Amid curbs on H1B and student visas, more Indians are lining up for US investment visas

Indian Express

11 hours ago

'THE TRUMP Card is Coming. Enter your information below to be notified the moment access opens,' says the new US government website on the Gold Card, the $5 million US residency visa programme announced by President Donald Trump in February.
Despite curiosity around the new programme, the launch date and specific details of which are yet to be released, data shows that the existing investment-based residency programme EB-5, which the Gold Card will replace, has seen more applications from India over the past one year than ever before.
According to the American Immigrant Investor Alliance (AIIA), a Washington-based collective of EB-5 investors, demand for EB-5 from Indian citizens has grown sharply since April 2024, driven by factors such as stricter controls over student and temporary work visas under the Trump regime. Data provided by United States Immigration Fund (USIF), which runs designated EB-5 regional centres in the US, confirms this.
'In the first four months of FY2025 (October 2024-January 2025), Indian applicants filed more than 1,200 I-526E petitions across reserved categories — more than any prior full year,' Nicholas Mastroianni III, president and CMO of USIF, told The Indian Express, referring to the application forms.
Experts said another factor fuelling EB-5 filings could be a record backlog in other immigration categories, including H1-B and green card. According to estimates, more than 11 million US immigration applications are pending with the authorities. So, EB-5 has become the fastest and most assured route to US permanent residency, they said.
Data accessed by The Indian Express from Washington-based Invest In the USA (IIUSA), an overarching trade association for the EB-5 regional centre programme, show that 1,428 EB-5 visas were issued to Indians in FY2024 (October 2023 to September 2024), as against 815 in the previous year. Between 2014 and 2021, the figures were minuscule, at 96 in 2014, and under 200 EB-5 visas until 2017.
Created by the US Congress in 1992, the EB-5 programme is a pathway to green cards to immigrants who make a minimum investment of $1,050,000 (Rs 9 crore), or $800,000 (Rs 6.88 crore) in economically distressed zones called Targeted Employment Areas (TEA), to create jobs for Americans, according to the United States Citizenship and Immigration Services website.
It allows the investor, their spouse and unmarried children under 21, to immigrate to the US. However, changes were brought to the programme in 2022, introducing both flexibility for investors and stronger audit checks on sources of income. Following this, experts said, filings from high net worth Indian citizens looking for US residency increased manifold.
Between October 2024 and March 2025, 649 Indian nationals were issued EB-5 visas via consular processing — a strong indication that a large number of Indian filings from the financial year 2022–2023 have matured, Mastroianni said.
The path is also becoming popular in the adjustment of status category, among those already in the US on non-immigrant status. 'Students and individuals on H-1B visas currently represent the primary group seeking lawful means to remain in the US with the ability to work,' said Sukanya Raman, country head, Davies & Associates, LLC, an immigration law firm.
'Indian nationals currently in the US on non-immigrant status such as H-1B or student visa and who file under the new provisions benefit from automatic issuance of work and travel permits within 3-6 months from the time of filing I-526E petition typically which remain valid until their EB-5 green card is approved,' said Raman.
The number of student visas issued by the US government have dropped by 15% globally to 89,000 in the first half of fiscal year 2025 (October-March) with India reporting a massive fall of 43.5% in fresh visas compared to the same period in 2024, according to the US Department of State data. The numbers are likely to fall further in the second half of fiscal 2025 due to a nearly month-long pause in new visa appointments over May and June.
While China remains top user of EB-5 visas, followed by Vietnam and India, IIUSA data also shows that most Indian filings come through the Indian consulate in Mumbai, showing that high net worth individuals from the financial capital and the region have been using this route to get US residency. Out of the total 638 unreserved consular processing (for those based in India, as opposed to adjustment of status, meant for those already living in the US) applicants between October 2024 and May 2025, 543 filed through the US consulate in Mumbai.
According to Ravneit Kaur Brar, Attorney-at-law in California who deals with immigration issues, the data is always compiled with China and India as two data points because of very high volume coming out of these two countries, in almost every category. China accounts for 51% of worldwide filings. India remains the second-largest market, contributing a total of 1,341 I-526/E filings between FY2022 and July 5, 2024, with 1,057 of them filed under the Reserved EB-5 categories, Brar said.
'India shows a positive trend in approval rates over the years. India's approval rate rose from 59% in FY2022 to 82% in FY2024,' she said.
The processing time from petition filing to visa issuance varies from the kind of projects being opted for by the applicant. While rural area projects take approximately 8-24 months; High-Unemployment Area Projects take 12-30 months.
Mastroianni said that contrary to assumptions, there has been a surge in demand for EB-5 after the announcement of the Gold Card programme. 'We are witnessing one of the most promising surges in EB-5 interest from Indian families in recent history. The uncertainty surrounding future visa programmes like the proposed Gold Card, combined with heightened scrutiny of traditional student and work visa routes, has pushed many investors to act now — not later. What's changed is not just demand, but decisiveness,' he said.
'With the spectre of visa retrogression looming and the current ability to file concurrently from within the US, families are prioritising stability, permanence, and long-term security. EB-5 is no longer seen as an alternative — it's become the preferred strategy,' Mastroianni said.
Divya A reports on travel, tourism, culture and social issues - not necessarily in that order - for The Indian Express. She's been a journalist for over a decade now, working with Khaleej Times and The Times of India, before settling down at Express. Besides writing/ editing news reports, she indulges her pen to write short stories. As Sanskriti Prabha Dutt Fellow for Excellence in Journalism, she is researching on the lives of the children of sex workers in India. ... Read More