In the midst of mass layoffs in the tech sector in the US, foreign workers whose residency in the country hinges on employment are the ones to suffer the most. As a result of job losses, the affected workers are left with a two-month window post sacking to find another job in the US prior to returning to their native places to seek an amended or new type of visa.
So, it has dawned upon most foreigners, especially Indians, to look for visas that offer more flexibility and stability to their lives. It is estimated that around 75 percent of Indians were in the H-1B visa category in FY 2021. This type of visa has become less effective to secure US immigration due to the changes it has undergone over the years. In such a scenario EB-5 offers some kind of cushion to absorb the shock of retrenchment by offering some stability. So, let us find out why EB-5 is a better visa alternative than H1-B visas.
EB-5 is a government initiative that permits foreign nationals to turn Permanent residents in the US, provided they invest $800000 that helps in job creation. Dissimilar to H1-B, the EB-5 allows foreign nationals to stay in the country without sponsorship from an employer in the US. This visa neither has educational criteria nor business backgrounds tied to it.
Also, as per a provision of the EB-5 Reform and Integrity Act of 2022, eligible individuals who are already residing in the US lawfully can apply to elevate their status to a legal permanent resident (Form I-485) by filing their EB-5 petitions (Form I-526E). Through the filing, applicants can stay in the US as their EB-5 petitions and adjustment applications are pending.
Hence, with the EB-5 option, jobless tech workers can be in the US, even if they are no longer working through their H-1B visas. This even aids them in securing their as well as their families’ residency status in the US.