US immigrant visas will soon be out of reach even for Indians with deep pockets as the country is about to hit its allotted quota for EB-5 visas, which guarantees green cards to foreign investors in exchange for their investments.
This comes at a time when the Trump administration has initiated the process to ban work permits for spouses of H-1B visa holders.
An EB-5 applicant is required to invest $500,000 (about ₹3.25 crore) in a commercial enterprise that creates at least 10 US jobs. In return, the applicant can get a green card in one-and-a-half to two years.
The US issues about 10,000 EB-5 visas per fiscal year starting October 1, with a country cap of 7.1% or 700 visas. India is set to hit its quota of EB-5 for the first time this month.
The US Congress created the EB-5 programme in 1990 to stimulate the US economy through capital investment by foreign investors and job creation. There is a legislation pending vote before the US Congress for raising the minimum threshold investment limit to $925,000.