(Image source from: EB-5 Residency Invest)

The United States Citizenship and Immigration Services (USCIS) has extended the EB-5 visa programme for immigrant investors until December 21.

However, the waiting time period for a green card for applicants to this visa category could extend to seven years in 2019 from three years now.

In an interaction with Moneycontrol, Ashish Saraff, MD (South Asia & Middle East), AVG America Investments said, "The waiting period is on a steady rise. Those who apply towards the end of 2019 may see up to 7 years wait to get a green card. So, it is better to plan ahead."

AVG America Investment renders a range of financial services as well as EB-5 services to clients.

The group is operated by the Indian-American Shalabh Kumar kin. His son Vikram Aditya Kumar is the founder and chief executive officer of the firm. Shalabh Kumar was one of the largest financial backers of the U.S. President Donald Trump for his presidential campaign.

In markets like China, he said applicants start planning for EB-5 visa as soon as the child turns ten years to ensure the process is completed before they move to the U.S. to pursue higher education.

Saraff said for Indian clients, it is also crucial they are transparent on the source of funds. He said about 20-30 percent applications from India are rejected, the primary reason for which is improper disclosures on the fund sources.

Each application runs to about 1,000 pages is also reviewed by a legal expert. The exact source of the funds has to be detailed in the application. Further, background checks are as well conducted to guarantee that individuals are not looking to immigrate to the United States for unlawful purposes.

EB-5 provides foreign nationals with the opportunity to become conditional residents for a period of two years upon making an investment of $1 million, or $500,000 in a designated Targeted Employment Area, in a new commercial enterprise.

Saraff said there is a rise in the demand for EB-5 visas from Asian countries. AVG America Investment is now looking to scale up operations in South Asia, Middle East as well as North Africa.

-Sowmya Sangam