By Manish Srivastava
Indians have to usually wait for a long period of seven years to get considered under the immigrant category of US EB5 immigrant investor visa or even more years for its employment-based immigrant visa. This result into applicants becoming impatient during this extended wait and searching for alternative options. In addition to this, the cost of EB5 immigrant investor visa scheme has increased its cost from $500,000 to $900,000.
Caribbean Grenada: New pathway for US citizenship
Grenada has recently been identified as an important des
tination for wealthy Indian nationals applying for US residency. The number of Indians that are seeking to apply for US Green Card through the EB Investor’s Visa immigration scheme has extended in the last three years, along with the delays I update on applications. Therefore, Indians have started to seek required US passports via the Caribbean Island of Grenada with an objective of fast tracking their entry into the US.
4 Getting the Green Card through the EB-5 process requires an investment of $500,000 and about $80,000 towards the legal fees. The total duration of time of receive a green card is approximately two years but is getting longer.
On the other hand, to get the passport for Grenada, one is required to invest an amount ranging between $150,000 to $400,000 in the real estate sector of the Island or towards the National Transformation Fund. Also, an individual can invest a minimum amount of $10,000 in the US to get the E-2 US Visa. One of the main reasons for this recent increase in total number of Indians seeking such kind of visa is because the previously renowned immigration pathways to US residency are closed now after being threatened by the political administration of Trump. In addition to this, the Indian stock market tumble and depreciation of Indian rupee are major factors that have influenced wealthy Indians to immigrate to US. Here, this pool mainly includes tech professionals from Bangalore and financial professionals from Mumbai and Gurgaon.
Only some specific nationalities are included in the US E2 Treaty Investor Visa or E1 Treaty Trader Visa list of countries, which even excludes citizens of India. However, Indians are allowed to make an entry categorized as spouses and dependents of applicants of E2 Visa and can also be considered under the E2 Visa if they could gain any other nationality included in the country list.
Therefore, if the process of attaining citizenship or long-term residence seems to be difficult for countries that include UK, Australia and Canada, then perhaps there exists options of gaining citizenship of a Caribbean country.
Since the Grenada Citizenship immigration scheme is fast and does not require residency of a country, therefore is convenient for Indians as well as citizens of some other countries to get themselves considered under the E2 Visa Scheme.
The Grenada Citizenship provide complete access to E2 Treaty Investor Visa Scheme which enables entry of the E2 Investor Visa main applicant as well as their family members initially for a period of five years, which is extendable.
While there are numerous benefits of holding a Green Card or the permanent residence of the country, there are various tax consequences as the individual is taxed on the basis of their Worldwide Income. Therefore, wealthy individuals, which also includes former citizens of US may prefer to apply for the E2 Visa. Here, you can continue to extend your visa for an indefinite period of time without even gaining the US citizenship.
L1 Visa: Yet another alternative
It might also be worth applying though the L1 Visa for Indian businessman. Business owners, managers and executives are allowed to gain entry for a maximum period of seven years.
Below is a brief comparison between the E2 Visa and the L1 Visa:
|The L1 Visa is limited for a maximum time period of seven years.
|E2 Visa can be extended for an indefinite period of time.|
|If you are able to obtain the L1 Visa (designed for executives and managers) then you can simultaneously meet the eligibility requirement of EB1C Green Card.
However, the processing time taken in case of Indian citizens will be of only some years and would be able to receive this before your L1 Visa would expire.
|L1 Visa requires you to be working with an overseas employer who is ready to transfer you to their US branch.
The employment position is required to continue in the US for a considerable number of years.
|E2 Visa does not require you to have such an employment or office situated in an international country.|
Rapid increase in wealthy Indians submitting applications via US E2 Visa immigration scheme
In the recent years, the Grenada Citizenship immigration program is increasingly becoming important among Indian nationals.Due to which there is a huge increase in the total number of Indians that hold both, the Indian and the Grenada Citizenship and then submit their application under the E-2 registration and Visa Scheme. This particular immigration scheme has been recognized as much faster than the EB 5 immigrant investor scheme and is also less costly. Moreover, the Grenada citizenship lets visa-free to 130 different countries.
Among crucial immigration trends noticed among Indians, there are a lot of EB-5 applications that includes complete families.However, the most important benefit of a Green card is that it allows the applicant to stay in US on permanent basis without any requirement to seek any extensions. Under this visa scheme, you and your complete family will be given legitimate rights to work for any employer.
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