Jump to content

US 'golden visa' scheme may be extended


Quickgun_murugan

Recommended Posts

Though the three-month extension of the US' EB5 visa scheme ends on December 8, experts are of the view that the scheme, popularly known as the "Golden Visa", is likely to be extended.

"Although the discussions over revising the EB5 visa programme have been long due, investors continue to apply as EB5 Visa offers an attractive path to permanent residency in the United States," Jeff DeCicco, CEO and Chief Compliance Officer of CanAm Investor Services, told IANS in an e-mail interview.

Stating that the current US administration is "very active" in reforming immigration laws, DeCicco said: "While it is highly unlikely the programme will be done away with, there is a high likelihood that the investment amount will be increased. In our opinion, the said increase will not be effective immediately. We feel Congress will give a 30 to 60 days' notice prior to implementing the new laws."

Introduced by the US Congress in 1990, the EB5 visa programme allows an individual to invest $500,000 in either of two Targeted Employment Areas (TEAs) -- a high unemployment area in a US metropolis or a rural area outside of a metro -- or $1 million in a non-TEA area that can create 10 or more jobs and get US citizenship in a shorter time than H1-B visa holders.

With US President Donald Trump calling for stricter norms for issuance of H1-B visas, largely availed by Indian IT firms, the EB5 visa has been in demand for the shorter route to citizenship it offers.

A private member's bill was also introduced earlier this year in the US Congress by Democrat Zoe Lofgren which seeks to increase the minimum salary of an H1-B visa holder to a whopping $130,000 from the current minimum of $60,000.

At the same time, the EB5 visa programme has also come under controversy with critics saying that it puts up US citizenship for sale. However, the US Congress in September this year extended the scheme by three months.

Stating that authorisation for the EB5 programme has been carried on a temporary basis on Congressional spending bills since September 2015, Rogelio Caceres of LCR Capital said that key figures in the US Senate, Senate Judiciary Committee Chairman Charles Grassley and Senate Majority Whip John Cornyn, have been negotiating an EB5 reform bill "in good faith and have made considerable progress". 

"Based on discussions with our team in Washington, D.C., it is very possible that the principal negotiators will come to an agreement in principle in December, which, along with reforms, will likely provide the programme with a five-year reauthorisation," Caceres said.

Asked what it would mean for Indian applicants in case the EB5 visa scheme gets extended, Mark Davies of Davis and Associates LLC said that Indian applicants needed to be very mindful of two issues looming over the EB5 scheme: A likely price increase and retrogression.

"While most commentators believe the December 8 is a 'red herring', combined with these two issues make it highly desirable for Indian investors to make their EB5 move quickly," Davies said.

Asked about the demographic profile of Indians applying for the EB5 visa, he mentioned students studying in the US, workers on H1B visas already in the US, business owners looking to expand into the US and families looking to relocate to the US.

According to DeCicco, the Trump administration has brought all visas under hard scrutiny.

"They have implemented tougher regulations on immigration and have increased the screening process of applicants under each category," he said.

"In these times, we feel it is especially important for EB5 investors to work with experienced immigration attorneys and companies that have a long track record of successful EB5 ventures."

However, Caceres is of the view that the Trump administration supports the EB5 programme as it creates tens of thousands of new American jobs each year, all at no cost to the taxpayer. 

"They are keen to see much-needed investor protection reforms instituted to help weed out the bad actors in the programme," he said.

As for the kind of investments made by Indians under the EB5 programme, Caceres said: "Seventy-four per cent of Indians select real estate projects, as do most other nationalities. Certain areas of the country are also very interested in restaurant franchises and hospitality industries."

Link to comment
Share on other sites

2 minutes ago, Piracy Raja said:

matter single line pls

the US' EB5 visa scheme ends on December 8, experts are of the view that the scheme, popularly known as the "Golden Visa", is likely to be extended

  • Upvote 1
Link to comment
Share on other sites

19 minutes ago, Quickgun_murugan said:

Though the three-month extension of the US' EB5 visa scheme ends on December 8, experts are of the view that the scheme, popularly known as the "Golden Visa", is likely to be extended.

"Although the discussions over revising the EB5 visa programme have been long due, investors continue to apply as EB5 Visa offers an attractive path to permanent residency in the United States," Jeff DeCicco, CEO and Chief Compliance Officer of CanAm Investor Services, told IANS in an e-mail interview.

Stating that the current US administration is "very active" in reforming immigration laws, DeCicco said: "While it is highly unlikely the programme will be done away with, there is a high likelihood that the investment amount will be increased. In our opinion, the said increase will not be effective immediately. We feel Congress will give a 30 to 60 days' notice prior to implementing the new laws."

Introduced by the US Congress in 1990, the EB5 visa programme allows an individual to invest $500,000 in either of two Targeted Employment Areas (TEAs) -- a high unemployment area in a US metropolis or a rural area outside of a metro -- or $1 million in a non-TEA area that can create 10 or more jobs and get US citizenship in a shorter time than H1-B visa holders.

With US President Donald Trump calling for stricter norms for issuance of H1-B visas, largely availed by Indian IT firms, the EB5 visa has been in demand for the shorter route to citizenship it offers.

A private member's bill was also introduced earlier this year in the US Congress by Democrat Zoe Lofgren which seeks to increase the minimum salary of an H1-B visa holder to a whopping $130,000 from the current minimum of $60,000.

At the same time, the EB5 visa programme has also come under controversy with critics saying that it puts up US citizenship for sale. However, the US Congress in September this year extended the scheme by three months.

Stating that authorisation for the EB5 programme has been carried on a temporary basis on Congressional spending bills since September 2015, Rogelio Caceres of LCR Capital said that key figures in the US Senate, Senate Judiciary Committee Chairman Charles Grassley and Senate Majority Whip John Cornyn, have been negotiating an EB5 reform bill "in good faith and have made considerable progress". 

"Based on discussions with our team in Washington, D.C., it is very possible that the principal negotiators will come to an agreement in principle in December, which, along with reforms, will likely provide the programme with a five-year reauthorisation," Caceres said.

Asked what it would mean for Indian applicants in case the EB5 visa scheme gets extended, Mark Davies of Davis and Associates LLC said that Indian applicants needed to be very mindful of two issues looming over the EB5 scheme: A likely price increase and retrogression.

"While most commentators believe the December 8 is a 'red herring', combined with these two issues make it highly desirable for Indian investors to make their EB5 move quickly," Davies said.

Asked about the demographic profile of Indians applying for the EB5 visa, he mentioned students studying in the US, workers on H1B visas already in the US, business owners looking to expand into the US and families looking to relocate to the US.

According to DeCicco, the Trump administration has brought all visas under hard scrutiny.

"They have implemented tougher regulations on immigration and have increased the screening process of applicants under each category," he said.

"In these times, we feel it is especially important for EB5 investors to work with experienced immigration attorneys and companies that have a long track record of successful EB5 ventures."

However, Caceres is of the view that the Trump administration supports the EB5 programme as it creates tens of thousands of new American jobs each year, all at no cost to the taxpayer. 

"They are keen to see much-needed investor protection reforms instituted to help weed out the bad actors in the programme," he said.

As for the kind of investments made by Indians under the EB5 programme, Caceres said: "Seventy-four per cent of Indians select real estate projects, as do most other nationalities. Certain areas of the country are also very interested in restaurant franchises and hospitality industries."

ee category ni kuda fill up chestara, black money babulu ekkuva ayyaru

Link to comment
Share on other sites

15 minutes ago, Quickgun_murugan said:

the US' EB5 visa scheme ends on December 8, experts are of the view that the scheme, popularly known as the "Golden Visa", is likely to be extended

bro tvaraga nee savings acct lo unna $$$$ lo nunchi oka 1 millions naku transfer cheyyi...tarvata vaddi puchukuni kodata neeku...aa dabbutho eb5 lo GC techukunta, neeku danda esi dandam edata

Link to comment
Share on other sites

18 hours ago, boeing747 said:

bro tvaraga nee savings acct lo unna $$$$ lo nunchi oka 1 millions naku transfer cheyyi...tarvata vaddi puchukuni kodata neeku...aa dabbutho eb5 lo GC techukunta, neeku danda esi dandam edata

antha baaney undi... kani lawyer emantado adugu..

Link to comment
Share on other sites

23 minutes ago, princeofheaven said:

slow ga EB5 lo kuda thop autaru ani telling ga author

Yes... India lo laaga cheetee paatalu paadi paisal pogesi Eb5 ki trying Dallas potta batta vuncles...

Link to comment
Share on other sites

2 minutes ago, Quickgun_murugan said:

Yes... India lo laaga cheetee paatalu paadi paisal pogesi Eb5 ki trying Dallas potta batta vuncles...

Tammudu elaa unnav.

All good?

Adantha chadiva opika ledu. British citizen aithe emanna use unda? Simple ga yes or no cheppu

Link to comment
Share on other sites

19 minutes ago, pentaya said:

Tammudu elaa unnav.

All good?

Adantha chadiva opika ledu. British citizen aithe emanna use unda? Simple ga yes or no cheppu

bro.. all is well.. how abt U?

Investment Visa bro adi... nothing to do with Nationality... 500k  USD businesses lo Invest chestey GC istharu Investor GC...

mana indians ekkuva GC kosam lines lo waiting kabatti vallani target chesaru... ekkuva Chinkies are getting benefitted with this...

Link to comment
Share on other sites

1 hour ago, Quickgun_murugan said:

bro.. all is well.. how abt U?

Investment Visa bro adi... nothing to do with Nationality... 500k  USD businesses lo Invest chestey GC istharu Investor GC...

mana indians ekkuva GC kosam lines lo waiting kabatti vallani target chesaru... ekkuva Chinkies are getting benefitted with this...

All good. Same different day.

500K na... cool.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...