Trump Proposes Scrapping Of EB-5 Visas

Sat Jun 23 2018 18:41:47 GMT+0530 (IST)

The Trump Administration appealed the US Congress either to reform or scrap the EB-5 Investors Visa Programme. This move was taken following the rise in complaints of misuse of EB-5 Visa by Foreigners.

In the EB-5 Visa Programme, Green Cards will be issued to Foreigners who invest at least $1 million in the USA. Statistics show India is the third highest beneficiary of this programme. China and Vietnam hold the first and second positions respectively.

The EB-5 Regional Centre Programme is going to expire on September 30th, 2018. Director of US Citizenship and Immigration Services L Francis Cissna stressed the urgency to reform the EB-5 Visa programme to stop fraudulent activities. He feels reforms to prevent money laundering are a must.

US allocated close to 10,000 visas to foreigners annually under EB-5 Visa Programme. 500 EB-5 Visa Applications were moved by Indians last year. This year, The count might increase to 700. Rejection Rate of EB-5 Visas is around 20 percent.