“The EB-5 programme, an employment-based category 5 programme is the best option for H1B visa aspirants from India, who fail to get the latter as a result of the changes made in the employment category of US visas,” said Mr. Matt Trusch, Director, Texas Regional Center, LLC during an interactive meeting and a presentation on ‘EB-5 Investment Opportunity at the World Trade Center Mumbai on September 14, 2017.
Advocating the EB-5 programme, Mr. Trusch provided an overview of the programme where he highlighted that the investor makes USD 1,000,000 minimum capital investment in a new commercial enterprise that should mandatorily create 10 new jobs. The investment is made in an escrow account for a period of five years during which time the investor receives a 0.5 per cent interest on the amount for a period of five years. After the lapse of five years, the capital amount is reimbursed to the investor. The minimum investment may be reduced to $500,000 if it is made in targeted employment areas (TEAs) which could be either rural areas or areas of high unemployment.
Acquiring a visa under the EB-5 programme entails a two-process approach. Firstly, an I-526 Petition has to be filed by the applicant which provides a provisional green card for a period of two years. This process assesses the project’s credibility. Secondly, the I-829 Petition enables the investor to make the provisional green card into a permanent one, by assessing sources of funds and ensuring proper documentation of maintaining green card status. While the former process is accomplished in a span of 12-24 Months, the later is done 21 months later.
Mr. Trusch spoke of his Center’s role in executing the One Market Square that has been accorded the I-924 Exemplar Approved project status in March 2017, which has been pre-approved by United States Citizenship and Immigration Services (USCIS). The project is being executed in two phases. Aspiring investors of EB-5 programme can consider this project for their minimum capital investment. In order to invest in the project, the investor while filing I-526 Petition, must make a payment of a non-refundable administrative fee of USD 50,000.
Earlier in his welcome address, Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Center Mumbai introduced the services and facilities of the World Trade Center Mumbai. Speaking about bilateral relationship, Mr. Warerkar said, ”Currently the trade between our countries is US$ 64.52 billion which has the capacity to double in the next five years through a focused approach. As a result of the progressive dialogues between India and the US, I expect the relationship between both countries to strengthen not only in trade but also in culture, tourism, entrepreneurship development etc. I hope the EB-5 programme will promote exchange of entrepreneurs between both countries. Similarly World Trade Center Mumbai also invites American entrepreneurs to invest in Maharashtra by taking advantage of Make in India, Digital India, and other ambitious programmes of the Government of India”.
Ms. Rupa Naik, Senior Director, MVIRDC World Trade Center Mumbai proposed the vote of thanks.
The interactive meeting was well attended by trade and industry representatives.
From (L-R): Ms. Rupa Naik, Senior Director, MVIRDC World Trade Center Mumbai, Mr. Matt Trusch, Director, Texas Regional Center, LLC and Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Center Mumbai during the interactive meeting and presentation on ‘EB-5 Investment Opportunity at the World Trade Center Mumbai on September 14, 2017