Grenada is the new destination for wealthy Indians who intend to seek US residency.
There is a big queue of Indians who seek US green cards using the EB Investor Visa during the last three years.
A sudden rush for Grenada
Presently Indians wish to acquire passports from Grenada, a Caribbean island as a fast way to get entry into the US. A few days ago hardly 15 Indians had applied for Grenada citizenship. In 2018, 32 of them received Grenada passports. Eighty per cent of such Indians are seeking EB-5 visas from the US. Grenada is merely a stopover for them.
There is an increase among the Wealthy Indians to apply for EB-5 visas. In 2014, 99 persons had filed for these visas. Moreover, their total investments were $49.5 million.
In 2015 these numbers were 238 and $119 million. As per an estimate in 2017 the number of EB-5 visas filed by Indians was about 400, and the investments crossed $200 million.
State department statistics
Moreover, as per the figures of issuing EB-5 visas to Indians, the state department showed a similar increase. From 96 in 2014 it is now standing at 491 in 2017.
Getting a green card using the EB-5 process requires investing $500,000. Additionally, the legal fee is $80,000. The green card also requires around two years of time.
Furthermore, getting a Grenada passport requires investment between $100,000 to $400,000 in the real estate or in National Transformation Fund. A person can subsequently invest $100,000 in the US and obtain an E-2 US visa. The time requirement in getting Grenada passport is four months because the US State Department checks it. The person can move to the US in two months.
Many reasons for this development
The reason for the increase in affluent Indians seeking these visas is that other paths to gain US residency are under the threat of the US administration.
Wealthy Indians intend to ensure pursue that their children pursue a career. They are wealthy and can afford the investment.
Another trend apparently among Indians is their interest in EB-5 visa applications concerning entire families. With the depreciation in Rupee and the stock market decline, applications increased this year. The profiles cover financial and IT Professionals from metropolitan areas.
Finally, another advantage of a Grenada passport is that through it a person can have a visa-free travel to China and Russia also.
Please subscribe to Migration Ideas newsletters to get the latest information and updates about Visa and Immigration. We also assist with the hassle-free and quick visa and immigration process.