Recently, major layoffs have occurred at companies such as Google, Microsoft, Amazon, and Meta in the United States. Among these, Google's layoffs have conveyed an important message: the suspension of green card applications for foreign employees. Google's email stated: "As tech companies have recently announced hiring freezes or layoffs, the number of job seekers in the labor market continues to increase. Like other tech companies, Google has noticed a significant rise in the number of permanent labor certification (PERM) cases being reviewed by the Department of Labor, which we believe is a result of the increasing talent in the job market. After careful consideration, we have decided to suspend all new PERM applications."
Applying for a permanent labor certification (PERM) is a prerequisite for foreign employees to obtain a U.S. employment-based green card. Google's announcement to suspend PERM applications means that employees' green card applications are also interrupted. Many employees lament, "Layoffs + identity issues are two mountains weighing on the Chinese community in the Bay Area. Many applicants have lived in the U.S. for many years; they have families and career plans. However, after the announcement of layoffs and the suspension of green card applications, they find themselves trapped in this immigration system, which makes their path to staying in the U.S. fraught with difficulties.
In the current environment of layoffs and the suspension of green card applications, it is undoubtedly difficult for Chinese individuals in the U.S. to gain a true sense of security without a green card, and whether they can remain in the U.S. is uncertain. For H-1B visa holders, once they are laid off, they must find a new job within 60 days; if they do not find employment or change to another legal status, they must leave the U.S., which jeopardizes their spouse's legal status and their children's schooling.
According to predictions from U.S. immigration websites, the number of H-1B applications for the fiscal year 2024 is expected to exceed 500,000. Although the number of applicants has been increasing year by year, the final quota for approved H-1B applications each year is only 85,000. Faced with a more competitive environment and uncertainty about staying in the U.S., rather than living in anxiety every day, it is better to think about a Plan B early and actively plan for U.S. status, taking responsibility for oneself and one’s family.
In fact, given the uncertainties of the H-1B visa lottery and layoffs, an increasing number of investors are turning to the EB-5 visa as an alternative option. The EB-5 investment immigration program is actually a more secure choice. The new EB-5 legislation passed in March 2022 made significant adjustments to the rules of EB-5. A major benefit is that it provides investors born in mainland China with an option to bypass the waiting period, specifically for projects in the EB-5 visa reserved category (20% for rural area projects, 10% for high unemployment area projects, and 2% for infrastructure projects), which currently have no waiting period and allow for rapid immigration to the U.S.
Additionally, the new legislation allows eligible applicants to submit both the I-526E/I-526 immigration application and the I-485 adjustment of status application simultaneously. When submitting the I-485 application, applicants can also apply for travel permission (I-131) and work authorization (I-765). Once applicants receive the I-485 receipt, they can legally stay in the U.S. for an extended period; approval of the I-765 application (3-6 months) allows them to obtain a work permit and legally choose their employment; approval of the I-131 application (6-12 months) grants them advance parole (AP) to legally travel in and out of the U.S. This means that after these applications are approved, they can work freely in the U.S. and travel in and out, and both the applicant and their spouse can work legally, while their children can attend local public schools and apply for state government health insurance, enjoying most of the conveniences of life as U.S. residents.
For investors, if they apply for an immigration category without a waiting period and are already in the U.S. and meet the relevant conditions, they can submit the I-485 adjustment of status application simultaneously with the immigration application, thus allowing them to live and work in the U.S. more quickly.
In the current situation, for those intending to immigrate to the U.S. through the EB-5 program, it is advisable to make a decision early, secure a spot in a high-quality project with no waiting period, and seize the opportunity to be among the first to bypass the waiting period, in order to realize their immigration dreams as soon as possible. Currently, the popular "Florida Lakeside Jewish Community" project is an EB-5 project that meets the new legislation's rural area (TEA) criteria, not only enjoying reserved EB-5 visa quotas but also receiving priority processing from the immigration bureau, combining the advantages of no waiting period, a project employment multiplier of up to 5.44, and first-priority collateral guarantees, assisting investors in quickly immigrating to the U.S.!
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*This information does not constitute any form of offer and is for informational reference only. To improve readability, the information published in this material has been truncated and summarized; any legally binding detailed information should be based solely on the English investment documents provided by the project party at the time of formal subscription.* Investors should make their own investment judgments and decisions based on the official English investment documents of this project.* Investment involves risks; choices should be made with caution.*
