NEW DELHI: US Immigration Fund has tied up with education firm The Chopras group to promote EB-5 visa in India and aims to raise USD 125 million by next year from 250 Indian investors who want to immigrate to the United States through this route.
US Immigration Fund (USIF) is America's leading EB-5 regional center operator. It is in the business of raising EB-5 capital for investment in the US real estate market.
The EB-5 program, launched by the US government in 1990, enables high net worth foreign investors to obtain a US visa for themselves and their family by investing a minimum of USD 5,00,000 in a US business that helps create 10 jobs for American workers.
USIF today said this program enables US residency for the investor, spouse and children under 21, as well as a full return of their investment.
"We have partnered The Chopras group to help Indian investors immigrate through EB-5 route," USIF Director Business Development -India Andrews R Graves told reporters here today.
USIF is targeting to raise USD 125 million from 250 Indian investors through this route, he said, adding that EB-5 visas have steadily increased over the last few years with 149 visas issued to Indians in 2016.
Graves said investments are safe as funds are deployed in commercial and housing projects of leading developers and backed by prominent senior lenders.
Asked about the return on investment, The Chopras group managing partner San Chopra said the Indian investors can expect a return of 2.5-3 per cent annually.
However, he said: "Investors under this program put money not for interest but to become eligible for green card."
An investor can expect to get a green card in 4-5 years, Chopra said, adding that investors should look at this route considering difficulties in getting H-1B visa.
The US has tightened the norms for issuing the H-1B and L1 visas in line with the Trump administration's goal to protect American workers from discrimination and replacement by foreign labor.
The Chopras group is supporting USIF in building a large platform for EB-5 and established a dedicated infrastructure for the offering across major cities.
"The EB-5 program has helped tens of thousands of families across the world successfully migrate to the US," said Nicholas Mastroianni III, President, USIF.
USIF has so far raised USD 3 billion through this route from across the world since it began operations in 2009.
The Chopras group is a leading education group whose origins are in higher education, career management and student recruitment globally.