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US Visa Draws Rich From China to India After Reset

prasad1

Well-known member
The lure of migration to the USA is still there.

A US visa program that attracted $37 billion in foreign investments since 2008 for projects including New York’s Hudson Yards and Trump Bay Street in Jersey City is making a comeback — and the queue of wealthy applicants from China to India is growing.

The revived EB-5 program is poised to fund undertakings from a golf resort in the Utah mountains to condos in rural Florida — while allowing some new overseas investors to cut years-long lines. The controversial initiative, which offers a green card in return for putting large sums toward a US business and creating at least 10 permanent jobs, had a backlog that extended almost a decade before it was suspended in June 2021 when Congress failed to reauthorize it.

The program’s restart comes as more wealthy Chinese are attempting to leave their home country or are looking for a backup plan. About 10,000 high-net-worth residents are seeking to pull $48 billion from China this year, investment migration consultant Henley & Partners estimates, while another 8,000 Indians are looking to leave. The two Asian nations are expected to have the biggest outflows of rich residents this year after only Russia.

The new law requires EB-5 investors to put up at least $1,050,000 — or $800,000 in economically depressed areas — and create at least 10 jobs to secure permanent residency. The most popular EB-5 pathway lets investors pool resources in regional centers and count indirect job creation, with the caveat that such centers must be re-approved regularly by Congress.

 
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