End of H4 EAD Program?
Anxiety rose among H-1B visa holders last week when the White House Office of Management and Budget (OMB) released its Spring 2019 Unified Agenda. Among the many rules set to be reviewed and published is RIN 1615-AC15, a bureaucratic moniker referring to a DHS proposal to revoke work authorization for H-4 dependent spouses. Once final, this rule is expected to impact approximately 100,000 families. Details of the rule is expected to be published shortly.
According to the rule-making procedures governing new rules by US agencies, once the proposed rule to terminate H-4 EAD is published, it will be available for public comment for 30 to 90 days. DHS will review these comments and potentially revise the draft and submit it to OMB for final review and publication. The new rule is expected to go into effect in June 2020. (For a handy flowchart to the rule-making process, click here.)
Already H-1B professionals face excruciatingly long waiting times for a US green card through EB-2 and EB-3 visa programs – up to 150 years for EB-2 workers with advanced degrees according to the Cato Institute. Terminating the H-4 EAD program would put tremendous financial pressure on tens of thousands of working families who made life-changing decisions to come to the US to achieve the American Dream in reliance on being able to work to support their families, have children, send their children to school, buy a home.
It’s no wonder families are looking to the EB-5 Program as the better alternative. This is particularly true as RFEs and denial rates have increased in 2019. Though processing times are increasing for certain investors, EB-5 still provides the fastest means to obtain a US green card through employment. Moreover, investors can petition themselves while their EB-2 and EB-3 petitions are pending.
Many H-1B professionals have been initially leery of the EB-5 Program, expecting they would be compelled to invest in risky assets or to forgo any returns on their investments. The EB-5 market is changing even if many regional centers have failed to catch on. Behring has launched its Legacy Fund, an EB-5 qualified investment vehicle that enables EB-5 investors to invest in the same assets that excite institutional investors looking for stable cash flows.
Upcoming EB-5 Event: EB-5 Innovation Summit 2019
Behring welcomes you to join its 2019 EB-5 Innovation Summit on June 15, 2019. The event will be held in San Ramon, California and will feature economists, immigration attorneys, and even a former USCIS adjudicator, to address the new EB-5 policy and regulations. Behring’s network of professionals will provide insight into advanced strategies for your EB-5 investment, help you understand the differences between various EB-5 structures, and how to assess a good project and sift through the marketing dross.