INTERESTED IN EB-5 ROUTE TO US IMMIGRATION? GET READY FOR SOME TEA
EB-5 Investor Visa USA
Many US immigration aspirants are interested in applying for Green card to USA through the EB-5 or investment visa route as it is considered to be the fastest way to obtain Green Card. One needs to be extremely wealthy to consider such a move as a huge investment is required for applying through this visa stream.
If you are one of the lucky people who are eligible to permanently settling in USA, through making a large amount of investment in the USA, you would need to know more about the Targeted employment Area, or TEA as it is called in short.
What is Targeted Employment Area?
The intention to create these areas was to improve the economic growth of areas that are in the rural or under developed section of the country. An area can possibly be designated as TEA if it is in a rural area, or if its level of unemployment is at 150 percent of the country's average. An area within USA can only be designated as a Targeted Employment Area if there is high unemployment and the population is more than 20,000. The purpose of TEA, is to utilize, the money brought in through investment to boost the economy in areas that need funds for development.
[Read More: US Immigration Policy Regarding H-1B Visas]
How does US immigration Determine an Area as Rural?
According to US government directives, any area can be defined as rural if it meets the following two conditions
- It should not be situated within an area which has been statistically deemed as a metropolitan area, by the Office of Management and Budget.
- It should not be on the outskirts of a city or town having a population of 20,000 or more people. If you propose to Apply for EB-5 Visa, then you will need to file for an investment project in an area which has been designated as TEA. The state in which you intend to set up your business will help you allow with the process of applying to set up a project in the area. The individual states are the ones that decide which areas get the TEA status within their borders. As such there is no ready list of TEA areas for reference.
What is the benefit of investing in an area designated as TEA?
If the business that you intend to set up for your EB-5 project is located within the boundaries of a TEA or Targeted Unemployment Area, then the minimum amount you will need to invest will be lowered from 1000,000 USD to 500,000 USD.
EB5 Visa - The Easy Ticket to USA Immigration
The EB-5 Visa route to the United States which offers an easy route to rich Indians for immigration to USA is exponentially growing in popularity among wealthy Indians. Many people who are turned away by the strict regulations of the other visa categories are turning to this visa program as an alternative. Under the program, entrepreneurs who are willing to invest a minimum amount of 500,000 USD and create or preserve at least 10 full time jobs for American citizens.
EB5 Visa applications for USA Immigration grow in number
According to the statistics, nearly 500 applicants have been made by Indian applicants for the year up to September 2018. It is estimated that based on the trend of applications that have been filed in the previous two years, Indians are expected to use their limit of 700 visas by the year 2019.
The sudden spurt in demand for the EB-5 route to USA immigration can be chalked up to the ever lengthening queue of applicants to the existing visas such as H1b and L1 However it is expected that the quota for this visa would be reached soon too. Therefore the best time for applying for immigration to USA through the EB-5 visa pathway would be now and any delay in taking the decision can lead to delay or rejection in the issuance of the visa.
[Read More: Top Reasons to Immigrate to USA]
The government of USA has allocated 10,000 visas per year for international workers who are willing and able to invest their funds through the EB-5 visa program. The EB-5 visa is not dependent on either any offer of employment or educational qualification. Moreover the successful visa holder can work anywhere in the country, The visa is also on one of the fastest tracks for USA immigration with the time taken for processing being less than 2 years.
In spite of the high cost of EB-5 the visa is increasing in popularity, which may in part be due to the increasing disposable income of the Indian middle class family. Also when compared to the investment visa options for countries in Europe as well as Canada, the alternative choices in the first world for a family that is seeking a better life, the US visa route is cheaper by comparison for Indians. When coupled with the ease of process as well as speed of granting visa it is not surprising to see that the visa is increasing in popularity. It remains to be seen whether the US government will respond in kind and increase the quotas on the visa.