How to Change from H1B Visa to EB-5 Visa?
To apply for the EB-5 Visa from H-1B Visa, first, maintain your valid H-1B status. Second, file Form I-526 (Immigration Petition by Alien Investor) to the USCIS.
The requirements needed upon filing I-526 are as follows.
- A capital investment of $800,000 for TEA businesses or an amount of $1.05 million for a non-TEA business is required.
- The ability to create employment for at least 10 American citizens must be indicated in your business plan.
- Legal acquisition of your source of funds for investment must be proven.
The H-1B Visa to EB-5 Visa application approval allows you to get a green card. First, file Form I-485 to adjust your status to have a conditional green card. Second, file Form I-829 after two years as a conditional permanent resident to become an unconditional green card holder. Third, apply for naturalization as a US citizen after 5 years as an unconditional permanent resident.
Your other petitions for permanent residency can still be processed together with your application for EB-5 Visa from H1B Visa.
How Long Does it Take to Get EB-5 from H1B?
The length of the application process for any visa depends on the number of petitions received by USCIS every year, including those still pending approval. On Average, processing EB-5 Visa from H-1B Visa can take 29.5 to 61 months.
As an H1B Visa worker living in the United States, you can concurrently file the EB-5 application I-526 and I-485 Adjustment of Status. This concurrent filing of I-526 form and I-485 form will get the H1B holder a Travel Document within 2 to 12 months depending on the USCIS Service Center Processing Time.
What is the Best Personal Loan for H1B Visa Holders?
The best personal loan for H1B visa holders is one that will help them to build credit. Being able to create and build credit is one of the main benefits of receiving a loan as an H-1B Visa holder in the US. Lack of credit history can restrict access to the availability of lines of credit for many visa holders in the U.S. Building a U.S. credit history through the Best Personal Loans for H-1B Visa Holders will be helpful for those aiming to change their H-1B to Green Card status.
5 personal loan options for H-1B Visa holders are as follows.
- Stilt offers flexible loan conditions and extensive eligibility requirements for H-1B Visa holders. You can loan up to $35,000. Loan terms can be between 12-36 months.
- SoFi provides the highest loanable amount, up to $100,000. Loan terms can be between 24-84 months.
- Marcus by Goldman Sachs gives loans to those with a credit score. For those without a credit score, you can apply if you are residing in the US, have a US bank account, and have a Social Security number.
- Upgrade offers multiple choices for credit lines: Upgrade Card, Upgrade Cash Rewards Card, Upgrade Bitcoin Rewards Card, and Upgrade Triple Cash Rewards Card.
- Earnest gives loans up to $100,000. It is an online loan broker.
What are the Differences Between H1B and EB-5 Visa?
The H-1B Visa continues to be a favored option for foreign workers who want to go to the US. Applying for an EB-5 Visa from an H-1B Visa eliminates factors such as its temporary status and work limitations. Transitioning from H-1B Visa to EB-5 Visa allows you and your family to obtain a green card.
Following are the 6 differences between the H-1B Visa and the EB-5 Visa.
An H-1B Visa holder is limited in his/her employment options in the US. Once the H-1B status is no longer valid, the foreign worker will have to return to his/her home country. An EB-5 Visa investor, upon receiving the green card, can stay and work anywhere in the US even without employer sponsorship.
The EB-5 Visa is better accepted due to the creation of jobs for American workers and the boost to the US economy. Some consider the H-1B Visa as a threat to the local American workforce.
- Visa Requirements
Visa requirements for the H-1B Visa and EB-5 Visa are different. H-1B is geared more towards employment, while EB-5 is focused more on investment. Visa requirements for the H1-B Visa include the following.
- The applicant must have a bachelor’s degree or higher.
- The applicant will have a salary higher than the average salary for the job.
- The employer cannot find an American worker to fill in for the job position. Visa requirements for the EB-5 Visa include the following.
- The applicant must invest a minimum of $800,000 for a TEA business, or $1.05 million for a non-TEA business.
- The applicant should generate full-time employment for at least 10 Americans.
- The applicant should manage the business himself/herself if it is a direct investment.
Both the H-1B Visa and EB-5 Visa allow applicants to bring their spouses and children with them to the US.The spouse of the H-1B Visa holder can work in the US under limited conditions with the H-4 Visa. H-4 Visa spouses were qualified for the Employment Authorization Document (EAD) if the H-1B Visa status of their spouse is more than 6 months under the AC21 Act. The EAD applies if the H-4 Visa spouse had an approved I-140 (petition for a green card). The EB-5 Visa covers the applicant’s spouse and unmarried children under the age of 21. This means that they are all eligible for green card status.
- Annual Quotas
There are 85,000 H-1B Visas approved every year. 20,000 of these applications are reserved for people with master’s degrees from US universities. Allotment of EB-5 Visas is at 700 for each country annually.
- Permanence and Duration
The EB-5 Visa is an immigrant visa that paves for a faster green card application. They can then apply for citizenship and can lawfully stay in the US indefinitely.
The H-1B Visa is a non-immigrant visa with limited validity. Once the H-1B status has expired the holder will need to move back to his/her home country.
The EB-5 Visa Program provides a way to transition From H-1B to Green Card.
Can a Laid-off H1B Worker File for an EB-5 Visa?
Yes, laid-off H1B workers are eligible for an EB-5 Visa and can file their immigrant petition and adjustment of status application concurrently as long as they maintain their nonimmigrant status in the US. EB5 is the ideal alternative for laid-off H1B workers since there is no need to rely on employer sponsorship to keep working in the United States and apply for a Green Card. Additionally, concurrent filing for EB-5 enables you to obtain work authorization and a travel document while awaiting the approval of your Conditional Green Card.