Mass layoffs in US technology companies have left many H1-B visa holders on edge while the EB5 Visa serves as an alternative to ease their troubles.  The EB5 Visa is a residency path in the United States of America attained through an at-risk investment. The EB-5 visa program can lead to the Green Card and eventually, US citizenship.  Foreign investors can invest in government-approved projects across the country with a minimum investment of 800,000 USD in targeted employment areas. With the worsening job market in the US and mass layoffs, many H1-B holders have either already experienced layoffs or are threatened by the large cost-cutting measures taken by giant US technology companies. H1-B visa holders who have lost their jobs will have to find a new job or will lose their non-immigrant status, which gives them the right to live and work in the US. However, it is not the end of the road for H1-B visa holders. 

H1-B visa holders can opt for the EB5 visa to maintain their immigration status in the US. The EB5 visa is a great alternative for those on valid non-immigrant visas in the US. H1-B visa holders currently living in the US can simultaneously file for the EB5 visa application along with the adjustment of status. The EB5 visa alternative provides the freedom to live and work without being constrained by employment sponsorships. 

The EB5 program, first legislated in 1990, aims to generate job opportunities for US workers and increase foreign investment in the United States. The US government’s goal is to encourage foreign investors to make significant investments in the US economy and create jobs, in exchange for the ability to live the American Dream. Through this program, foreign investors are able to attain their own version of success in an open US society, regardless of their backgrounds.

Benefits of the EB5 visa – US Immigration by Investment 

• EB5 visa provides a path to US Permanent Residency and US citizenship 
• Access to the US education system, known to be one of the best in the world
• Access to the US health system, ranked as the best globally
• The right to live, work, study and retire in the US
• US residency for the main applicant, spouse, and dependent children (under 21 years old)
• Access to US Financial System 
• Access to other countries that provides visa-free movement for Green Card holders

EB5 Program Investor Requirements

EB5 foreign investors must meet several requirements and comply with the USCIS regulations to attain permanent residency. Foreign investors must meet the capital investment requirements with either $800,000 in targeted employment areas or $1,050,000 in non-targeted employment areas. The Immigration and Nationality Act specifies targeted employment areas (TEA’s) as designated rural areas or areas with high levels of unemployment. Investors must make an at-risk investment in an EB5 qualified business or a project of a US “for-profit” commercial enterprise. The investment amount must be from a traceable and lawful source. The EB5 investment must lead to the creation of a minimum of ten full time jobs for US workers. Investors must ensure the investment is approved by the USCIS.

Types of EB5 Investment 

There are two ways to make an EB5 investment; through Direct Investment or Regional centers. Investors who opt for the direct investment route can either start their own new commercial enterprise or incorporate an existing US business or opt for capital injection into an existing business in the US. Those who choose the direct investment route must ensure that their investment will directly create full-time jobs for at least ten employees within two years of the visa approval. Direct jobs are identifiable employments and should be within the commercial enterprise to satisfy the EB5 requirements. Investors should also have a role in the management of the commercial enterprise. 

On the other hand, EB5 investors could also opt for the passive investment route with regional centers. Regional centers are government-approved private business entities in the United States. These entities aim at promoting economic growth by pooling investments from foreign investors through the EB5 visa program. These funds are used to develop substantial projects across the United States through newly established commercial enterprises. Regional centers are able to include both direct and indirect jobs to achieve the job creation requirement for the EB5 visa. Investors who prefer less engagement in the management of the enterprise favor the passive investment route with regional centers. Since regional centers are pre-approved by the government, investors will not have to go through some of the evidentiary procedures required for the visa petition.

EB5 Immigration Timeline

The EB5 processing timeline varies based on the investor’s country of birth as the US government limits the number of visas granted per country in every fiscal year. Once the investor has made the upfront investment, they are able to begin their immigration process. EB-5 investors initially file for the I-526 visa petition which could be processed within 35 months on average depending on the applicant’s country of birth and whether the applicant presently resides in the US or not. However, applicants from mainland China experience longer I-526 processing time. Those who hold non-immigrant visas and are present in the US can concurrently file their I-526 visa petition with the adjustment of status petition. For example, H1-B visa holders are able to take this step if their non-immigrant visa is still valid to maintain their immigration status in the US. The processing time for the adjustment of status is generally between 6 to 9 months and upon approval, they receive their conditional residency (green card). After they receive their conditional residency, EB5 investors are eligible to file for the I-829 form after 21 months of maintaining the conditional residency. The I-829 form is a petition submitted by EB5 investors to remove the conditions from the green card in order to obtain a permanent residency status. Upon approval of the I-829 form, the EB5 investor will receive their permanent residency in the US. 

The EB5 visa is a perfect alternative for H1-B visa holders who are threatened by the current US job market crisis that is a consequence of the ongoing global economic crisis which is anticipated to worsen this year. It takes a very long time for H1-B visa holders to be eligible for green card in the US in comparison to the EB5 visa timeline. The EB5 visa provides a quicker timeline with concurrent filing of the I-526 petition and adjustment of status for many H1-B visa holders. It is a perfect solution for those who want to keep maintaining their immigration status in the US and proceed with their livelihoods without any disruptions.