EB-5: Your Ticket to the American Dream
Want to immigrate, secure your child’s future, and create value as an entrepreneur? If you answered in the affirmative, investment immigration might be the key that unlocks your potential. Investment-based immigration is a lesser-known tool, which is designed and offered by certain countries to attract foreign capital, in exchange for a better quality of life for investors and their families. This new age proposition is quickly capturing the imagination of upwardly mobile professionals around the world, including and especially India.
The USA’s Employment-Based Fifth preference category – popularly known as EB-5 – is one such opportunity that is making waves across the globe. It requires an investment of at least $1 million, in addition to the creation of 10 full-time American jobs, in exchange for the right to residence. This amount is lowered to $500,000 in government-specified Targeted Employment Areas, which are either in rural areas or places where unemployment is 50% above the national average. These regions also come with the added benefit of any indirect job creation being counted towards the visa’s job requirement.
While the EB-5 is a family visa, it is not without its limitations. Most notably, the program only allows dependent children below the age of 21 to accompany their families. While this may not initially seem like much of a problem, any delays in the process can throw a wrench in one’s plans. No need to fret, though – there’s a workaround to that. Leading immigration attorney Bernard Wolfsdorf said that any children nearing the cut-off age can be designated as the principal applicants to prevent any such mishap.
Additionally, the program has an annual upper limit of 700 visas per country, including the family members accompanying the investor, which has led to a sizeable backlog in China and Vietnam, with India expected to be added to that list in 2019. This can result in wait times as long as seven years, which may seem discouraging to some investors, but it’s nothing that can’t be dealt with, with some careful planning, prompt action and realistic expectations.Though the road to the EB-5 is a fairly straightforward one, the journey that each investor embarks on is truly individual. So, if you do your due diligence, consult with the experts, and plan well in advance, there’s no keeping you from the American Dream!