US EB-5 opens fresh avenues for Indian T & H professionals
Posted on April 6, 2018
US EB-5 has opened fresh avenues for Hospitality and Travel professionals in India. They can now enter the US market by the investment of 500,000 USD into a USCIS project through the EB-5 program. This will facilitate ease and flexibility in education and training for the next generation. It is something which has emerged as a priority in the current times with high priority for skilled manpower.
US EB-5 Program will permit Hospitality and Travel professionals in India to obtain a Green Card or US PR. This is by investment in commercial entities that are managed by ‘regional centers’ that are designated.
Regional centers are USCIS approved units to ensure safe overseas investment through the EB-5 pathway. These funds are utilized for promotion of jobs within a specified area in the US. The projects located in Targeted Job Area and approved by USCIS create at least ten jobs for US employees.
The Regional Center at New York City received approval on 30 October 2008. It was the first center to receive approval in New York City. As of now, NYCRC has obtained 1.5 billion USD EB-5 funds for twenty-one fiscal projects in the Bronx, Manhattan, Queens, and Brooklyn. Apart from this, NYCRC has also assisted more than 4, 650 persons internationally to obtain Permanent Residency in the US, as quoted by the Travelbizmonitor.
In the year 2017, the number of I-829 petitions approved through NYCRC projects was 766 that resulted in 2, 116 EB-5 entrepreneurs and their family members obtaining US PR in past 1 year.
The first 3 Indian nationals that invested in NYCRC projects have obtained complete repayment of their investment of 500, 000 USD in the EB-5 project.
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