With more than 1.2 million Indians stuck in green card backlogs, investor-driven EB-5 programme sees rising interest as a secure route for migration to the US.
Under the EB-5 Investment Visa programme, an applicant receives a conditional green card on making a minimum investment of $5,00,000 in the United States.
US President Donald Trump has said that the newly proposed 'gold card' initiative will allow American companies to hire Indian graduates from top US universities like Harvard and Stanford. Trump on Wednesday unveiled the 'gold card' initiative for wealthy foreigners, giving them the right to live and work in the country and offering a path to citizenship in exchange for a $5 million fee.
These super-rich Indians intend to reside in their chosen host country permanently while retaining their Indian citizenship.
President Donald Trump has announced that the United States will introduce a 'gold card' for wealthy foreigners, granting them the right to live and work in the country, with a pathway to citizenship, in exchange for a $5 million fee, CNN reported.
The EB-5 Programme has been in effect since 1990 as an opportunity for the immigrant and their family to obtain permanent residency to the US.
Businesspersons who have the potential to contribute to the economy of a country are given a red carpet welcome by way of a start-up visa.
Under the EB-5 visa programme you can become a US citizen provided you invest $500,000 in an approved project and create targeted employment. But only 700 Indians can do so each year.
The government is looking for 10,000 immigrants each year under the EB-5 visa programme. Last year, 2,408 Chinese immigrated under the scheme compared to 37 Indians
The important criterion that you will have to meet for this is that you have to be an investor in the American economy.
At the event, about 100 people were told they could become US residents under a 'EB-5' visa programme if they put $500,000 (Rs 3.21 crore) into the project.
The lawsuit seeks to overturn these sweeping and unlawful immigration restrictions that are an unequivocal not welcome sign to the engineers, executives, IT experts, doctors, nurses, and other critical workers who help drive the American economy.
The bill, however, has to be passed by the Senate, wherein the Republicans enjoy a majority, before it can be signed into law by the US President Donald Trump.
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