F-1 to EB-5 visa: How rich Indian students in US seek easier green card

Business Standard

12-06-2025

An increasing number of Indian families are opting for the EB-5 investor visa route to secure permanent residency in the United States, as US President Donald Trump tightens controls on student and temporary work visas.
The EB-5 visa programme grants Green Cards to foreign nationals who invest 800,000 (approximately Rs 7 crore) in a qualifying US business project. That investment must generate or preserve at least 10 jobs for US workers.
Record surge in Indian EB-5 filings
"In the first four months of FY2025 alone, Indian applicants filed over 1,200 I-526E petitions across reserved visa categories — more than any prior full year on record," Nicholas Mastroianni III, president and CMO of United States Immigration Fund (USIF), which operates EB-5 regional centres in the US, told Business Standard.
According to data obtained through the Freedom of Information Act (FOIA) and published by the American Immigrant Investor Alliance (AIIA) in February 2025, total EB-5 petitions from Indian nationals since October 2022 have exceeded 1,790.
Year-wise Indian EB-5 petition filings:
FY2020: Around 290
FY2021: Between 80 and 100 (impacted by Covid-19)
FY2022: Over 1,100 (post-Reform and Integrity Act revival)
FY2023: Around 650 to 700
FY2024: Around 600 to 700
b(October 2024 to January 2025): Over 1,200
"Projections suggest India may cross 2,000 petitions by the end of FY2025 if current momentum continues," Mastroianni added.
Who is applying, and why?
According to CanAm Enterprises, which manages EB-5 projects, there is a growing number of Indian parents filing petitions while their children are still pursuing undergraduate degrees in the US. Earlier, most applicants were professionals on H-1B visas or parents applying after their child's graduation.
Piyush Gupta, vice president for India and the Middle East at CanAm, told Business Standard, "There's a shift. More families are filing in the first or second year of the student's undergraduate programme."
Factors contributing to the urgency include:
• Risk of visa retrogression in reserved categories like rural and high-unemployment areas
• Fears over the proposed 5 million "Trump Gold Card" visa
• Stricter enforcement of F-1 student visa conditions
• Growing use of social media checks in visa adjudication
A hedge against visa uncertainty
"Indian parents are increasingly viewing EB-5 as a strategic insurance policy against the uncertainties of H-1B lotteries and student visa limitations," said Varun Singh, managing director at XIPHIAS Immigration.
Gupta noted, "There is increasing scrutiny and unpredictability around temporary visa statuses. Parents are unwilling to let their children face decades of visa and work restrictions. EB-5 offers a more direct and secure alternative."
"The concurrent filing option is also a major pull," he said. It allows eligible applicants already in the US to file their EB-5 petition and a Green Card application simultaneously, enabling them to work and travel while the case is pending.
Mastroianni added, "It's not just about faster Green Cards. It's about independence from lotteries, employers and annual renewals. EB-5 puts families in control."
The Trump Gold Card effect
The Trump administration's plan to introduce a 5 million investor visa has further pushed Indian applicants to file under the current EB-5 terms. But would the EB-5 still be viable if replaced?
"Policy proposals come and go. EB-5 has statutory backing and any replacement would face legal scrutiny," Singh said. "Still, a rise in costs or tighter rules could spark a short-term rush to lock in today's benefits."
Gupta pointed to the programme's grandfathering provision, which guarantees that petitions filed before September 30, 2026, will be processed under current rules.
He added, "Even if policies change, those who file on time will be shielded. This provides long-term stability."
Protective measures in place
To address concerns about the security of funds, most regional centres use protected escrow accounts. These accounts hold the investment until USCIS confirms receipt of the petition.
"If the petition isn't properly filed, the funds are refunded. These systems offer confidence and legal safeguards for investors," Gupta explained.
Why Indian families are acting now
Recent developments over the past year have shaped investor sentiment:
• In May 2025, the US Embassy warned that minor academic violations could lead to immediate F-1 visa cancellation
• SEVIS terminations are increasing due to delays in reporting post-graduation work permits
• Visa renewal procedures now involve social media checks, making them less predictable
According to Mastroianni, families are not waiting for problems to arise. "They're acting before Optional Practical Training ends or visa rules change."
Advantages of the EB-5 visa for Indian students and families
Mastroianni listed the main draws:
• No employer sponsorship or lottery dependence
• Concurrent filing allows students in the US to apply for Green Cards and get work/travel rights quickly
• Structured financing solutions help families comply with the RBI's 250,000 Liberalised Remittance Scheme cap
Drawbacks and risks
Singh cautioned that the EB-5 programme carries risks.
"The 800,000 must be invested 'at-risk' for years. There are no guaranteed returns. Projects must meet USCIS job creation and compliance standards. And timelines can vary," he said.
Gupta elaborated on investment types:
Debt-based investments: These offer more predictable, modest returns (typically 0.25% to 0.5% annually) and clearer exit timelines (usually 4–5 years).
Equity-based investments: These carry higher return potential but are riskier, with no guaranteed return or fixed timeline
"Most seasoned investors choose debt models because of their predictability and seniority in repayment," he said. Legal challenges around "source of funds" and job creation requirements also add to the complexity.
Alternatives to EB-5
Singh noted that while EB-5 remains the only direct investment route to a Green Card, there are workarounds.
"The E-2 visa is a common substitute, but India doesn't have a treaty with the US. Some families use Grenadian or Turkish citizenship to qualify. Others look at EB-1C or EB-1A categories, though these are harder to qualify for."
He said, "No other route offers EB-5's mix of clarity and control. If changes come, those who filed early will benefit most."
Mastroianni added, "Why spend a decade waiting in line when you can secure permanent residency with confidence today? EB-5 isn't just a visa. It's a well-defined legal route for Indian families to settle in the US."