing to make a significant investment. Established in 1990, this visa not only allows investors to secure a Green Card but also extends this opportunity to their spouses and unmarried children under 21.
Here’s a comprehensive guide to understanding this investor visa programme: To qualify, applicants must invest in a US-based project that creates a minimum of 10 jobs. Investors are typically guided by asset managers at regional centers approved by US Citizenship and Immigration Services (USCIS). These centers facilitate low-cost funding for developers.
Although direct investment is an option, it is often advised against due to its higher risk, according to experts. As of 2022, the revised minimum investment for the programme stands at $800,000. Indian investors can transfer up to $250,000 per year under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS).
Additionally, married couples can pool their annual remittances to reach a total of $1 million by making transfers in the months of March and April. Funds can also be gifted to a child’s US-based account, allowing the child to invest in an EB-5 project. Once the investment project is approved, the applicant can seek a conditional Green Card by submitting Form I-485 or DS-260, if applicable.
While awaiting the I-526E approval, the child might qualify for a temporary work and travel permit. After generating the required 10 jobs, the applicant can apply for an unconditional Green Card within two years and potentially redeem their investment. It’s important to be aware that the total cost of participating in the EB-5 programme may increase by an additional $50,000 to $100,000 due to legal fees.
Additionally, a 20% Tax Collected at Source (TCS) is applicable on the remitted funds. However, this TCS can be adjusted against the individual’s tax liability or claimed as a tax refund when filing the Income Tax Return (ITR). Thus, the overall cost of the EB-5 programme totals approximately $1.
1 million (about 9 crores Indian Rupees)..
