Amid recent changes to Indianan nationals’ favorite US visa program, H-1B visa, Indians have turned to the EB-5 Visa program which is also known as the “Golden visa.”
This visa is not affordable for every person wishing to move to the US, as it requires applicants to make an investment of $500,000 and to present a plan to create or preserve 10 permanent full-time jobs for US workers. However, the existing scheme allows foreigners to obtain green cards once they get the visa. The US issues only 10,000 EB-5 visas per year, with a cap of 700 visas per country.
After the recently introduced changes, that made it more difficult to obtain an H-1B visa for skilled workers, and an increased rate of rejected applications for this visa, wealthy Indians turned to the EB-5.
So far, the EB-5 has been very famous among nationals of China, with 9,722 petitions out of 10,950 filed by Chinese in 2014. However, with the increased interest of Indians to apply for this visa, in 2017, 8,771 Chinese applied alongside another 587 Indians.
In 2018, Indian passport holders reached the quota of 700 for the first time ever, with more than a thousand applications submitted by this national group. Indian visa applications for EB-5 visa through the years are as follows:
- 2014 – there were 99 applications filed by Indian nationals.
- 2015 – there were 239 applications filed by Indian nationals.
- 2016 – there were 354 applications filed by Indian nationals.
- 2017 – there were 587 applications filed by Indian nationals.
- 2018 – there were about 1500 applications by filed Indian nationals.
While the number of Chinese nationals interested to apply for this visa is dropping every year, the number of Indians wishing to get this visa is increasing. If the trends continue this way, for a short period, Indian nationals may become the main national group applying for EB-5 visas.