US Immigration Fund (USIF), which is the largest EB-5 fund raiser in the world, today announced its operations in the country and said it has already raised USD 40 million from 80 investors who are seeking permanent residency in the US.
The employment-based fifth preference category (EB-5) visa is meant for high networth investors to earn the American Green Card and permanent residency for themselves and their immediate family through a one-time minimum investment of USD 500,000 into a new US business that creates 10 or more American jobs.
The launch of US Immigration Fund's operations here is significant amidst the Trump administration moving towards curbing the H-1B visa route.
USIF India director Andrew Graves said the fund has already raised USD 40 million from 80 investors since 2016 and is targeting another 50 investors from here by year-end.
He said the investor-base is likely to grow to thousands in the next couple of years, making its potentially the second largest adopter of EB-5 visa after China, which represents over 70 per cent of the total EB-5 visa applicants.
"India has the largest number of students studying in the US now. Under the EB-5 visa programme one can send in their wards to American schools/colleges. The Green Card would help cut college expenses for an individual by up to 70 per cent," Graves told reporters here.
He noted that with many companies now looking to curb H1B visa issuances and with nearly 70 per cent of such issuances are to Indian techies, EB-5 becomes a good and safer option to immigrate to the US.
Graves said there has not been much changes in demand for the EB-5 visas following Trump's election last November.
He, however, said the US government, which regulates the EB-5 visas, is under active discussion to hike the investment cap under this visa programme to USD 8,00,000 from the present USD 5,00,000 per person.
The scheme has so far funded 24 projects worth USD 15 billion in development and USD 3.2 billion in EB-5 funds through 6,400 investors.
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