Significant layoffs at Amazon and Google, along with the suspension of their US green card applications, have heightened uncertainty for H-1B and F-1 visa holders. These events underscore the risks of relying on employer-sponsored visas during economic fluctuations.

The EB-5 Immigrant Investor Program emerges as a robust alternative, providing a direct and stable pathway to permanent residency through investment, appealing particularly during economic uncertainty by offering independence from employer decisions. This decision impacts many foreign employees who relied on employer sponsorship for permanent residency, especially amidst widespread tech sector layoffs.

The Suspension of Green Card Applications

Amazon and Google have paused their green card application processes due to a combination of increased application volumes, processing difficulties, and the ongoing restructuring within the tech sector. This suspension is set to last until the end of 2024 for Amazon and Q1 2025 for Google. This decision impacts thousands of foreign employees who were relying on these tech giants for their path to permanent residency.

Challenges Faced by H-1B Visa Holders

The H-1B visa program, while essential for attracting global talent, has several limitations:

• Annual Caps: The H-1B visa program has strict annual limits, creating a bottleneck for many skilled workers seeking entry into the US.
• Employer Dependence: H-1B visa holders are tied to their employers, meaning job loss can jeopardize their visa status.
• Processing Delays: Lengthy processing times for both H-1B visas and subsequent green card applications add to the uncertainty.
• Job Insecurity: The recent layoffs in the tech industry have highlighted the precarious situation of H-1B visa holders who depend on continued employment for their legal status.

Why Consider the EB-5 Visa?

The EB-5 visa program offers a straightforward path to US permanent residency by driving economic growth through foreign investment. Particularly appealing in today’s uncertain economic climate, it provides independence from employer-sponsored visas.

Investment Requirements

To qualify for an EB-5 visa, individuals must invest a minimum of $800,000 into a new commercial enterprise in the United States. This investment must create or preserve at least 10 full-time jobs for qualifying US workers within two years of the investor’s admission as a Conditional Permanent Resident.

A Lifeline for H-1B Workers Facing Layoffs and F-1 Visa Holders Seeking Stability

• Direct Path to Green Card: Unlike the H-1B visa, which is temporary and fraught with annual caps and lottery systems, the EB-5 visa offers a direct route to obtaining a Green Card. This crucial benefit removes the need for employer sponsorship and gives applicants more autonomy over their immigration and future residency status, providing a sense of security and stability.
• Educational and Career Opportunities: EB-5 investors and their families gain access to the same rights as other Green Card holders, which includes but is not limited to, accessing education at in-state tuition rates—a significant financial benefit. Furthermore, they have the freedom to live and work anywhere in the US, providing substantial advantages over the restrictive nature of H-1B or F-1 visas.
• Permanent Residency: Successful completion of the EB-5 program enables investors and their immediate family members to secure permanent resident status, marking a pivotal step towards achieving US citizenship if desired.
• No Sponsorship Required: The independence from employer sponsorship with the EB-5 visa is particularly advantageous for those H-1B holders who aspire to start their own businesses in the US or prefer not to be tethered to one employer.
• Inclusion of family & Prevention of Aging Out for Children: The EB-5 visa also addresses a critical concern for many H-1B families—the risk of their children ‘aging out’ or turning 21 and losing dependent visa status, thus providing a long-term solution for maintaining family unity.

Simplifying the Process Through Concurrent Filing

For those already in the U.S. on an F-1 or H-1B visa, the EB-5 program allows the option to file for an Adjustment of Status (Form I-485) concurrently with the EB-5 Immigrant Petition (Form I-526), which can significantly speed up the process of obtaining a Green Card.

• Employment and Travel Authorization: During the pending period of the EB-5 petition, applicants can secure an Employment Authorization Document (EAD) and Advance Parole, allowing them to work and travel internationally without risking their immigration status.
• Process of Converting from an F-1 to an EB-5: The transition from an F-1 to an EB-5 involves several steps, including making the investment, filing the I-526 Petition, and possibly adjusting their status through concurrent filing of I-485. This process culminates in receiving conditional permanent residency, which becomes permanent upon satisfying additional requirements with the I-829 Petition.
• The Strategic Importance of EB-5 Consultants and Attorneys to guide you through the process: Navigating the complexities of the EB-5 program requires careful planning and adherence to legal standards. Potential investors are advised to consult with experienced immigration attorneys and accredited EB-5 consultants. These professionals can provide invaluable assistance in ensuring compliance with all legal requirements, selecting viable business investments, and successfully navigating the immigration process.

A Reliable Alternative

The EB-5 visa offers a substantial and effective investment pathway to US residency for those not selected in the H-1B lottery or seeking stability beyond F-1 visas. This program not only secures a stable future in the U.S. but also contributes to economic prosperity by creating jobs.

Prospective investors should consult with experienced immigration attorneys and EB-5 consultants to navigate the process successfully, making this a key step towards realizing the American dream. Amidst the suspension of green card applications by Amazon and Google, the EB-5 visa program provides a robust alternative, offering a secure pathway to permanent residency for foreign workers facing uncertainties in the tech industry.

The article was originally posted by The Economic Times

Authored by Nicholas Mastroianni III, President and Chief Marketing Officer, US Immigration Fund