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U.S. EB-5 applications to become dearer (Relevant for GS Prelims & Mains Paper II; IOBR)

The United States has decided to effect a steep increase in the application fee for its Immigrant Investor Visa Programme, EB-5.

What is the new criteria?
Under the revised scheme, the application fee for projects under Targeted Employment Areas, will go up to $1.35 million from the current $500,000. The standard minimum investment will also rise to $1.8 million from the existing $1 million.

What is time to get permanent residency under EB-5?
As of now, EB-5 could probably be the quickest legal route available for immigrants to get Green Card and permanent residency in the U.S.

The normal waiting period used to be less than two years, but with India recently reaching retrogression (investors from the country fully utilised the existing cap of 700 EB-5 visas for the October-September fiscal), the waiting period is likely to get longer up to five years or more.

(Source:https://www.thehindu.com/business/us-eb-5-applications-to-become-dearer/article28254259.ece)



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