File picture of US Embassy in Qatar used for representation.
Delay in the proposed 170 percent sharp hike in investment required for Green Card, under EB-5 visa, has brought smiles to the faces of investors in Qatar looking for permanent residence in the US.
The proposed hike in investment was expected in the first quarter of this year but the increase has now been postponed until September 30.
The extension of this programme has given a window of opportunity to investors in Qatar seeking to apply for a green card. Immigration consultants believe that the extension of the programme will see surge of applications for Green Cards in coming months. They expect around $50-60m of investment from Qatar during January to September 30 this year.
The Department of Homeland Security, US, in January, had proposed increasing the minimum investment amount required for the EB-5 programme to $1.35m from $500,000 currently in a ‘targeted employment area’.
“US President Donald Trump, on May 5, had signed an omnibus spending bill which among other measures extends the EB-5 Regional Center Immigrant Investor Program, better known as EB-5, through September 30, 2017. Now the investors in Qatar have an opportunity to take benefit of this extension,” Jorawar Singh, a leading EB-5 expert and Managing Director of Stratix Consultants told The Peninsula.
Extension of EB-5 programme is big relief for investors. “Green card seekers in Qatar are now very happy with the extension of this programme. There were many investors in Qatar who were trying hard to mobilise funds for green card. They were constrained by shortage of liquidity due to slowdown in their businesses. Some wanted to sell their real estate assets but were unable to find buyers due to the sluggish market in Qatar,” said Sanjay Singh, Assistant Branch Manager at Stratix Consultants.
Investment required for Green Card is likely to happen after September end, say experts. “While the price of just about everything else in the US has gone up since 1990, the minimum capital contribution for EB-5 has not increased — an increase is imminent,” said Jennifer Sherer, Vice President of FirstPathway Partners, a leading EB-5 firm.
