Contribution of NRIs in Punjab's economy is enormous. The Punjab government has also recently introduced the ministry for NRI affairs for the sole purpose of streamlining NRI investment in the state. However, the EB-5 visa for US immigration seems to have stirred up a frenzy among NRIs and possible migrants to the UK.
What are the specifications of the EB-5 visa?
Indian investors, who have the ability to invest in various US projects, can avail the US EB-5 investor green card. Business persons, farmers and professionals with an investment potential of up to $5,00,000 would make individuals eligible for a hassle-free immigration . No wonder, the EB-5 visa is called as the million-dollar green card.
How does one qualify for an EB-5 Visa?
Firstly, by investing $1 million and hiring 10 employees anywhere in the US. Secondly, investing $500,000 and hiring 10 employees in an area where the unemployment rate exceeds the national average unemployment rate by 150%. Thirdly, investing in regional centres designated by the INS that are eligible to receive immigrant investor capital. The US immigration and naturalization services (INS), United States citizenship and immigration services (US CIS) have approved over 20 regional centres.
How is the EB-5 different from the H1-B visa?
The H1-B is a non-immigrant visa category that allows American companies and universities to temporarily employ foreign workers who have the equivalent to a US bachelor's degree. H1-B employees are employed temporarily in a job category that is considered by the US citizenship & immigration services to be a "specialty occupation" .
For example, architecture, engineering, mathematics, physical sciences, social sciences, medicine and health, education , business specialties, accounting , law, theology and the arts may be considered to be specialty occupations . The H1-B scheme does not ensure permanent residency and there is no initial investment required ($500,000 in case of EB-5 ) for the getting a green card.
When was the US EB-5 scheme launched?
In 1997 and 1998 many companies in the US introduced creative accounting and financing and promoted the EB-5 visa programme. Under this programme , the applicants were required to make a small investment and the whole family would be eligible for a green card.
The INS eventually realised that this easy route taken by many businessmen and companies to obtain a green card defeated the underlying purpose of introducing the EB-5 visa business immigration program, which was to attract foreign investment in the US and job creation.
The INS, therefore, rejected many approved EB-5 visa applications by applying new regulations retroactively. During this time the EB-5 visa program was put on hold. This matter was then contested in the courts and the INS lost this legal battle. EB-5 visa is now once again being processed by the INS.
What will be the impact of the scheme for Punjab and the northern region?
Punjabi Diaspora is already famous for its spread across the countries. Since the immigration requirements are very simple and allow a lot of space for the investor, skilled professional, businessman or even a farmer, it gives another way to Punjabis to get an access into the US. Though the cost factor may seem very high, there would be a huge drift in the immigration population in favour of the US due to returns on investment and permission for the entire family to stay in the US.
Though investors are coming to India, what is the incentive of Indians to invest in the US?
Day to day supervision of the economic unit where investment is made is not required and nor is the knowledge of English or a prescribed business experience a pre-requisite . The applicant and his family can live anywhere in the US. EB-5 investor visa leaves the investor totally free to set up his own private business or take up any job or lead a retired life.
Source:http://www.nrirealtynews.com/
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