EB-5 BRICS is a US-headquartered firm that helps applicants with the EB-5 Immigrant Investor Visa Programme for America. Vivek Tandon, the founder and CEO of EB5 BRICS is a US-licensed lawyer and is an investment banker. His focus is currently on educating investors in India and the Middle East about the EB-5 Visa Programme, EB-5 regional center projects and EB-5 direct investments. He spoke to THE WEEK about the challenges that working IT professionals in India are facing with H-1B visas and what are the possible alternatives for them such as EB-5 visas.
Excerpts from interview:
What are the challenges that IT professionals in India are still facing with H-1B visas and what are the possible alternatives for them such as EB-5 visas?
With the H-1B visa programme, IT professionals from India are facing a shortage of employers willing to sponsor them for an H-1B given the uncertainty with the H-1B lottery system. Furthermore, the H-1B visa programme is facing increasing scrutiny which is evident by the rising number of denials and applications being issued request for evidence (RFE) which means the USCIS isn't satisfied with some aspects of the application and they want further information. Also, the route to a US green card through H-1B is getting longer and longer with an estimated waiting time of 12-15 years for Indian nationals. As a result, alternatives such as EB-5 is being explored by an increasing number of IT professionals as a plausible alternative.
Why EB-5 visas are getting popular among Indian IT professionals?
This is because EB-5 is a shortcut to the US green card and it currently takes an average of 2 years to come through for an Indian applicant when compared to the more than 12 years for H-1B to EB-2 and EB-3.
How will the EB-5 visas be able to score over the traditional H-1B and what kind of benefits will people derive from them?
H-1B is a non-immigrant visa that gives the beneficiary a temporary right to live and work in the US. Under the visa, the spouse may not be able to work at all. On the other hand, an EB-5 is an immigrant visa which allows the beneficiary to permanently live and work in the US without the need for a sponsoring employer. Usually one EB-5 applicant generally covers the investor applicant, spouse and unmarried children under the age of 21.
Will such visas be helpful for the Indian IT professionals? How challenging is it to get such visas for Indian professionals, especially the IT professionals?
Yes, an EB-5 visa will help Indian IT professionals to fast track their path to the US permanent residency and allow them to live, work and study anywhere as they wish. As long as the investor applicant can properly document their source of funds and invest in a viable EB-5 project that creates 10 full-time jobs for the US workers, it is not challenging to get an EB-5 visa approval. Hence, it is necessary to work with the right immigration and financial professionals that do the proper due diligence so an investor is able to make a fully-informed decision and get their EB-5 green card and investment back once it matures.