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Indian H-1b Holders Beware – Relief from Congress is not assured and time for EB-5 as a backup is short
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</h3><h4><i>by <a href=”http://discuss.ilw.com/content.php?7114-Article-Private-Refugee-Sponsorship-Gains-Crucial-New-Support-by-Matthew-La-Corte#bio”>
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Of late, Indian nationals here on H1-B who have hoped and prayed from
relief from immigration purgatory due to the extended delays to receive
Green Cards may be disappointed in the end. While the Fairness for
High-Skilled Immigrants Act Legislation to address their horrible plight
has passed the US House of Representatives on July 10, 2019, unfortunately,
that is much sound and fury that signifies nothing. Two additional steps
are required. Firstly, for the bill to become law, the bill must also pass
the US Senate, which is currently controlled by Republicans. To put it in
context, Govtrack.us, gives the bill a 3% chance of passing the senate. It
has had no movement in the Senate since February.
Even if it manages passage in the Senate, the bill must also find the
approval of President Trump. In our President, Indian H1-B holders may not
find a very sympathetic person. The President uses Indian H1-B holders as
the ‘examples’ of how US immigration policy as ‘stolen’ jobs from ‘American
workers’. There is zero chance that the President would support H1-B relief
legislation as it would go counter to his political messaging to his base.
The only conceivable path forward would be if he used it as a bargaining
chip to extract his other ‘banner’ immigration goals, namely the funding of
his border wall and resolution with respect to the DREAMERS. The Democrats
will not deal away these important priorities, especially so close to the
next Presidential election, where they might find themselves in power of
both branches of government.
The problem for Indian H1-B holders is that time is not on their side. On
July 24, 2019, the new EB-5 regulations were finally published and have an
effective date of November 21, 2019. After that, the minimum investment
amount for targeted employment area (TEA) projects increases to $900,000
(and few will qualify). The non-TEA project investment level will be $1.8
million. For H1-B holders, there is a stark choice, either invest under the
EB-5 program now or face the increased minimum investment amount (and
longer EB-5 wait times due to retrogression). The alternative is to remain
in purgatory for at least another two years with no guarantee that
legislation providing relief will ever be passed. Immigration reform is not
easily accomplished, even when a single party controls both the Congress
and the White House.
For those who can afford the $500,000 now, EB-5 may be the best option.
Even if the investor does not have all the cash available, there are legal
strategies that can be used to file on time and defer when the cash needs
to be invested. See one of my recent articles summarizing the strategies:
Unfortunately, for those holding onto hope that H1-B will provide a final
immigration solution, that hope may be misplaced and there is little time
left with which to make a final decision before the EB-5 alternative
becomes much more expensive.
About The Author<br/>
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<img title=”Matt Gordon” itemprop=”image” src=”http://www.ilw.com/images/mattgordon.jpg” alt=”Matt Gordon” target=”blank” align=”left” width=”100″ hspace=”10″/>
<a href=”http://e3ig.com/e3-investment-group-team” target=”_blank”><b>Matt Gordon</b></a> is a noted expert in the EB-5 field and is an authority on structuring EB-5 investments. Mr. Gordon’s career spans business operations, finance and law. He is the editor of the EB-5 Book, the legal treatise on the EB-5 program and a frequent lecturer to immigration attorneys. Mr. Gordon has participated in policy events, including those hosted by the White House and Harvard University’s Kennedy School of Government. Prior to found E3 Investment Group, Mr. Gordon was an investment banker for a decade and ran the US division of a Swiss multi-national corporation. Mr. Gordon is a licensed attorney, having practiced mergers and acquisitions law at the beginning of his career with the largest and most reputable Wall Street firms including Fried Frank and Sullivan & Cromwell. Mr. Gordon received his B.S. in Policy Analysis from Cornell University and his J.D., cum laude, from the University of Pennsylvania School of Law.
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