Indians Will Have To Pay Rs 36 Lakh More To Get This US Visa; Emigration Becomes Even More Expensive?
Moving to America has always been tedious for us Indians and now more so with all the rules and regulations that Trump has designed. Adding to the misfortune is a new rule – Indians who wish to immigrate to the US will have to pay an additional $50,000 towards the EB-5 or the US investor visa.
This rule will be effective from April 1, 2020.
This is a huge fee imposed by the US Government on the Indians looking to relocate permanently to the country.
How will this work? Why is this new rule being imposed? Find out all the details right here!
What is the EB-5 Visa?
EB is short for employment-based visa, and EB-5 is one of the five employment-based visa programs in the US. It was created back in 1990 and enabled investors to become permanent citizens of the US in order to make qualifying, job-creating investments in the country.
To be eligible for this visa, an investor would need to invest a minimum of USD 900000, and also create 10 American jobs. Previously, this amount was USD 500000 and was hiked in 2019. Also, the minimum standard investment was also changed from USD 1 million to USD 1.8 million.
This is most often used by start-ups to help develop their businesses and stretch into the US market.
Here’s Why There’s A Sudden Hike In The Fee
As per reports, when Indian immigrants move the money to an escrow account in the US, they will also have to pay an additional amount of USD 50000 in order to meet the criteria set by the US for permanent residency.
The American Bazaar has said that this tax will affect all the visa categories, but it is said to affect the people attempting for the EB-5 program the most.
Mark Davies, Global Chairman, Davies & Associates LLC said that the changes to the tax on remittances will act as reminders for Indians to plan their tax position before shifting to the US. He also clarifies that if people were looking to emigrate and not pay this tax at the source and account for it later will be able to “move their money” before the new rules are put in place.
He also said, “It is possible to pre-emptively move money into an escrow account in the US until such a time as they are ready to proceed with emigration process.”