With the H-1B visa a lottery and EB-1, EB-2, and EB-3 immigration visas plagued by processing times stretching into decades, the EB-5 visa can be a smart choice for Indian students planning to study in the USA.
India is a nation of students with close to 50 percent of its population aged below 25. And studying abroad, especially in the US, seems to be the preferred choice for most youngsters.
A record 90,000 students obtained US study visas between June and August 2023. Today, one in every four student visas issued all over the world is issued to an Indian student.
It’s easy to see why Indians prefer the US over other foreign destinations. The US has around 4,000 accredited colleges and institutions and close to two out of every three colleges in the list of top-30 colleges in the world are American.
However, the conventional route of F-1 student visa followed by H-1B nonimmigrant visa followed by EB-1 or EB-2 or EB-3 immigrant visa is no longer working.
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There are too many applicants chasing too few H-1B visas and qualifying for the visa is more a matter of chance and luck than the applicant’s qualifications.
There are close to a million Indians with advanced degrees stuck in the waiting line for EB-2 and EB-3 visas. More than 400,000 are likely to die before a final adjudication on their petition. Others face a waiting period of more than 50 years.
This means post-graduation opportunities, which is the biggest advantage offered by a foreign degree to Indian students, are no longer easily available to Indian students graduating from the US.
This is where the EB-5 visa can prove to be a huge game changer. The average processing time for an I-526 petition is 48 months, which means a student applying for the EB-5 visa at the commencement of the degree may get conditional permanent residence by the time he or she graduates.
The Reform and Integrity Act has introduced set asides or reserved visas for those investing in rural areas, high unemployment areas, or infrastructure projects. This option can help Indian students bypass the visa backlog that exists in the unreserved category.
Further, the RIA has introduced the option of concurrent filing, which means a student may end up enjoying virtually all the benefits and privileges of a permanent resident by the time he or she starts searching for a job.
Not being dependent on the H-1B visa can help the student explore more job opportunities or even considering starting an own venture in the US. Considering that the $800,000 investment can be recovered by choosing the right EB-5 project, this program is a cost-effective option too.
An Indian planning to spend $1 million on the child’s education in the US can, by investing an additional $1 million, safeguard the child’s future in the US. Considering that most Indians studying in the US don’t plan on returning without gaining foreign work experience, the EB-5 visa can be a farsighted investment.