What is Concurrent Filing ?
As per The EB-5 Reform and Integrity Act:
“If the approval of a petition … would make a visa immediately available to the alien beneficiary, the alien beneficiary’s application for adjustment of status under this section shall be considered to be properly filed whether the application is submitted concurrently with, or subsequent to, the visa petition.”
More simply put, concurrent filing allows immigrant investors to file Form I-526 and Form I-485 at the same time, provided that a visa would be available to the investor. Form I-485 is filed when an investor applies to have their status adjusted from one visa category to another. Previously investors could not file their I-485 until after their I-526 petition had been approved. With the passage of the EB-5 Reform and Integrity Act, foreign nationals in the US on non-resident visas can now file their I-526 and I-485 concurrently.
According to USCIS (https://egov.uscis.gov/processing-times/) the current wait time approval of an I-526 application is 47 to 71 months, making concurrent filing a huge win for the EB-5 industry.
Benefits of Concurrent Filing
Concurrent filing is a huge improvement to the EB-5 system and will greatly benefit immigrant investors. First and foremost, concurrent filing will allow immigrant investors to remain in the U.S. with a pending I-485 adjustment of status application while their I-526 petitions are adjudicated. This will allow investors the opportunity to freely work and study anywhere in the US, lifting the restrictions of temporary visas. Additionally, concurrent filing makes the EB-5 process much easier for investors. Rather than dragging out the application process by having to wait for an approved I-526 before filing an I-485 , they can submit everything at once. Lastly, the new rules on concurrent filing may ease the workload of USCIS adjudicators as they will receive all of a potential immigrant investor’s paperwork at once instead of waiting to receive an I-485 after approving the investor’s I-526. Hopefully, this consolidation of the workload will allow USCIS to process petitions faster and avoid future EB-5 backlogs.
FIND OUT IF EB-5 IS RIGHT FOR YOU
With the EB-5 Reform and Integrity Act ushering in a new era for the EB-5 program, there’s no better time than now to begin preparing your EB-5 application. Fill out our quick evaluation form below and find out if an EB-5 visa is the right choice for you.