Washington: US has decided to drastically increase fees for immigrants seeking to invest in America and eventually claim permanent residency under the EB-5 investor programme which remains one of the most reliable ways for Indian entrepreneurs and families to obtain Green Card.
The US Citizenship and Immigration Services (USCIS) finalised a rule on Tuesday that seeks to more than double the fees for applying to the EB-5 visa. The rule will be effective from November 30.
The US EB-5 Immigrant Investor Programme grants permanent residency (a Green Card) to foreign investors and their immediate families who invest capital into a US commercial enterprise and create 10 full-time jobs for American workers.
The filing fee for Form I-526, used by standalone investors, will rise from USD 3,675 to USD 7,615.
The fee for an initial Form I-526E petition, used by investors participating through an approved regional centre, will increase from USD 3,675 to USD 7,850.
Initial I-526 and I-526E petitions will also include a USD 75 technology fee.
Regional-centre investors must additionally pay the programme’s investor integrity fee.
The fee for Form I-829, filed by investors seeking to remove conditions on their permanent resident status, will increase from USD 3,750 to USD 5,000.
Charges imposed on regional centres will rise more sharply. The fee for an initial Form I-956 application seeking regional-centre designation will increase from USD 17,795 to USD 44,115.
The charge for Form I-956F, used to seek approval of an investment in a commercial enterprise, will rise to USD 42,675 from USD 17,795.
The annual fee for Form I-956G will decrease from USD 3,035 to USD 2,165.
The final rule also establishes Form I-527 for certain investors seeking to amend older Form I-526 petitions. The new filing will cost USD 10,330.
Announcing the new fees, USCIS said in a press release that the agency is largely funded by the fees it charges, rather than taxes.
“This means the cost of reviewing applications, conducting background checks, verifying eligibility, detecting fraud, and maintaining programme operations must be paid by those who use the immigration system,” the release said.
However, like most employment-based immigration categories, EB-5 visas are subject to annual caps and country limits.
As demand from India has increased dramatically over the past decade, a backlog has developed that affects how long investors may wait for a Green Card.
The US Congress created the EB-5 programme in 1990 to encourage investment and job creation. Applicants must invest USD 1.05 million in a qualifying business or USD 800,000 in a Targeted Employment Area or infrastructure project and create at least 10 full-time jobs.
If an investor meets those requirements, they, their spouse, and qualifying children can apply for a Green Card.
