Our own Sam Newbold discusses H1-B and EB-5 with Floyd Mitchell of EB5 Investor Portal
The EB-5 Visa program is an increasingly popular way for immigrants from India to procure a Visa. On this recent podcast from EB-5 Investor Portal, LLC, Barst Mukamal & Kleiner, LLP’s own Sam Newbold discusses H1-B and EB-5 Visas with a focus on India with Floyd Mitchell of eb5eb5.com.
One of the big questions for discussion is a comparison between the H1-B and EB-5 Visa programs? Can you file them concurrently?
Legally and technically, that’s a big yes! H1B visa holders can file EB-5 petitions, and if they continue to maintain their H1B status, once the EB5 petition is approved, the H1B visa holder can file to Adjust their Status to a US Permanent Resident (Green Card). Further, an EB5 petition can be pursued independently from an EB2 or EB3 petition that the H1B visa holder’s employer might be pursuing on their behalf.
So why do Indian nationals on H1B visas turn to the EB-5 program?
The EB5 category is not currently subject to visa retrogression for Indians, unlike the EB2 and EB3 categories. A green card can be obtained in about 24-28 months as opposed to 10-12 years under EB2 or EB3 for Indians.
EB5 can also be used to bypass the problems associated with the H-1B visa program. H1-B is the most common work based Visa, but it requires a speciality occupation – generally a degree or work equivalent. The H1B is common for foreign nationals entering the workforce upon graduation. The big issue is that applicants are subject to an annual quota that is used up quickly -typically within a week of announcement – and thus the U.S. has created a lottery system of which roughly 30% of applicants are only selected. If lucky enough to get an H1B visa, Indians are currently looking at a process that may take 15-18 years to get a green card based on their employment.
This EB5 program requires the investor to source their investment funds. Some of these sources may be:
Home equity line
Sale of business
Funds do not have to come from overseas – just have to be from a lawful source.
EB-5 isn’t for everyone – it’s a lot of money, a lot of documentation, but it can be a good option for the right applicant.
- New York
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