The American Green Card is aspirational. Immigrants from around the globe have desperately waited in visa lines to become citizens of the United States of America. The United States is appealing for various reasons, including diversity, access to opportunities, educational and infrastructure superiority, and being the world’s largest consumer market.
While the American Dream attracts hundreds of thousands of immigrants who permanently relocate to the country, only a few can obtain a green card quickly.
On March 15, 2022, President Biden signed the long-awaited EB-5 reform measures into law as part of an omnibus spending package. EB-5 Reform and Integrity Act of 2022 allow petitioners to file their I-526 and I-485 petition for adjustment of status simultaneously. Previously, investors had to wait for I-526 approval before applying to change their position. The ability to file both petitions concurrently allows confident investors to enjoy significant Green Card benefits before actual Green Card approval.
The eligibility criteria for this have been very vague. Anyone in the United States on a non-resident visa (typically H-1B, E-2, or F-1) with a current priority date can file concurrently.
Because the Regional Center Program will not be implemented until May 15, 2022, investors from all countries can immediately make a direct EB-5 investment and file concurrently. Form I-485 is used to change the immigration status of eligible foreign nationals who are already temporarily resident in the United States. Foreign nationals staying in the United States on non-resident status may file Form I-526, and they should also apply for adjustment of status.
Concurrent filing is beneficial because it allows petitioners to remove the restrictions with H-1B, E-2, and F-1 visas. When an investor files for adjustment of status, they can apply for an Employment Authorization Document (EAD), also known as a work permit. Form I-766 allows an investor to legally apply for any job available — unlike an H-1B visa, which is directed towards a specific employer. The concurrent filing also provides for the application of Advance Parole, which allows an investor to re-enter the United States after leaving without an immigrant or non-immigrant visa.
Concurrent filing will enable investors to freely live, work, and study in the United States while their I-526 petition is being processed. While having the option to file for concurrent AOS is an excellent option for an EB-5 applicant, there are essential factors to consider when you and your immigration attorney analyze your specific case and needs.
While having the opportunity to file for concurrent AOS is an excellent option for an EB-5 applicant, there are essential factors to consider when you and your immigration attorney analyze your specific case and needs. Before making a decision, it is very crucial to understand the process and its positive and negative effects. Most H-1B visa holders are Indian nationals in the United States and thus benefit greatly from EB-5 concurrent filing. However, many EB-5 experts believe India will soon regress and lose its “current” status in the EB-5 regional center category.