Go for EB-5 visa programme
Sachin Chandavarkar talks about the benefit of EB-5 visa programme for Indian students which can help them gain permanent residency in the US and also saves them thousands of dollars in tuition fees
For over three generations, Indians have been fixated on the idea of furthering their academic prowess in the US. According to an annual report on international students released jointly by the Institute of International Education and the US Department of State, the number of Indians studying in the US rose by 29.4 per cent in the academic year starting fall 2014 as compared with the previous year. This is hardly surprising, considering the fact that American Universities constantly feature in the list of the world’s highest ranked educational institutes.
While studying in the US proves to be a well-rounded experience in terms of academic quality, it also gives students an international exposure as they interact with people of different nationalities from various cultural backgrounds. However, gaining entry to the US is certainly no cake walk.
Though the F-1 visa required for Indian students seeking education opportunities in the US is the most common type visa, it has its limitations. Few are aware of the EB-5 visa programme that is not only the fastest way to gain permanent residency in the US but also presents the opportunity to save thousands of dollars in tuition and fees.
Created by the United States Congress in 1990, the EB-5 visa programme is administered by the United States Citizenship and Immigration Services (USCIS). It was introduced with an aim to stimulate the American economy through job creation and capital investment. In 1992, the U.S. Congress created the Immigrant Investor Programme, also known as the Regional Centre Programme. These investments allow for a less restrictive job creation requirement based upon the creation of ‘indirect’ and ‘induced’ jobs. This basically throws open doors for Indians who seek to get US Green Cards for themselves and their families in only 12 to 14 months by making a minimum investment of $500,000.
The F-1 student visa allows for foreign students to enter the United States as full-time students to earn a world-class education, travel in and out of the US during the course of their studies and stay in America during the time. It also allows for the student’s family, spouse, and dependents to accompany him if they file and are approved for F-2 status.
However the F-1 student visa has its limitations including that an undergraduate student can’t work off-campus. Students are also required to leave the US immediately after completing their studies or, in some cases, their optional practical training. Also, their dependents aren’t allowed to work on the F-2 visa.
However, through the EB-5 programme, applicants can obtain the coveted Permanent Residency or Green Cards, after which their children can save thousands of dollars a year in tuition and fees at any State colleges or universities which are otherwise applicable to US residents only.
Also, applicants enjoy the freedom to live and work anywhere in the US. They also don’t require visa sponsors, nor do they need the H-1B work visa, otherwise required for employment. The EB-5 programme also offers security in the event of a political change or significant event in the applicant’s home country, as he and his family can immediately gain entry to the US without delay.
In today’s booming technological age, America’s restrictive visa and immigration rules are proving to be quite a constraint on highly-qualified Indians trying to acquire jobs in companies like Google and Facebook. Even though these intellectually inclined geniuses are considered to be the lifeline of Silicon Valley, situations arise where they aren’t permitted to work in the same office as their colleagues and thus have to communicate and participate in board meetings over video conferencing from miles away.
The EB-5 programme can prove to be instrumental in ironing out these hindrances, thus playing a significant role in the advancement of technology and betterment of life on the whole.
(The writer is vice president, New Initiatives, Essel Group)