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Obama Trying to Woo India for his Stimulus Package with EB-5

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Obama Trying to Woo India for his Stimulus Package with EB-5

President Obama and Prime Minister Singh

President Obama and Prime Minister Singh

AHMEDABAD: With President Obama facing abysmal approving ratings and those in the Democractic party questioning the logic of “staying the course” by keeping him at the Democratic choice, as a matter of fact, without debate, the White House is scrambling to prove itself capable with the latest jobs speech and the stimulus deal on the table.  With unemployment of over 9 per cent, the US is trying to woo high networth individuals (HNIs) from India through its employment-based immigrant visa EB-5.

“Due to lack of awareness, the participation in EB-5 investor programme from HNIs in India is low. In first six months this year, only 40 Indian investors have availed the programme as compared to 62 in 2010,” Green Card Fund (GCF) Managing Partner Greg Wing said here today.

“Around 10,000 EB-5 visas are available every year, but so far not more than 4,200 have been availed in any given year by investors in the US from across the globe,” he said.

GCF is a federally-approved United States Citizenship and Immigration Services (USCIS) regional center for EB-5 program. It has joined hands with Fox Mandal (FMAS), an Indian consultancy and advisory firm, to create awareness about the investor program for job creation in US.

As part of its promotional drive in India, GCF, jointly with FMAS, will be organizing seminars to educate HNIs in cities like Ahmedabad, Surat, Hyderabad and Chennai.

The EB-5 program enables a foreign national secure green card (permanent residence) for himself as well as for his family (children up to 21 yrs) by making an investment of USD 5,00,000 into American commercial business that creates at least 10 jobs for US citizens, Ashok Kumar Joshi of FMAS said.

FMAS is the facilitator of this program in India.

“The investment of half a million dollars in American commercial business shall be refundable to the investor over next three to four years’ period with some minimal interest,” said Wing, referring to advantages of the program.

“GCF offers projects in sectors like education, health care, clean energy and healthcare facilities,” Wing said.

China topped with 866 investors under the program in 2010, followed by

  • South Korea (295),
  • Great Britain (135) and
  • India (62).

The program helped US attract investment of USD 1,104,500,000 in 2010.

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