Recent news of massive layoffs at large technology businesses could indicate that many immigrants whose visas are contingent on their continuous work in the U.S. should investigate other visa alternatives that give more stability and need less minimum immigration standards.
Immigrants hold an estimated 25% of US tech positions, with Indian nationals accounting for around 75% of all H-1 B work visas in the Federal Fiscal Year 2021. Recent mass layoff announcements by major social networking sites and other digital businesses imply that displaced employees have two months to locate new employment in the United States before they must return to their home country and request an updated or new visa.
Over the last two decades, the H-1B visa has allowed thousands of talented foreign professionals to come to the United States, helping to establish the United States as a technological leader. After multiple legislative changes, including a lottery method to receive the visa, the H-1B has become a less dependable avenue for U.S. immigration. While the ripple effect of major tech layoffs only adds to the unpredictability of H-1B, the EB-5 option provides more stability and the chance for immigrants to stay in the U.S. without relying on an employment sponsor.
EB-5 is an innovative government program that lets foreign persons acquire permanent U.S. citizens by investing $800,000 in a "Targeted Employment Area" and creating U.S. employment.
How do you evaluate whether the EB-5 visa is appropriate for you and how it varies from the H-1B visa?
EB-5, unlike H-1B, has no sponsorship or educational criteria; there are no language or business background requirements; Additionally, the program was recently changed to make it simpler for immigrants to traverse the visa petition process via concurrent filing.
A component of the EB-5 Reform and Integrity Act of 2022 requires qualifying candidates already in legal status in the United States to apply to alter their status to that of a lawful permanent resident (Form I-485) simultaneously with their EB-5 petitions (Form I-526E). Such an application permits applicants to stay in the United States while their EB-5 petitions and adjustment applications are pending. With this alternative, displaced tech professionals would be allowed to stay in the United States with an EB5 visa, even if their H-1B visa did not permit them to continue working.
The United States has always welcomed and supported immigrants from throughout the world. Assisting people from other countries in maintaining their job provides immigrants and their families with personal security while keeping brilliant individuals in the United States and strengthens the economy.
Note: This website's content is meant to be general; it does not constitute legal or financial advice. Only a licensed expert with a total understanding of all the information and circumstances of your specific situation can provide legal or financial advice. Before enrolling in the EB-5 program, you should contact a visa attorney with legal, immigration, and financial knowledge.