Mumbai, 27th of December 2017: U.S. House of Representatives’ spokesperson, on Friday stated that the EB-5 Visa will be given more time before the main provisions expire. It advises the public that this USCIS program is extended until the 19th of January 2018.
By a vote of 231-188 on 21st of December, the House passed the Senate amendment to H.R. 1370 (an Act to amend the Homeland Security Act of 2002) extending Continuing Appropriations for government services and programs. Upon passage, H.R. 1370 was sent immediately to the Senate, where it passed by a vote of 66-32. This is indeed the fifth time in this year that a traditional short-term extension is happening. Post the voting, the President signed the measure into law.
Under EB-5 Visa Program, entrepreneurs (and their spouses and unmarried children under 21) are eligible to apply for a green card (permanent residence) in the U.S.A. For the same, they must make the necessary investment in a commercial enterprise and preserve 10 permanent full-time jobs for qualified U.S. workers. It is known as EB-5 for the name of the employment-based fifth preference visa that participants receive.
Tanuj Patel, Managing Director at LD Capital Bridge to USA says, “Four weeks of extension is good news for all the EB-5 applicants. However, this should be the last time we are hearing about such a decision.” Stating that the current U.S. administration is being “very active” in reforming immigration laws, Tanuj said, “The discussions have been long due and this extension is a golden opportunity for Green Card dreamers to apply.”
The EB-5 program gained popularity as the laws for H1-B got tougher and uncertain this year. Currently, more and more Indians graduating from U.S. universities are opting for the EB-5 visa which grants them the green card in the shortest span. “At present India stands in the sixth position for EB-5 and with more awareness spreading about the various programs, EB-5 applications from India shall rise”, says Tanuj.
The fate of the EB-5 visa still looks unset, nevertheless this New Year will pass in peace.