fbpx Amazon & Google suspending green card applications: Why EB-5 visa a perfect fix for H-1B challenges and tech layoffs

Amazon & Google suspending green card applications: Why EB-5 visa a perfect fix for H-1B challenges and tech layoffs

June 26, 2024 / Hursh

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:

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

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.

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

 

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