H-1B Cap intensifies demand for the US EB-5 Golden Visa

The US government recently announced that the fiscal year 2024 cap on H-1B visas has been reached. This announcement has been criticised by many including Elon Musk, CEO of Tesla, calling the H-1B cap 'madness' and advocating to greatly increase legal immigration. This is devastating news for foreign skilled workers requiring an H-1B visa to work in the country.

With the H-1B cap reached, many are turning to the US EB-5 Golden Visa as an alternative. "The EB-5 program is a great option for individuals planning to live and work in the United States,” explains Shahriar Zamanian, legal director of The American Legal Center, "By virtue of obtaining their Green Cards through the EB-5 program, individuals no longer have to be at the mercy of their employment status to remain and reside in America."

Understanding the H-1B Visa

The H-1B visa, a temporary work permit, allows foreign nationals to engage in specialised occupations in the United States, typically requiring advanced education or specialised expertise. The H-1B is difficult to obtain given that it is based on a lottery system and subject to a cap. For those seeking long-term residency in the US, the H-1B is not an ultimate solution because these skilled professionals must uphold their employment status to remain in the country. A loss of employment equates to a loss of immigration status.

The EB-5 Program: A Path to Permanent Residency

Contrastingly, the EB-5 program, established by Congress in 1990, offers a unique route to permanent residency without the need for employer sponsorship. By investing $800,000 in a government-approved real estate project, foreign investors can obtain Green Cards for themselves and their immediate family members. Family members include a spouse and children under the age of 21.

The EB-5 program, which is the US Golden Visa equivalent, provides individuals with greater control over their immigration status, allowing them the flexibility to pursue entrepreneurial ventures or invest in businesses aligning with their goals. Unlike the H-1B visa, the US Golden Visa liberates individuals from dependence on employer sponsorship and circumvents the constraints of annual quotas.