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Business Standard

EB-5 visa gains popularity as Indians face H-1B and F-1 challenges

The EB-5 visa program is fast emerging as a preferred route for individuals looking to migrate to the United States (US). In the first quarter of calendar year 2025 (CY25), a total of 4,608 EB-5 visas were granted globally, marking a 90 per cent year-on-year (Y-o-Y) increase. Nicholas Mastroianni III, president and chief marketing officer of the US Immigration Fund (USIF) — one of the leading EB-5 regional center operators — said demand from Indians has risen, both among those residing in India and those already in the US on H-1B and F-1 visas. 'There's a clear uptick in interest. We've seen more inquiries from people still in India, and also from parents of students on F-1 visas. The current uncertainty around H-1B and F-1 statuses in the US is prompting families to explore EB-5 as a more secure route,' Mastroianni told Business Standard during his visit to Mumbai. The trend is reflected in the numbers. As of year-to-date (YTD) 2025, Indian nationals had filed 649 EB-5 visa petitions under consular processing. When combined with adjustment of status (AOS) applications — filed by those already in the US — the total is expected to surpass 2024's figure of 733 petitions. EB-5 visa program has been around for 30 years now, but has been underutilised, according to Mastroianni. For USIF, India is its second-largest market, after China. As a route for immigration, EB-5 program also has a cap of issuing 10,000 visas annually. The program also has a 7 per cent cap per country to ensure fair distribution of visas. An individual opting for this route has to pay a fee of $800,000. Since 2016, USIF has facilitated the migration of 200-250 Indian families. 'Just since January, we've seen nearly 50 families from India move ahead with the EB-5 process,' Mastroianni said. Significant reforms in 2020 included a 40 per cent fee hike and stricter compliance, which briefly slowed investor interest. Currency restrictions and broader global uncertainty also contributed. However, 2025 has brought a resurgence in demand, said Mastroianni. However, he added that since the beginning of this year, EB-5 as a category has seen a significant pickup. 'One of the reasons is the clarity, so anyone who files a petition under EB-5 now will be grandfathered under the EB-5 reforms until September 30, 2026,' he said. This basically means that even if the program gets modified or changed, the petitions filed will continue to be processed. When asked about the proposed 'Golden Visa' or 'Gold Card' for the US, Mastroianni said the EB-5 and Gold Card could coexist. 'The Gold Card still needs approval by both Congress and the Senate. Proposals like exempting participants from taxes would require changes to IRS codes — that's no small feat,' he said. Moreover, whenever the Gold Card becomes a reality, it will focus on wealth-based migration, whereas EB-5 brings investors to the US. The EB-5 route allows individuals to become investors. 'The USIF is a fund, we have more than 25 funds that pool or bring investors together and finance projects in the US. These investments have to create jobs. Several political leaders in the current US government are aware of the EB-5 impact. Rather many of the members' real estate projects have seen investment from EB-5 petitioners, hence they are aware the kind of jobs that have been created in the US,' he said. With the uncertainty over visa only increasing, USIF also launched another program called the 'Opportunity Fund Lender'. 'Investors across the world or even those in the US can invest through EB-5 with $400,000. They can finance up to 50 per cent of the rest of the investment, depending on their qualification,' said Mastroianni.