In the aftermath of mass layoffs of H-1B visa holders, thousands of workers were left in apprehension, frantically searching for jobs or planning their route home. With the looming threat of having to abandon their lives in the U.S., many turned towards the EB-5 visa to get permanent residency in the U.S.A.
Compounding the H-1B visa woes, in March 2023, the USCIS issued an announcement indicating that the cap for H-1B visas for the fiscal year 2024, had been reached. With over 7,80,000 applications, under 1,11,000 registrants were selected for this year’s cap. This is a clear indication of a majority of applicants being rejected. Several of these were multiple applications by the same applicant thus putting the lottery process under higher scrutiny.
Analysis reveals that approximately 75% of the applicants will not get the opportunity to go to the U.S. on an H-1B visa and the other 25% will be dependent on their employers to live and work. They will also be dependent on their employer for their employment-based Green Card.
Given the uncertainty and clamour, overflowing applications, ambiguity, the dependency on employer sponsorship and the long wait time for the Green Card, the H-1B cap for 2024 has seen many people steering towards the EB-5 Investment Visa.
What is the EB-5 Visa?
This is an investment visa where investing in a legitimate business in America opens the way to permanent residency in the U.S. It totally eliminates dependency on an employer. The re-authorisation of this program which took place in March 2022 announced that the TEA (Targeted Employment Area) Investment should be $800,000 and Non-TEA should be $1.05. The program further announced visas that were set aside for EB-5 investors with 20% allocated to rural areas, 10% was targeted to high-unemployment areas and 2 % was kept aside for infrastructure projects. If an investor invests in either of these projects, the applicants can jump ahead in the line of EB 5 applications for 2024. It also deems that a minimum of 10 jobs are created in America via this investment.
The new law also provides for E- B5 investors currently residing in the US to file for Adjustment of Status and Employment Authorization. By doing this they can continue to live and work in the US till they receive their Green Card.
Key Advantages of the EB-5 Program
- EB-5 visa offers a faster path to a Green Card for Indian professionals and their families
- much lesser and more reassuring for those wanting a permanent life in the U.S.
- EB-5 visa holders are not subjected to restrictions on where they can work. They may set up business anywhere in the country. This is quite contrary to the rules of an H-1B visa.
- The EB-5 visa is a great option for those who want to get Green Cards for their families. It allows the investor’s spouse and children under the age of 21 to live in the U.S.
- It offers a permanent residency for investors and their families which can be applied for after 5 years of getting the residency.
- The investors’ children can be enrolled in public schools in the U.S. and have good chances of acceptance in US colleges.
- It secures not only the investor but also his entire family’s future. The U.S. is a rich, safe and highly developed country offering a plethora of opportunities.
- Furthermore, the EB- 5 investors’ can make handsome profits on investments if they have good business insight.
- Investing in an EB-5 Visa is viewed very favourably since it generates jobs for thousands of Americans and brings billions of foreign investments into the American economy. Thus it is not probable to change rules subject to political fluctuations.
Expert Immigration Consultants In EB-5 like Nova Quinta have witnessed the upsurge in clients looking to invest in the EB-5 visa for themselves and their families. This trend suggests it is now wise to take the chance of lottery via the H- 1B visa. With a safe investment of funds in the right sector, the EB-5 is a more safe and secure option for those looking to migrate to the USA with their family.