Team Blitz India
NEW DELHI: An increasing number of Indians are turning to EB-5 visas for resettlement in the US even as there are concerns of job cuts, as per United States Citizenship and Immigration Services (USCIS) data.
In order to obtain an EB-5 visa, which holds parity with a Green Card, individuals are required to invest a minimum of $800,000 towards creating a minimum of 10 job opportunities.
Indians are reportedly collaborating to pool funds and invest in real estate projects to fulfil this requirement, media reports said on May 9.
“We can take 20 investors with $800,000 each, to collect $16 million. The sum will then be lent to a developer who’s building a $50 million rental apartment, building, or a hotel. And the investors don’t have to buy it, they don’t have to manage it and don’t have to employ any people, it’s a passive investment and they make a return through interest,” said Nicholas A Mastroianni III, president and chief marketing officer of US Immigration Fund (USIF), a company that facilitates EB-5 visas.
