How Concurrent Filing Permits EB-5 Investors to Acquire the Benefits of a Green Card
October 14, 2022
Though it can take a long time to get a green card, many immigrants still choose to relocate permanently to the United States. However, with the EB-5 program, individuals can get a green card relatively quickly. In addition, the EB-5 program allows people from other countries to obtain a green card by investing money in the United States economy. For example, the EB-5 program helps investors to get immigrant visas, allowing individuals to obtain a green card upon entering the United States.
The EB-5 Reform and Integrity Act, which the President signed on March 15, 2022, permits petitioners to file the I-485 petition for adjustment of status and I-526 simultaneously. Accordingly, eligible foreign nationals who already have temporary residents in the United States must file Form I-485 to change their immigration status. Likewise, filing Form I-526 becomes necessary for those foreign nationals in the United States as non-residents. However, anyone filing Form I-526 should also apply for the adjustment of status.
In the past, petitioners had to wait until their I-526 received approval before they could file the I-485. With simultaneous filing now available, investors can benefit from several advantages while waiting on green cards.
Unfortunately, the specifics of the criteria for simultaneously filing remain unclear. Until these details become apparent, anyone already in the United States on a non-resident visa with a current priority date is permitted to file concurrently.
Thankfully, concurrent filing has advantages that make it worthwhile. For example, petitioners may remove the restrictions that typically come with H-1B, F-1, and E-2 visas. Furthermore, if an investor files for adjustment of status, they can apply for Form I-766, the Employment Authorization Document. This document is a work permit; with it, investors can apply for any job, and zero restrictions apply. For example, they are not restricted to a specific employer as they would be with an H-1B visa. Furthermore, concurrent filing allows the individual to apply for advance parole. This application would allow individuals who traveled without a nonimmigrant or immigrant visa to return to the United States.
Finally, the ability to file for concurrent adjustment of status may become a reasonable option for EB-5 applicants to consider. However, interested parties should take the time to understand the advantages and disadvantages of this option. Therefore, EB-5 applicants should consult with an immigration attorney who can best advise them based on their specific situation.
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