Invest Rs 2 crore in US, get a green card

Ahmedabad: It may not be the best time to export to the US, in wake of dollar weakeningagainst the rupee. But for thousands of Gujjubhais dreaming of settling in the US, there could be no better time to get a green card. That too for their entire family.

If they can commit an investment of half a million dollars, roughly around Rs two crore, in the US under EB-5 immigration programme, they could be saved of all the usual hassles fased in getting a green card. EB-5 is specially meant for investors, who can demand green card on the basis of investment in the US, for themselves as well as their spouse and unmarried children.

"US has identified some areas having higher unemployment rate. If somebody is ready to invest in these areas, like at least half a million dollar, he or she is eligible for the green card. Of course, the investment requirement could double depending if the location in the US is a prosperous one, as per immigration laws," said Henry Liebman, president of American Life Incorporated (ALI), a company investing in real estate in Seattle.

Liebman was in the city to invite people to invest in their compnay's real estate projects in the US.

However, merely committing investment will not do. As per rules, the investment must create ten jobs, directly or indirectly and these must remain in tact for two years. Also, one cannot invest in any existing businesses and cannot acquire a company under the EB-5 immigration rules.

Lalit Advani, ALI's representative in Gujarat, said, "In Ahmedabad, two builders are planning to invest in ALI's projects." EB-5 programme was started by the US immigration in 1995 but US government discontinued it in 1998. In 2004, it was restarted.

"Since dollar is weakening, investors are putting their money in the US and at the end of the day they hold a green card too," said Venkat Ramineni, executive director, Visa-Pro, a US immigration consultancy.