The EB-5 Reform and Integrity Act of 2022 now allows petitioners to concurrently file their I-526 petition and I-485, for adjustment of status. Prior to the new legislation, investors had to wait for I-526 approval before applying to adjust their status. The ability to file both petitions at the same time offers certain investors the opportunity to enjoy significant Green Card benefits before actual Green Card approval.
Who can concurrently file?
Anyone in the U.S. on a non-resident visa (typically H-1B, E-2 and F-1) and who has a current priority date can file concurrently. With the Regional Center Program not implemented until May 15, 2022, that means that at the moment, investors from all countries can make a direct EB-5 investment immediately and file concurrently.
Benefit: live and work in the U.S. soon after filing I-526
Concurrent filing is hugely beneficial because it offers petitioners the ability to lift the restrictions that come with H-1B, E-2, and F-1 visas.
When an investor files to adjust status, they can simultaneously file for an Employment Authorization Document (EAD), otherwise known as a work permit. Form I-766 allows an investor to apply for any legally authorized job that’s available — without being tied to a particular employer, as with an H-1B visa.
Concurrent filing also offer the opportunity to apply for Advance Parole which allows an investor to re-enter the United States after leaving the country without an immigrant visa or non-immigrant visa.
In summary, concurrent filing allows investors to freely live, work and study in the U.S before their I-526 petition is approved.
The Chinese window of opportunity is open — but will likely close very soon
Concurrent filing presents an opportunity for Chinese EB-5 investors as they are now “current” under the Direct EB-5 Program but this status is not expected to last much longer and could change in the next several weeks.
Therefore, Chinese investors who are in the U.S. on an H-1B or F-1 visa can benefit from concurrent filing provided they file in a direct EB-5 project. So any Chinese investors interested in making a direct investment to take advantage of this brief opportunity must act before China loses its “current” status on the Visa Bulletin.
Indian investors interested in concurrent filing may need to act soon as well
Indian nationals comprise the vast majority of H-1B holders in the U.S., and are therefore poised to benefit greatly from EB-5 concurrent filing. However, many EB-5 experts expect India to retrogress very soon and lose its “current’ status for the EB-5 regional center category.
Looking to concurrently file as soon as possible? Talk to eb5Marketplace about a direct investment.
