Washington: A number of foreign investors, including several Indian citizens, who have sunk in at least $500,000 under the EB-5 investor visa programme have filed a lawsuit with a US district court challenging the lapse of the EB-5 ‘Regional Center Program’ and the US Citizenship and Immigration Services’(USCIS) refusal to process their visas.
Under the EB-5 programme, individuals can apply for lawful permanent residence (green card) in the US if they make the necessary investments and create at least 10 permanent full-time jobs for American workers. Investors need to invest $500,000 in a project in a rural area or an area of low employment, or $1 million otherwise. While the direct investment route (where the investor sets up his/her own business) continues to operate under the EB-5 programme, the more popular route of investing via recognised regional centres, which in turn sponsor business entities, lapsed on June 30, 2021. Since then, investors have been caught in a limbo. Historically, 90% or more of the investments were made under the lapsed EB-5 ‘Regional Center Program’. The fear of possibly losing their investment coupled with their immigration plans going awry is giving these investors sleepless nights.
