The EB-5 investor visa program offers foreign nationals looking to relocate to the United States or who are already living in the country a direct path to obtaining a permanent green card and living their “American dream.”
For foreign nationals currently residing in the U.S. under other visa programs, this immigration program has become widely popular due to the ease of adjusting their status through the concurrent filing mechanism.
The advantage of concurrent filing is that while they wait for their EB-5 application to be reviewed, they can live, work, or study anywhere in the U.S. However, just like any other EB-5 investor, these applicants encounter the same challenges and risks in meeting the program’s requirements.
Why do other U.S. visa holders switch to an EB-5 visa?
Implementing the EB-5 Reform and Integrity Act (RIA) of 2022 has made it easier for several U.S. visa holders to apply for EB-5 permits and obtain permanent residency in the U.S. since 2022.
The nature of their current visas and changes in their life circumstances usually lead this group of investors to choose the EB-5 visa. Also, in some cases, their visas do not offer a clear path toward permanent residency as the investor visa does.
Holders of this H1-B specialty workers visa find the EB-5 appealing because it allows them to control their immigration status and invest in preferred projects.
Meanwhile, E-2 visa entrepreneurs seek to change their status because to keep this visa, their U.S. business must permanently render higher returns than those necessary for the visa holder to stay in the U.S.
Immigrants with an EB-3 opt for EB-5 because maintaining this visa requires constant employer sponsorship or a specific job offer.
As to foreign nationals studying in the U.S. under the F-1 visa, most wish to stay in the country once they complete their undergraduate or graduate studies.
Concurrent filing, a straightforward option to change to EB-5
The RIA enabled the concurrent filing option for these different visa holders to file Adjustment of Status (I-485 form) alongside their start EB-5 petition (I-526 form), enabling applicants to stay in the country, work, and travel while waiting for their I-526 petition to be approved.
By already residing in the U.S. in various capacities, most of these new EB-5 applicants can endure extended processing times and do not have to leave the country while they await the review of their applications.
In many cases, switching to EB-5 has been a last-minute resort for many immigrants residing in the U.S.; for example, H1-B workers experiencing layoffs and not having an alternative sponsor to renew the visa or because applications from their home countries have reached the 7% limit of visa distribution per country in a fiscal year, making it more difficult to access other employment-based immigrant visas.
Therefore, the EB-5 visa provides these visa holders with much-needed control over their immigration status in the U.S., and they choose this option despite the higher costs and more complex application process.
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