Strict conditions to benefit from H-1B visas are leading a large number of foreigners to turn their eyes to the EB-5 program.
A report in the Times India shows that uncertainties noted in the Person in Specialty Occupation Visa, including the tightening of the eligibility criteria, are gradually making the EB-5 visa a preferred alternative to the H-1B visa, VisaGuide.World reports.
The United States EB-5 program permits wealthy foreign investors to acquire permanent residency provided they invest in the US. There are two investment options when it comes to the EB-5 visa.
Applicants can make an investment of at least $800,000 in a Targeted Employment Area or a direct investment of $1,05 million in the country’s commercial enterprise.
The EB-5 program was introduced in 1990 in order to help the further growth of the United States economy.
On the other hand, the H-1B visa, known as the Person in Specialty Occupation Visa, allows US employers to hire workers from other countries who are qualified for speciality jobs.
The annual H-1B visa allocations are capped at 85,000; of them, 20,000 are dedicated to workers who hold advanced degrees from US institutions, while the remaining 65,000 visas are approved on a lottery basis.
According to the Times of India report, the EB-5 program offers several advantages in comparison to the H-1B visa program, including providing permanent residency to applicants and permitting the investor to live and work anywhere in the US, thus providing a path to citizenship.
Among the main reasons why a more significant number of persons are choosing the EB-5 program instead of the H-1B visa is the uncertainty with which the latter is dealing.
Recently, the United States Federal Agency detected fraud and abuse in the H-1B visa scheme. Based on local media reports, some companies committed fraud in order to boost their possibility of winning the visa for their international workers in an artificial way.
A user on the Reddit platform published a list of 128 consultancies involved in such illegal actions. Among the consulting firms that are included in the alleged H-1B visa scam are HEPTE Overseas, ALAMEDA Tech Solutions, IMINDs, Pinnacle Soft Solutions, Start Work Force, Logging-In.com INC, and INTUITES.
Unlike the H-1B visa, the EB-5 program offers a permanent visa option that is not subject to the same uncertainties as those detected in the H-1B visa.
All persons who benefit from the EB-5 visa are eligible to live and work in the US without having to worry about losing their status as a result of layoffs or changes in immigration policies. Furthermore, the EB-5 visa provides a pathway to citizenship, thus permitting investors to become US citizens if they meet the needed conditions.
>> Nonimmigrant Visas to the United States
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