Obtaining US Residency under EB-5 Visa Program:
- As per the above mentioned regulation of Liberalised Remittance Scheme (LRS), a resident individual can remit funds for the purpose of settling abroad (emigration).
- However, the remittance cannot be made for overseas investments to become eligible for immigration (earn points) in any foreign country.
- Therefore, remittances in form of emigration by the individual and gifts by different family members can be made to the extent of US$ 250,000 per person across single or multiple years to transfer funds totaling to US$ 900,000 required under the program.
- The entire chain of the source of the funds from India has to be explained and documented while applying. For e.g. sale of asset, professional income, borrowings, etc.
The remittances can be planned through the following two routes:
- If a person has prior connection with U.S.A. (Green Card, SSN, etc.) or leaves India for the purpose of higher education, employment, business or for an uncertain time period before applying for EB-5, he can claim himself to be a Non-Resident under FEMA and transfer US$ 900,000 in two parts since such person is allowed to remit US$ 1 million per year.
- If the above plan is not feasible, the family members of the person can transfer & pool funds in an escrow joint bank account in U.S.A. Thereafter, such funds can be utilized to make an application for the family member intending to apply for EB-5. The funds can be disclosed in form of loan or gifts received from family members.
