The programme allows foreign investors and their families to apply for a US Green Card if they meet certain investment and job-creation requirements.
The United States is set to increase the fees for its EB-5 investor visa programme from November 30. The programme allows foreign investors and their families to apply for a US Green Card if they meet certain investment and job-creation requirements.
The US Citizenship and Immigration Services (USCIS) has finalised the new fee rules. Some application fees will more than double.
- New fees for investors
– The fee for Form I-526, used by individual investors, will increase from $3,675 to $7,615.
– The fee for Form I-526E, used by investors through approved regional centres, will rise from $3,675 to $7,850.
– A $75 technology fee will also be added to initial I-526 and I-526E applications.
– The fee for Form I-829, used to remove conditions on an investor’s permanent residency, will increase from $3,750 to $5,000.
Regional centres will also face much higher fees. The fee for applying to become a regional centre will rise from $17,795 to $44,115.
- What is the EB-5 programme?
The EB-5 programme was created by the US Congress in 1990 to encourage foreign investment and create jobs in America.
Under the programme, an investor generally needs to:
– Invest $1.05 million in a qualifying US business, or $800,000 in a Targeted Employment Area or infrastructure project.
– Create at least 10 full-time jobs for US workers.
If the requirements are met, the investor, their spouse and eligible children can apply for a US Green Card.
- Why are the fees increasing?
USCIS said it depends largely on fees paid by people who use the immigration system rather than on tax money. The agency said these fees help cover the costs of reviewing applications, conducting background checks, checking eligibility, detecting fraud and running the programme.
The EB-5 programme also has annual visa limits and country-based limits. Because demand from Indian applicants has increased significantly in recent years, Indian investors may face a waiting period before receiving a Green Card.