CEO, CanAm Investor Services,
Peter Calabrese is a MD and CEO for CanAm Investor Services, LLC. He runs the firm’s US division responsible for the sale of private placement funds for domestic-based foreign investors.

How EB-5 visas could be the fastest route to get US residency amidst a long H-1B visa waiting period

An estimated 25 percent of U.S. tech jobs are held by immigrants, while Indian nationals made up about 75 percent of all H-1B work visas in Federal FY 2021.

Agencies
The H-1B visa has made it possible for innovative Indian workers to migrate to America over the last two decades and make the U.S.A. a world leader in the tech industry.
Recent reports of significant layoffs at big tech companies may mean that many immigrants whose visas are conditioned upon their continued employment in the U.S. might find that the time has come to explore other visa options that offer more stability, while requiring fewer minimum immigration qualifications.

An estimated 25 percent of U.S. tech jobs are held by immigrants, while Indian nationals made up about 75 percent of all H-1B work visas in Federal FY 2021. Recent mass layoff announcements by major social media sites and other tech companies mean that displaced workers have a two-month period following termination in which to find new U.S. employment before having to return to their home country and seek an amended or new type of visa.

The H-1B visa has made it possible for innovative Indian workers to migrate to America over the last two decades and make the U.S.A. a world leader in the tech industry. The H-1B has since undergone a series of policy changes, including the implementation of a lottery system to obtain the visa, that have made it a less reliable pathway to U.S. immigration. While the ripple effect of mass tech layoffs only contributes to the uncertainties of H-1B, the EB-5 option offers more predictability and the opportunity for immigrants to remain in the U.S. without having to rely on an employer sponsor.


EB-5 is a creative government program that helps enable foreign nationals to become permanent U.S. residents when they make an $800,000 investment that creates U.S. jobs in a “Targeted Employment Area”.

How can you determine whether the EB-5 visa may make sense for you, and understand how it differs from the H-1B visa?
EB-5, unlike H-1B, has no sponsorship or educational requirements; there are neither language nor business background requirements, and the program was recently reformed to make it easier for immigrants to navigate the visa petition process by adjusting their visa status through concurrent filing.

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Under a provision of the EB-5 Reform and Integrity Act of 2022, qualified applicants who are already in lawful status in the U.S. to file an application to adjust their status to that of a lawful permanent resident (Form I-485) concurrently with the filing of their EB-5 petitions (Form I-526E). Such a filing allows applicants to remain in the U.S. while their EB-5 petitions and adjustment applications are pending. With this option, displaced tech workers would be able to remain in the U.S with an EB-5 visa, even if they could not continue employment through their H-1B visa.

The U.S. has always been a nation that welcomes and supports immigrants from across the globe. Helping Indians continue their employment brings personal stability to immigrants and their families while retaining talented workers in America to keep the economy strong.
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(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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