More Indians may queue up for US EB-5 visas as tech layoffs spread
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According to immigration experts, the recent spate of layoffs in the US technology industry is likely to result in increased demand for EB-5 investment visas among Indians.
Indian workers with an H1-B work permit, who have up to 60 days to find a new job or change visa categories, make up a significant portion of those fired from companies like Twitter, Amazon, and Meta.
Immigration firms said in the last two months there had been a surge in interest in the EB-5 visa from Indians living in the United States as well as in India.
According to Peter Calabrese, CEO of CanAm Investor Services, “this surge is being driven by multiple factors. Including a feature in the new EB-5 law that allows Indians to file for adjustment of status (I-485) concurrently with EB-5. Making it possible for them to stay in the US without returning to their home country.”
Indians already in the United States can legally stay on without a job once their residency applications (I-485) have been filed, so this is significant in the current context.
Companies in the United States have cut over 88,000 tech jobs in the last few months. About a third of those jobs are likely to go to immigrants with work permits, according to some estimates.
Experts stated that it may not be easy to immediately find another job to secure visa status in light of the current economic climate.
US EB-5 visas
There are two ways to invest with the EB-5 visa: direct investment or the regional center program. Which was reauthorized earlier this year by the US government.
If a project is located in a rural area, a qualified high-unemployment zone, or an infrastructure project. Candidates must invest $800,000 under the new rules. In contrast to the usual procedure, in which wait times for Indian applicants currently run into decades. Due to the high numbers and country quotas. If a candidate seeks permanent residency shortly after submitting his EB5 application, the process is likely to take only a few years.
“The fact that H-1B and F-1 visa holders can receive interim benefits of work and travel authorization. In approximately three to six months—equivalent to having a quasi-green card while the EB-5 is pending. Thanks to the concurrent filing of EB-5 and adjustment of status is a huge benefit. This is an almost immediate benefit from the $800,000 investment,” said Vivek Tandon, CEO, of EB5 BRICS, an EB5 consultancy.
Abhinav Lohia, director – of global business development at Golden Gate Global, an EB5 investment firm. Stated that early inquiries had begun trickling in before the announcement of the layoffs.
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Since the program had been put on hold for close to a year, this was in part due to the accumulated demand.
He stated, “I’ll say the techies felt the tremors before it hit the news”. In the past few months, there has been a significant increase in the number of H1-B and L-1 visa holders.
Another reason why this option has gained popularity is that it lets applicants start their own businesses. Which was not possible under the current rules for work permits.
Along with China and Vietnam, Indians have emerged as the program’s most popular applicants in recent years.
