In today’s global economy, it’s not uncommon for companies to employ individuals from around the world. But when it comes to the United States, the process of obtaining a work visa can be complex and frustrating. The H-1B visa, for example, has become increasingly difficult to obtain, leaving many skilled workers wondering what options they have left. In this blog, we’ll explore how the EB-5 can help you fight H-1B visa battles.
What is the H-1B visa?
The H-1B visa is a non-immigrant work visa that allows companies in the United States to employ foreign workers in specialty occupations. This visa is typically granted to individuals with a bachelor’s degree or higher in a specialized field, such as science, engineering, or computer programming. The visa is valid for three years and can be extended for an additional three years.
Why is the H-1B visa difficult to obtain?
The H-1B visa is a popular choice for foreign workers seeking employment in the United States, and as such, the demand for these visas has far outpaced the supply. In recent years, the government has imposed strict regulations on the number of H-1B visas that can be granted each year, leaving many qualified workers without a path to employment in the United States.
According to the National Foundation for American Policy, the number of H-1B visa applications declined by 4% in 2020, and the denial rate for H-1B visas reached an all-time high of 29% in the third quarter of 2019.
How can the EB-5 program help?
The EB-5 program, also known as the Immigrant Investor Program, is a pathway to permanent residency in the United States for foreign investors who create jobs in the country. The program requires a minimum investment of $800,000 in a Targeted Employment Area (TEA), which is an area with high unemployment or a rural area. In return, the investor and their immediate family can receive a green card and the opportunity to live and work in the United States.
Here are some ways the EB-5 program can help those struggling with the H-1B visa process:
- No need for an employer sponsor – One of the biggest challenges of the H-1B visa process is finding an employer willing to sponsor the visa. With the EB-5 program, there is no need for an employer sponsor. Instead, the investor can create their own business and create jobs for themselves and others.
- Faster processing times – The H-1B visa process can take months or even years, and there is no guarantee of approval. In contrast, the EB-5 program has a faster processing time, with an average processing time of 29.5 months for the I-526 petition, according to the most recent USCIS processing times. Additionally, there is no cap on the number of EB-5 visas that can be issued each year, providing more opportunities for foreign investors.
- Permanent residency – While the H-1B visa is a temporary work visa, the EB-5 program offers a pathway to permanent residency in the United States. This means that the investor and their family can live and work in the United States indefinitely, providing greater stability and security.
Here are some statistics that proves how EB-5 program is better.
- In fiscal year 2020, the EB-5 program approved 3,278 I-526 petitions, an increase from 2,925 petitions in fiscal year 2019. (Source: USCIS)
- The top five countries for EB-5 investments in fiscal year 2020 were China, India, Vietnam, South Korea, and Taiwan. (Source: USCIS)
- From 2014 to 2019, the EB-5 program has brought in over $20 billion in foreign investment and created over 450,000 jobs in the United States. (Source: IIUSA)
- The EB-5 program has been responsible for the creation of numerous large-scale developments, such as the Hudson Yards in New York City and the Waldorf Astoria Beverly Hills. (Source: Forbes)
These statistics demonstrate the growing popularity and success of the EB-5 program as a viable option for foreign investors seeking permanent residency in the United States. With a minimum investment of $800,000 in a Targeted Employment Area (TEA), investors can create their own businesses and create jobs for themselves and others, providing a valuable contribution to the US economy.
At My Global Citizenship, we strive to help Indian families to achieve their citizenship goals of settling abroad and building their future overseas. Contact us today to learn more.
My Global Citizenship is a leading consulting firm that specializes in helping individuals and families navigate the complex world of second citizenships and residencies. We offer a truly global perspective and extensive knowledge of the citizenship and residency by investment programs available. Through our comprehensive services, we guide our clients through the entire process of obtaining a second citizenship or residency, from initial consultation and program selection to application processing and final approval. Our team of expert consultants provides personalized assistance and support at every step of the way, ensuring a smooth and stress-free experience.
