US Green Card programme fails to lure wealthy Indians

The United States has revived a 1990 visa programme, in a bid to boost investment demand in the country. But the visa programme that linked the "Green Card' facility to investment by the immigrant, could attract only 1,885 investors in 2010, who together invested $1.1 billion.

Of the 1,885 investors in 2010, 866 were from China, 296 from South Korea and 135 from the UK, while only 62 Indians availed of the facility, investing $40,000,000.

The EB-5 visa programme allows immigrants with six months' stay in the United States to secure a `Green Card' for self, spouce and unmarried children on an investment of a minimum $500,000 to settle down in the US. The visa programme allows immigration of up to 10,000 investors per annum.

Faced with continuing slump in investment demand, especially in housing, the Barack Obama administration revived the `fifth employment-based visa category' (EB-5) scheme, in 2008.

Under the EB-5, passed by the US Congress in 1990, foreign nationals can secure US Green Card for self, spouse and unmarried children under the age of 21 years.

Greg Wing, managing partner, Green Card Fund, LLC (also known as Arizona EB-5 Regional Center), is now in India seeking investors, investments and immigrants.