The process begins with an applicant becoming a conditional two year permanent resident upon I-526 petition approval. Completing the I-526 is the important first step in the EB-5 investor program for Indians.
After two years, the investor can file form I-829 to apply for full permanent residency. Upon acceptance, the investor, spouse, and unmarried children under 21 can permanently live in the U.S.
After five years, they have the option of applying for full U.S. citizenship.
Permanent residents can choose to live and work anywhere within the U.S. they desire. Only those visa or investor visa program investors with funding of $500,000 have a location restriction. In that event, their choice must be within an approved targeted employment area.
Advantages of Residency in EB-5 Investor Program for Indians
There are many more significant advantages along with the choice of location with the U.S.
Travel is one of them. A permanent resident can travel within and outside of the U.S. at any point with no restrictions. Medical care is another advantage.
Education is another significant advantage resulting from the visa or investor visa program. Participants may be able to avoid international fees for attending U.S. based colleges and universities.
Permanent residents are also fully protected by local, state, and federal laws.
In addition, there is also the option of, after an initial five year period, to become a full U.S. citizen.
Responsibilities of Permanent residency
As is the case with all U.S. citizens, permanent residents must pay any and all applicable taxes. This includes the filing of tax returns with the Internal Revenue Service (known as the IRS), which is based on gross worldwide income.
However, immigrants from nations with a tax treaty between their country and the U.S. may be eligible for credit for payments of foreign taxes. Since we are not financial advisors, it is best for participants to check with a tax or financial professional about their specific situation.
Permanent residents who are male and between the ages of 18 and 25 face an additional responsibility. They are required to register with the Selective Service for possible participation in the U.S. Military.
While a U.S. citizenship is not required as a result of the visa or investor visa program, there are some differences.
Consequently, permanent residents could lose their status if they remain outside of the U.S. for more than one year without the proper re-entry permit. They also cannot obtain a U.S. passport. They also must file U.S. tax returns while living in another country for any length of time.
In addition, they are not eligible to run for (most) elected offices or have full access to any federal benefits.
Permanent residents must file for U.S. citizenship through USCIS.
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