| Invest Rs 2 crore in US, get a green card |
Ahmedabad: It may not be the best
time to export to the US, in wake of dollar weakeningagainst
the rupee. But for thousands of Gujjubhais dreaming
of settling in the US, there could be no better time
to get a green card. That too for their entire family.
If they can commit an investment of half a million
dollars, roughly around Rs two crore, in the US under
EB-5 immigration programme, they could be saved of
all the usual hassles fased in getting a green card.
EB-5 is specially meant for investors, who can demand
green card on the basis of investment in the US, for
themselves as well as their spouse and unmarried children.
"US has identified some areas having higher unemployment
rate. If somebody is ready to invest in these areas,
like at least half a million dollar, he or she is
eligible for the green card. Of course, the investment
requirement could double depending if the location
in the US is a prosperous one, as per immigration
laws," said Henry Liebman, president of American Life
Incorporated (ALI), a company investing in real estate
in Seattle.
Liebman was in the city to invite people to invest
in their compnay’s real estate projects in the
US.
However, merely committing investment will not do.
As per rules, the investment must create ten jobs,
directly or indirectly and these must remain in tact
for two years. Also, one cannot invest in any existing
businesses and cannot acquire a company under the
EB-5 immigration rules.
Lalit Advani, ALI's representative in Gujarat, said,
"In Ahmedabad, two builders are planning to invest
in ALI's projects." EB-5 programme was started by
the US immigration in 1995 but US government discontinued
it in 1998. In 2004, it was restarted.
"Since dollar is weakening, investors are putting
their money in the US and at the end of the day they
hold a green card too," said Venkat Ramineni,
executive director, Visa-Pro, a US immigration consultancy.
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