On his first day in office in January 2025, US President Donald Trump issued an executive order restricting birthright citizenship, limiting it to children with at least one US citizen or lawful permanent resident parent. While tied up in legal battles, the order could impact H-1B visa holders and others on temporary visas. In these unpredictable times, the EB-5 visa could be an option for Indians abroad and in India. This employment-based visa provides a direct pathway to the coveted green card.
In an interview with Business Standard, Akshat Gupta, Director of Business Development at US Immigration Fund (USIF), explained how the EB-5 visa works and why it could be an option for those looking to bypass the H-1B queue. Edited excerpts:
Has the ongoing controversy surrounding H-1B visas influenced a shift in interest towards the EB-5 programme among Indians?
Absolutely. Over the last few years, we’ve seen an uptick in interest from Indians exploring the EB-5 programme. The H-1B visa, while still a popular route, comes with several challenges—it’s lottery-based and has strict employer dependency. With the uncertainty surrounding H-1B policies and long waiting times for green cards, many professionals, particularly those already in the US, are looking at EB-5 as a more secure, long-term solution.
Another factor driving this shift is that H-1B extensions are not guaranteed, and every administration has taken a different approach towards immigration policies. Unlike other employment-based green card programs (like EB-1, EB-2, EB-3), which are subject to employer sponsorship and legislative changes, EB-5 is a direct pathway to permanent residency. This makes it an attractive alternative for those who want control over their immigration status rather than being at the mercy of job changes, visa renewals, and company sponsorships.
Which types of projects or industries in the US tend to draw interest from Indian EB-5 investors? Are there emerging trends in regional preferences?
The overwhelming majority of EB-5 investments—around 95%—are in real estate. This is because real estate projects create a significant number of jobs, which is a key requirement of the EB-5 programme. Investors prefer these projects because they offer tangible progress, structured financials, and a predictable job creation model.
Within real estate, two primary categories attract EB-5 investors:
High-employment area projects: These are usually in major cities with steady economic growth, such as New York, New Jersey, Los Angeles, and Miami etc. They include multi-family residential buildings, mixed-use developments, and commercial real estate projects.
Rural projects: These are located in areas with populations under 20,000, allowing investors to benefit from larger visa set-asides. These projects often include hospitality developments, multi-family projects, ski resorts, and industrial parks.
Note that both High-Unemployment Area Projects and Rural Projects have a visa-set aside and come under the Targeted Employment Area (TEA) projects designated by USCIS and are available at a minimum capital investment of $800,000.
There’s also a growing interest in alternative sectors like warehousing, healthcare infrastructure, and manufacturing. However, technology-based industries such as Artificial Intelligence (AI) and fintech have not seen much EB-5 investment yet, mainly because they don’t always align with the job creation requirements of the programme.
What financial risks should Indian investors consider before committing to an EB-5 project, and how do these compare to the possible benefits?
Investing in EB-5 is a major financial commitment; hence investors should know about both the risks and rewards.
Potential risks:
- Immigration risk: If an investor fails to properly document their source of funds, or if the project does not create the required number of jobs, their green card application could be denied.
- Financial risk: Unlike traditional investments, EB-5 requires a long-term commitment. The investment is “at risk,” meaning there are no guarantees of capital return. The performance of the project plays an important role in whether an investor gets their money back.
- Processing delays: The entire process, from investment to receiving a permanent green card, can take five to six years. Effectively, the programme is divided into 2 steps, getting the conditional green card first and then subsequently the permanent green card. The conditional green card timelines are generally 18-24 months while the entire journey to get the final permanent green card can take up to 5-6 years.
- Regulatory changes: Investment amounts and programme criteria can change, impacting future investors. However, all investors applying who file their I-526e petition on or before 30th September 2026 are protected under the EB-5 Reform & Integrity Act (RIA) of 2022.
Benefits include:
- Direct pathway to a green card: Unlike, EB-1, EB-2, and EB-3, which have lengthy queues, EB-5 leads directly to permanent residency.
- Flexibility: Investors are not tied to an employer and can live, work, and study anywhere in the US.
- Access to US Job Market and Independence from Employer Sponsorship:Investors in the US on a valid visa like the F-1, H-1B and L-1 are able to secure for work and travel permits through concurrent adjustment of status within the first 4-6 months of filing the EB-5 petition. This has been considered as one of the stars of the EB-5 RIA Act of 2022!
- Benefits for children: EB-5 allows dependents under 21 to also secure green cards, making it a preferred option for families planning for their children’s education and future in the US.
One of the most critical factors that families must consider when applying for the EB-5 programme is the age of their children. Under US immigration laws, only unmarried children under the age of 21 can qualify as dependents under their parents’ EB-5 application. However, processing delays can sometimes lead to a situation where a child turns 21 before their conditional green card is approved. This phenomenon is known as “ageing out.” However, there are measures to safeguard investors in this case and a good immigration attorney can help investors navigate through this process.
To address this, US immigration laws include provisions under the Child Status Protection Act (CSPA), which can help freeze a child’s age at the time of filing the I-526 petition. The “CSPA age” for a child is calculated by taking the natural age of the child on the date that the visa petition is approved and a visa is available, and subtracting the time that the visa petition was pending before USCIS. However, once the petition is approved, if there is a delay before the final processing, the child’s age starts counting again. Therefore, if the child’s CSPA age is above 21 before their visa is issued, they may no longer qualify as a dependent and would need to apply for their own EB-5 petition separately, leading to additional costs and wait times.
For families where a child is nearing 21, strategic planning is the key. Some parents opt to make their child the primary applicant instead. Consulting an experienced immigration attorney can help ensure that families structure their applications to best protect their children’s eligibility.
When selecting an EB-5 investment, what factors should Indian investors prioritise to ensure compliance and minimise risks? What common mistakes should they avoid?
Investors should focus on:
- Choosing a credible regional centre or fund managers: Investors must work with a regional centre with a proven track record in EB-5 investments.
- Ensuring job creation targets are met:The project should have a well-documented plan for meeting the required employment numbers.
- Understanding the financial structure: Investors should ask about the project’s repayment history, exit strategy, and financial viability.
- Properly documenting the source of funds:USCIS requires a clear paper trail proving that the investment money comes from legal sources.
Mistakes that investors must avoid include investing in projects with uncertain job creation figures, using untraceable funds, leading to visa rejection, failing to review exit strategies, which could impact the return on investment, and not consulting experienced immigration attorneys and financial advisors.
How do Indian EB-5 investors contribute to the broader US economy and to local communities?
Indian EB-5 investors play a critical role in the US economy. Every EB-5 investment creates at least ten full-time jobs, leading to job growth in multiple industries. Given the high number of Indian applicants, their contributions extend beyond just real estate—many investors help fund projects that stimulate business expansion and infrastructure improvements.
Additionally, Indian professionals and entrepreneurs are major contributors to the US workforce, particularly in sectors like technology, healthcare, and finance. By securing green cards through EB-5, they gain more flexibility to pursue business opportunities and contribute to economic development without visa-related restrictions.
What are the costs associated with the EB-5 visa beyond the investment amount?
- Investment amount: $800,000 (approximately Rs 6.97 crore) for TEA projects, $1.05 million (approximately Rs 9 crore) for non-TEA projects
- Regional centre administrative fees: $70,000 – $80,000 (approximately Rs 61 lakh – Rs 69 lakh)
- Immigration attorney fees: $20,000 – $25,000 (approximately Rs 17 lakh – Rs 21.8 lakh)
- USCIS filing fees: $25,000 (approximately Rs 21.8 lakh)
How many Indians have applied for the EB-5 programme?
India has consistently been one of the top countries for EB-5 applications.
The total number of I-526/I-526E filed between April 1, 2022 to July 31, 2024, filed with country of chargeability as India (persons born in India) as per USCIS data queried September 2024 in response to FOIA request is 1216. With only 700 visas available per country each year (including dependents), demand far exceeds supply, leading to extended waiting times. However, note that the as per the latest visa bulletin for March 2025 issued by the US government, the priority date for all EB-5 Investors continues to stay ‘current’ as of now for High-Unemployment Area Projects and Rural Projects
What are the next steps for interested investors?
For those considering EB-5, the first step is to consult an experienced immigration attorney to evaluate eligibility and financial readiness.
Next, selecting a reputable regional centre and project is the key. Due diligence is key in the journey of EB-5. For many, it is a life-changing decision. So, investors should ensure that they project documentation, job creation forecasts, and exit strategies, meet the regional centre representatives and visit the project if possible before investing. Early planning is crucial to maximise the benefits of the programme.
Till when do regional centres assist investors?
The responsibilities of regional centres extend beyond just securing the initial investment. They assist investors right from project selection and due diligence to ensuring compliance with EB-5 requirements. A good fund manager along with a US immigration attorney will support investors through key stages, including filing the I-526 petition (the initial EB-5 application), the job creation tracking process, and the I-829 petition (removal of conditions on the green card). The fund manager remains involved until the investor has successfully obtained their permanent green card and has exited the investment, ensuring that capital repayment strategies are executed effectively. This process typically takes five to six years, and experienced fund managers provide updates, manage risks, and ensure regulatory compliance throughout this period.
Overall, right now is the best time to file the EB-5 visa petition for those interested in obtaining US permanent residency. Processing timelines have only improved post March 2022. We have witnessed many investors make the first mover’s advantage and secure early conditional green cards/work and travel permits via the EB-5 visa program.
Note: USIF provides opportunities for foreign investors and their families to obtain permanent US residency through the EB-5 Visa Programme.
