CanAm Investor Services LLC, an EB-5 regional center providing investment linked visa programme, today said it sees a 100 per cent year on year growth in EB-5 visa applications from India.
According to a press release, CanAm received 50 investor applications in India in 2016 which grew to 97 in 2017 and is expecting 200 this year.
USA's EB-5 visa is one of the qualifying process that allows an investor to gain permanent residency in the United States.
India is the third highest filer of EB-5 visa after Vietnam and China, it said.
EB-5 visa is applicable to the investor, spouse, and unmarried children under 21 years of age.
The investment in EB-5 Visa ranges from USD 500,000 or USD 1,000,000 (depending on the type of investment) into a qualified project.
Upon investing in a project, the investor receives a conditional green card, which has similar benefits, as a green card except it is valid only for two years.
To gain the permanent green card, the project should create 10 full time jobs for US workers, the release said.
Vice-President for India and Middle East, CanAm Enterprises, Abhinav Lohia said, "The overall number of EB-5 visa applicants from India has more than doubled since 2014 and the country is expected to become the second largest applicant country in the world.
In FY17, over 500 Indians applied for EB-5 visas against 354 in FY16 and 239 in FY15.
The EB-5 programme is expected to undergo a policy change by September 30.
It is anticipated that there will be an increase in the minimum investment amount from USD 500,000 to USD 925,000.
We are seeing a surge in the demand as more people want to apply in the EB-5 programme before this change is implemented.
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