New Delhi [India], March 9 (ANI/Mediawire): The EB-5 Immigrant Investment Program has proven wildly popular over the last 15 years, attracting tens of thousands of investors seeking U.S. Permanent Resident (Green Card) status.
The U.S. government suspended the EB-5 Program on July 1, 2021 and then re-started the Program on March 15, 2022 under a new law named the EB-5 Reform and Integrity Act of 2022 ("RIA"). RIA reduced the minimum capital investment for rural projects or high unemployment projects ("reserved categories") to USD 800,000 per investor from USD 900,000 previously.
The new RIA legislation offers improvements for investors that have made the EB-5 Program more attractive than ever.
We list below the top reasons for the continued popularity of the EB-5 Program:
1. Direct Path to U.S. Green Card
The EB-5 Program is a direct path to U.S. Green Card status that does not require employer sponsorship.
2. One EB-5 Petition Per Family
One EB-5 petition and one investment will cover the investor as well as his or her spouse and the investor's children under 21 years of age.
3. No Waitlist for India-Born EB-5 Investors
Currently, there is no visa waiting list for India-born EB-5 investors who invest in reserved categories. The RIA created a new system that reserves a percentage of EB-5 immigrant visas for new investors only who invest in reserved categories. This presents an opportunity for new investors to jump to the front of the line, even if visa waiting lists apply for earlier investors.
4. Concurrent I-485 Adjustment of Status
The RIA now allows investors to simultaneously file the EB-5 immigrant visa petition (Form I-526 or I-526E) with Form I-485 Adjustment of Status ("AOS"). This means that investors in the U.S. on a valid visa can now simultaneously apply for I-485 AOS along with the EB-5 immigrant visa. AOS allows the investor and family to stay in the U.S. while awaiting the outcome of the EB-5 petition, and during their wait, they will receive a 2-year work permit and travel permit. The 2-year work permit gives investors the freedom to work part-time or full-time, whilst their EB-5 application is pending. Work permits and travel permits are renewable until the AOS is finalized.
5. Financial Year Change March 31 / April 1
The LRS (Liberalized Remittance Scheme) allows Indian residents to freely remit up to USD 250,000 per financial year. The Indian government's financial year is set to end on March 31, 2023. This provides an opportunity for Indian-born investor to lawfully remit funds by making one transfer before March 31 and the second transfer starting April 1.
6. USCIS Government Filing Fees are Going Up
On January 4, 2023, the USCIS published a Notice proposing significant filing fee increases. The proposal is currently in a 60-day comment period, which is set to conclude on March 13. This proposal suggests to increase the USCIS government filing fee for I-526E petitions from USD 3,675 to USD 11,160. The fee increase is expected to take effect in April or May 2023. Investors should make use of this window by filing their application before USCIS increase the filing fees.
7. Upcoming Tax Increase in July
Applicable from July 1, 2023, the Indian Union Budget has proposed that the Tax Collection at Source (TCS) rate for foreign remittances under the LRS will be raised from 5 per cent to 20 per cent. This will apply to all outward remittances except for education and medical purposes.
Donoso & Partners:
Donoso & Partners is an award-winning immigration law firm focusing on investor immigration to the U.S. and Canada. Ignacio Donoso, Founder and Managing Partner and Aarushi Gupta, Managing Director India of Donoso & Partners, have advised thousands of clients to successfully navigate the EB-5 Program.
According to Ignacio Donoso, "The RIA has breathed a new life into the EB-5 Program and brought marquee changes for Indian investors who have been the biggest beneficiaries of the program. My law firm has filed over 3000+ EB-5 applications worldwide and we look forward to helping Indian investors to take advantage of the current opportunity by offering the highest quality of service to deliver successful results."
Residency First Advisers:
Residency First Advisers, headed by Nick Mustafa, is a premier migration advisory firm with a strong history in the EB-5 Program. Residency First offers top-quality investment projects with a highly intelligent, diligent, and professional facilitation service.
"We have seen a huge increase in EB-5 enquiries from India over the last few months. Indian-born applicants are benefitting the most from the new EB-5 law passed in 2022. These additional benefits (such as concurrent adjustment of status), along with the new upcoming fiscal year, make it the perfect time for Indian-born applicants to apply for EB-5" says Nick Mustafa.
Our team will be in Delhi and Mumbai from March 8 to March 17 for one-on-one consultations to support you navigating the U.S. EB-5 Program. Contact us at +91-8800252167 or [email protected] to schedule a meeting.
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