Invest Rs2 crore, get a green card

The EB-5 US visa scheme is finding several takers from A'bad three years after its introduction

By Jumana Shah

Immigrating to the United States might have just got a shade simpler - at least for the moneyed. The US has opened its gates to the well heeled in the society from all over the world by offering them a Green Card on an investment of US $500,000 (about Rs2 crore) in the country.

Simply put, under the employment-based preference type of US visa-5(EB-5) scheme, if one invests Rs2 crore in a business proposition in the US, which provides employment to at least 10 people, then the head of the family with spouse and children under 21-years of age can immigrate to the US within a year and acquire a Green Card within two years.

The US has a quota of 10,000 visas every year. Of these, the requirements of only 3,000 are fulfilled every year and not more that 35 people from India have immigrated under this programme yet. Now with rupee appreciating, several high net-worth individuals (HNIs), real-estate developers and brokers have shown interest in utilizing this scheme to get entry into the US, particularly by investing in realty.

However, it is interesting to note that 50% of those who immigrated from India under EB-5 have been Gujaratis.

This has brought real estate development company American Life Inc’s Henry Liebman and Mumbai-based immigration lawyer-consultant Michael Phulwani to Gujarat on a three-day tour to spread awareness about the programme and meet prospective investors. With Ahmedabad-based visa consultant Lalit Advani, they will be meeting up to 12 interested parties over the coming two days.

"We have got phenomenal response from Gujaratis, be it here in Ahmedabad or other parts of the country. With the country's booming economy, Rs2 crore, which two years ago was out of reach for many, is not that big a deal now. We are highly optimistic about attracting investments from India in US realty," Liebman said.

Seattle-based realty developer Liebman will be going to Korea and China from India and Japan, and several European nations next month. "This is the fastest and surest way of getting a Green Card, not only for you but also for the family. Investors can part their money in any business," said Phulwani.