The EB-5 Investment Visa gains momentum as the H-1B Visa’s popularity ebbs off. After the mass layoffs by tech giants post-pandemic and the resultant panic amidst H-1B visa holders, this year’s multiple applications for the same have compounded the chaos.
In the recent release of its H- 1B statistics for the fiscal year 2024 for India, the UCIS has raised an alarm on the significant number of multiple applications submitted by qualified beneficiaries. Biden administration hints at evidence indicating that several dozen small technology companies have colluded to increase the chances of their prospective foreign hires winning a coveted H-1B visa for skilled foreign workers in this year’s lottery.
For fiscal year (FY) 2023, 484K H- 1B registrations were submitted from India, and for FY 2024, an astounding 781K registrations were made revealing that individuals may have registered for more than one H-1B visa to improve their chances of winning the H-1B visa lottery.
While it is not explicitly against the law for a foreign worker to have multiple companies file visa applications on their behalf, companies that submit these applications must affirm that they have a legitimate job opportunity for the employee in question if he is granted a visa. If a company obtains a visa and subsequently outsources the employee to third parties or terminates their employment to facilitate a company switch, it could potentially be considered fraudulent. USCIS believes that several individuals are gaming the system.
USCIS is taking legal action against people and businesses who committed fraud by submitting multiple registrations to boost their chances of winning the H- 1B lottery. They have issued H-1B revocation notices and Notices of Intent to Deny (NOID). This is a strong stand by the USCIS. What this also means is that the scrutiny for applicants will be more stringent than ever before.
This exposes H-1B applicants to a toughened lottery system and higher chances of rejection.
To address these challenges, individuals aspiring for H-1B visas are turning their attention to the EB-5 visa to maximize their chances of getting a Green Card.
- What is an EB-5 Visa?
The EB-5 investor program permits foreign investors, their spouses, and dependents (unmarried children below 21 years of age) to receive a green card once they qualify.
- What are EB- 5 Via Benefits?
– EB-5 visa holders are not subject to employment visa sponsorship requirements.
– It expedites the road to permanent residency more quickly than other visas and green card options.
- Investors can work and live anywhere in the USA and are not bound to work for a particular employer
-It offers flexibility to earn a financial return on investment and enjoy the freedom to live and work anywhere in the United States, even in states without a state income tax.
– It enables the investor, his spouse, and their eligible children to legally reside, study, and work in the United States.
– It leads to profits and additional income with the right investment.
– Furthermore, their children can benefit from affordable education, increased employment prospects, and a well-defined pathway to obtaining permanent residency in the United States.
What are EB-5 Visa Requirements?
Under the new EB-5 visa program, an individual can begin their investment with an initial amount of $200,000, submit his application, and then gradually increase the investment until he reaches the required $800,000 within a year. This allows him to secure his place in the visa queue while gathering the remaining funds from various sources, such as investments in stocks or real estate.
Also as per programme requirements, the investment should create 10 permanent jobs in the United States.
To sum it up, we can say that there are significant differences between the H-1B and EB-5 visas in terms of their impact on the visa holder’s life and future. While the H-1B visa offers a temporary solution for legal work status in the U.S., it provides limited long-term opportunities. It is possible to apply for an EB-5 visa while still on the H-1B visa, and the benefits of permanent residency are vast. The ability to concurrently file the EB-5 petition and adjustment of status, as provided for in the EB-5 Reform and Integrity Act (RIA), has made the EB-5 program extremely accessible and appealing to H-1B visa holders who are already in the United States. Not only does it secure the primary applicant, but also the entire family. Don’t hesitate any longer – take charge of your destiny today!
Get in touch with the EB-5 Immigration Experts at Nova Quinta and fulfil your American Dream!