Recently, many employees from large US tech companies like Amazon, Twitter, and Google underwent significant layoffs. This situation left many H1B visa holders uncertain about their future. During these uncertainties, experts saw a surge in EB-5 visa applications. Well, if you are wondering what this visa is, how one can apply for it, and its criteria, all you have to do is keep reading.
A Surge In EB-5 Visa Applications
Experts saw a huge surge in the number of EB-5 visa applicants, which is also known as the US golden visa. These applicants include H1B visa holders as well. Though the current situation for H1B visa holders is uncertain, the surge shows that they are trying to secure their future in the States by exploring opportunities.
Nicholas A. Mastroianni, III, President and Chief Marketing Officer of the U.S. Immigration Fund (USIF) said that they have been receiving over 150 inquiries per day. He said that most of these inquiries come from people who have been laid off or who are insecure about their jobs.
It was observed that there were 756 applications filed by Indians for EB-5 visas in 2019. There were 1,381 applications filed by Indians in 2022. This shows a significant increase after the pandemic period.
How To Apply
Even though some H1B visa holders have been laid off, they have time to apply for the EB-5 visa. Here’s how!
The new EB-5 visa programme lets applicants initially invest $200,000 and submit their application. They can continue investing until they complete the required criteria of $800,000 in a year.
This simply means that the applicants can easily secure their place while collecting their remainder from real estate investments or stocks.
Experts have predicted that there will be no waitlist for this visa at least until next year. Hence, it is advised that to ensure a smooth application process, one must act quickly and apply soon. The potential delay in the future can be easily avoided by applying at the earliest, says Mastroianni.
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