Good news for student’s. There’s a lot of competition among Indians heading to the U.S. for jobs and education, all in hopes of snagging a green card. But let me tell you, it’s no walk in the park. Many Indians find themselves waiting for decades just to get one. Each country has a set limit on how many green cards they can issue, and with so many Indian applicants, the backlog just keeps growing. So, getting a green card for permanent residency in the U.S. can feel like scaling a mountain.
But here’s the thing: you don’t have to rely solely on the H-1B visa to get a green card. There’s another option that can lead to permanent residency in the U.S., which is a relief for many Indians dealing with the uncertainty of the H-1B process. We’re talking about the EB-5 visa, which is often seen as one of the easiest and most effective ways to secure a green card in the U.S.
So, what’s the EB-5 visa all about?
The EB-5 visa, also known as the Immigrant Investor Program, kicked off in 1990. Its goal is to boost foreign investment in the U.S. economy by offering green cards to investors and their families. To qualify, you need to invest at least $1.05 million in the U.S. But if you’re putting your money into a Targeted Employment Area (TEA), the investment drops to just $800,000.
TEAs are typically rural areas or places with high unemployment rates. The key requirement is that the investment must create at least 10 full-time jobs for U.S. workers.
Now, how do EB-5 and H-1B visas stack up against each other?
While both visas let foreigners live and work in the U.S., the costs and requirements for each are pretty different. Let’s break down the main differences between these two visa options.
Benefits of visa: Through EB-5 visa, the investor, his spouse and unmarried children below the age of 21 years get direct permanent residency. There are no employment restrictions on them, due to which they can live and work anywhere in the US. In contrast, through H-1B visa, professionals are allowed to work in a company for a specific job. However, in this, permission to stay in America is for a specific period of time. Permanent residency is not guaranteed.
To get a visa, the EB-5 visa requires a significant investment in a U.S. business that creates jobs. You don’t need any specific educational or professional qualifications for this one. On the other hand, the H-1B visa is aimed at workers in specialized fields, and applicants must have at least a bachelor’s degree or equivalent expertise. Plus, you need a company to sponsor you for the H-1B visa.
When it comes to processing times, EB-5 applicants must submit an I-526 petition to show they meet the program’s requirements. Once that’s approved, they get two years of permanent residency. To lift the conditions, they need to file an I-829 petition to prove that their investment has generated jobs. The initial petition can take around 10 months, while the follow-up can take anywhere from 22 to 48 months.
For H-1B visas, the employer files an I-129 petition for the employee. These visas are typically granted for three years but can be extended to six. However, because of annual caps and a lottery system, getting an H-1B can be a bit of a gamble, and processing times can vary.
As for costs, EB-5 visas range from $800,000 to $1.05 million, plus extra fees for administration, legal services, and other expenses. H-1B visas have filing fees that the sponsoring company usually covers, but applicants might need to pay legal fees if they hire a lawyer.