Introduction and Episode Overview
Peter Calabrese (00:02)
Hello, welcome. Thank you for joining. My name is Peter Calabrese. I am the CEO of CanAm Investor Services. CanAm Investor Services is the FINRA-registered broker-dealer affiliate of CanAm Enterprises, one of the largest and certainly most successful regional centers in the history of EB-5.
I have the great pleasure today of being joined by Mr. Nicolai Hinrichsen and Ms. Kristal J. Ozmun. We are going to be talking today about hedging one’s H-1B status, and using the EB-5 program and concurrent filing for doctors and other professionals as they navigate the immigration process. Nicolai and Kristal are both partners at Miller Mayer, one of the leading EB-5 law firms in the industry. Thank you so much for joining. Please give yourselves a quick introduction.
Nicolai Hinrichsen (00:50)
Thank you, Pete, and thank you for the kind introduction. My name is Nicolai Hinrichsen. I am the Managing Partner of Miller Mayer’s EB-5 Practice. Miller Mayer has been in the EB-5 space since the program began in 1993, and by volume, we are one of the largest EB-5 law firms operating today. I am delighted to be here to discuss the opportunity EB-5 presents for H-1B holders.
Kristal J. Ozmun (01:21)
Thank you, Pete. As Pete mentioned, I am the Managing Partner of Miller Mayer’s General Immigration Practice Group, though I also do a significant amount of EB-5 work. Today we will discuss the intersection of H-1B status and the EB-5 program, with a particular focus on adjustment of status and concurrent filing. I will start with a summary of H-1B classification, including its advantages and disadvantages, before Nicolai takes a closer look at EB-5 and concurrent filing.
H-1B Classification: What It Is and How It Works
Kristal J. Ozmun (01:45)
H-1B classification is generally for professional workers with a bachelor’s degree or higher who can work for up to six years in a specialty occupation. A specialty occupation is one that requires at least a bachelor’s degree in a specific field. There are two critical components to qualifying.
First, there must be a tight correlation between your degree and the position you are seeking. A mechanical engineering degree aligned with a mechanical engineering job, for example, is a good fit. A fashion degree paired with a mathematician role would not work for H-1B purposes.
Second, the employer must pay the required wage, which is the higher of the prevailing wage or the actual wage for your specific position in your specific location.
Advantages of H-1B Classification
Kristal J. Ozmun (03:00)
There are quite a few advantages. You can receive up to six years of H-1B status, plus extensions beyond the sixth year under two conditions: if you begin your green card process before the end of your fifth year in H-1B status, or if you have an approved I-140 or approved I-526 petition before the end of your sixth year.
Contrary to popular belief, H-1B classification does not require advertising or a test of the labor market. There is also very little delay when changing employers. A provision called porting allows you to begin working for a new employer as soon as that employer files an H-1B petition on your behalf, even before it is approved.
There is also spousal work authorization available for H-4 holders, though it is quite limited, as I will explain.
Disadvantages and Current-Administration Challenges
Kristal J. Ozmun (04:34)
H-1B filings are always employer-, occupation-, worksite-, and wage-specific. Every new employer must file an H-1B petition on your behalf, and any changes to your job, worksite, or wage must be analyzed to determine whether an amended petition is required.
This year, a presidential proclamation introduced new challenges. A $100,000 fee now applies to petitions filed on behalf of beneficiaries outside the United States. A weighted lottery selection rule has also been introduced, where positions at higher wage levels have a greater chance of being selected. An employer-sponsored worker at the highest wage level, level four, effectively receives four chances in the lottery compared to one chance at the entry level. This substantially reduces odds for lower-wage positions.
The spousal work authorization limitation I mentioned is another downside. H-4 spouses are only eligible to apply for work authorization once the H-1B holder has an approved I-140 petition, which is the penultimate step in the standard employer-based green card process and takes at least two years to reach. That means spouses may be in the United States without work authorization for a significant period, and that assumes the employer even agrees to sponsor the H-1B holder for permanent residence, which is not guaranteed.
Finally, and perhaps most significantly, there is a finite number of H-1B visas available each year in the private sector: 65,000 for those with bachelor’s degrees and higher, and an additional 20,000 for U.S. master’s degree holders. In 2025, there were over 470,000 registrations for those 85,000 slots. In 2026, registrations were slightly lower but still around 350,000. The odds are formidable.
What Is the EB-5 Program?
Nicolai Hinrichsen (08:51)
Before we discuss the specific benefits EB-5 can offer H-1B holders, let me describe the program. EB-5 stands for Employment-Based Fifth Category. It is an immigrant visa that allows an individual to make an investment in a project in the United States.
There are effectively two EB-5 tracks. The first is the standalone or direct program, where an individual invests in their own business. These cases are extraordinarily rare and are generally not the path chosen by H-1B holders. The second is the Regional Center Program, enacted by Congress in 1993, which became widely popular beginning around 2008 as a source of alternative financing for real estate and other projects.
The current investment amount is $800,000 for projects in targeted employment areas, which is by far the most common structure. The investment must demonstrate the creation of 10 jobs for U.S. workers. In the regional center context, job creation is demonstrated through economic modeling, making it significantly more practical than in a direct investment structure. Regional centers like CanAm also stand side by side with individual investors to help them satisfy ongoing immigration requirements. It is a relatively passive investment, which is why it is well-suited for professionals in H-1B status who are otherwise fully engaged in their careers.
Peter Calabrese (11:33)
That is very helpful context. I should pause and note that nothing in this discussion should be construed as legal advice. This is informational. For real legal counsel specific to your situation, please consult Miller Mayer or your own immigration attorney.
The EB-5 program is a compelling opportunity for those who can access it. An $800,000 investment is a significant commitment, and it requires substantial prior planning, appropriate capital, and a lawfully sourced and documented investment. When structured correctly, it can be truly transformative. The two words we hear most often from prospective investors are permanency and urgency. For people who have been pursuing other immigration pathways and are facing uncertainty, EB-5 provides a pathway to permanent status that does not depend on an employer or a lottery.
Choosing the right regional center is critical. You want a qualifying regional center with all necessary filings in good order, an approved project-level designation, project financials that are conservative and well-structured, and a clear pathway to meeting job-creation requirements at the I-829 stage. Both the immigration process and the financial fundamentals matter.
Concurrent Filing: What It Is and Why It Matters
Peter Calabrese (15:12)
One of the most significant developments for H-1B holders and other professionals considering EB-5 is the ability to concurrently file for adjustment of status. This was not available under the original EB-5 program. It became possible with the passage of the EB-5 Reform and Integrity Act, known as the RIA, in March 2022. Nicolai, can you walk through how that works?
Nicolai Hinrichsen (15:50)
Absolutely. Before the RIA, the only option was to file for adjustment of status after the I-526 petition was approved, which could take years. The RIA changed that by permitting concurrent filing for the first time in the EB-5 program’s history.
Here is how it works. The initial EB-5 immigrant petition is filed on Form I-526E. If an individual is in lawful non-immigrant status in the United States, such as H-1B or F-1 student status, and a visa number is immediately available in the relevant EB-5 set-aside category, they can file Form I-485, the adjustment of status application, at the same time. Currently, all EB-5 set-aside categories are current and visa numbers are available for all nationalities.
The I-485 cannot be approved until the I-526E is approved. But while the I-485 is pending, the government grants two very valuable benefits: temporary work authorization via Form I-765, which results in an EB-5-based EAD card, and the right to travel internationally via Form I-131, which results in what is called an advance parole document. These are sometimes issued together on a single card, called a combo card. More recently, USCIS has been approving the EAD first, followed by advance parole.
This gives an H-1B holder an independent basis to remain and work in the United States, separate from their H-1B status. If they were laid off without a pending I-485, they would have to leave or find a new employer immediately. With concurrent filing, they have a meaningful fallback. We always advise clients to maintain their H-1B status in parallel if possible, as it provides an additional layer of protection. But having the EAD and advance parole provides real security.
The psychological dimension should not be understated. For families navigating immigration uncertainty, knowing they have an independent basis to stay in the United States is genuinely valuable. I receive calls almost every day from people worried about layoffs, wanting to start their own businesses, or simply wanting to have that hedge. It is extraordinarily powerful. Since the RIA, a significant percentage of our EB-5 clients are people already in the United States filing domestically rather than from abroad, which speaks directly to the value of concurrent filing.
EB-5 Strategies for Physicians and Other Professionals
Kristal J. Ozmun (22:14)
Building on what Nicolai described, I want to address some common situations for physicians specifically, and then for professionals more broadly.
Most physicians in the United States complete their training in J-1 status, after which they must obtain a waiver of the two-year home residence requirement. Waiver positions can be quite competitive to secure, and the waiver process itself can be time-consuming.
Some physicians pursue their residency training in H-1B status instead. Public colleges and universities, as well as nonprofit hospitals affiliated with academic institutions, are generally exempt from the H-1B lottery, so this path is available to many physicians. However, specialists who train in H-1B should be aware that residency can consume most or all of their six years of H-1B time.
A compelling strategy for those physicians is to begin the EB-5 process early in residency, pursuing both pathways concurrently. If the timing works, a physician could potentially become a permanent resident by the time they complete their training, rather than then beginning to search for an employer willing to sponsor them. This also enables a spouse to obtain work authorization much sooner than they would through the employer-based green card process, where authorization typically does not come until well into the second year.
Kristal J. Ozmun (25:00)
There are broader benefits for any professional, not just physicians. EB-5 removes dependence on your employer for immigration sponsorship. Employers are not required to sponsor for permanent residence, and many have policies requiring a minimum tenure or performance milestones before they will do so. The EB-5 route allows you to begin your permanent residence journey on your own timeline.
There is also a travel benefit that is underappreciated. Once an H-1B holder has a concurrent I-485 pending and receives an advance parole document, they can travel internationally using that document in place of an H-1B visa. This is valuable for individuals whose H-1B visa has already expired in their passport. Ordinarily, they would need to return to their home country for a consular interview, which is now required and must be done in the country of nationality, and then wait two to three weeks for the visa stamp. The advance parole document eliminates that requirement.
Critically, using advance parole for travel does not affect the underlying H-1B status. The individual can still extend and maintain H-1B status in parallel, which provides a protective fallback should anything arise with the I-485 process.
A common misconception I want to address: pursuing EB-5 does not foreclose any other immigration options. You can simultaneously have an employer-sponsored PERM labor certification underway, an approved EB-1A petition, and an EB-5 petition. Anyone can have as many bases of eligibility for permanent residence as they qualify for. You will only receive one green card, but having multiple pathways increases your chances of success. I encourage people not to think of EB-5 as an either/or choice.
Key Deadlines and the Urgency to Act
Peter Calabrese (27:52)
Looking at the horizon, there are several important deadlines prospective investors should understand.
First, the EB-5 Regional Center Program is currently authorized through September 2027. It has been extended many times since inception, and the industry broadly expects it to be extended again. That said, it does require renewal, and it remains something to monitor.
Second, grandfathering provisions that were included in the 2022 RIA are set to expire September 30, 2026. These provisions allow investors who act before that date to preserve certain protections and rights under the RIA framework. This is a real and near-term deadline.
Third, a price increase for the EB-5 investment amount is coming in January 2027. The current reduced investment threshold for targeted employment area projects is $800,000. The RIA mandates an inflation-adjusted increase, and our best estimate is that the new amount will be approximately $130,000 to $140,000 higher. Investing before that adjustment represents meaningful savings.
Finally, and perhaps most immediately relevant to concurrent filing: visa availability. All EB-5 set-aside categories are current today, which makes concurrent filing available to all nationalities. That will not last indefinitely. Industry experts estimate that a final action date, which would restrict concurrent filing for high-demand countries, could arrive as early as 2027. When that occurs, investors who have not yet filed will lose the ability to concurrently adjust status, materially changing the timeline for realizing immigration benefits.
Nicolai Hinrichsen (33:21)
Pete summarized it well. It is a closing window of opportunity. September 30, 2026 is the most immediate and concrete deadline for those who have decided they want to move forward.
Is there enough time? I believe there is, but it requires starting now. Four months is sufficient to learn about the program, consult with an immigration attorney, document your source of funds, and choose a project. U.S.-based income is generally easier to document than foreign-sourced funds. Three months is tight but possible. Two months is very challenging. One month would be extremely difficult.
The process is genuinely complex. The I-526E itself involves detailed source-of-funds documentation, an extensive personal questionnaire, and medical reports. Project selection also requires careful due diligence. For anyone who has not started the process, now is the time to do so. I have never had a client tell me they wished they had waited longer to do EB-5.
Peter Calabrese (36:43)
I agree entirely. The first conversation I have with anyone seriously considering EB-5 is about hiring an immigration attorney immediately to begin source-of-funds documentation. That is the gating step. Once your source of funds is documented, you are in a position to act quickly when you find a project that meets your needs. Working backwards from a deadline, you cannot afford to wait on the immigration side.
I would also encourage people to evaluate regional centers in parallel, not sequentially. Do not wait until your source of funds is complete to start learning about projects. Good regional centers move at their own pace. You want to be ready to act when you find the right fit. The preparation, the legal work, and the project selection should all proceed together.
Final Remarks and Practical Guidance
Kristal J. Ozmun (39:08)
My final thought: a common question we receive is whether pursuing EB-5 forecloses other options. It does not. Anyone can pursue multiple pathways to permanent residence simultaneously. If your employer is willing to sponsor you, accept it. If you have the capital for EB-5, pursue it. Do everything you qualify for, in parallel. The goal is to give yourself the best possible chance of achieving permanent status, and EB-5 is one very powerful tool toward that end.
Nicolai Hinrichsen (40:47)
I want to add that EB-5 is not only for H-1B holders and physicians. Students in F-1 status can also benefit significantly. Those nearing the end of their OPT who were not selected in the H-1B lottery can use EB-5 as an independent basis to remain in the United States while pursuing a lawful immigration strategy. Even students who are earlier in their programs can benefit from starting the EB-5 process early, since the process takes time and a green card or work authorization obtained before graduation provides enormous flexibility.
The broader point is that EB-5 as a supplemental immigration strategy is available to anyone in lawful non-immigrant status with a visa number currently available. Given the immigration environment today, the psychological and practical value of having an independent basis to remain in the United States cannot be overstated. If you are interested, reach out. We are happy to walk through the next steps.
Peter Calabrese (42:22)
Agreed on all points. Planning is everything. Just as we stress the importance of selecting a well-structured project with conservative financials, strong capital protection, and solid job creation, planning on the immigration side is equally paramount. The worst thing you can do is begin the process without coordinating all the moving pieces. Do not start choosing a project before you have engaged an immigration attorney. Do not wait on the legal work before evaluating regional centers. Move on all of it together.
Nicolai, Kristal, thank you both enormously. This has been a wealth of practical, actionable information. For immigration questions, please reach out to the team at Miller Mayer. For information about CanAm’s platform, projects, and investment opportunities, we are always happy to speak with you. Thank you all for joining, and have a wonderful rest of your day.
Nicolai Hinrichsen (46:20)
Thank you, Pete.
Kristal J. Ozmun (45:56)
Thank you everyone for joining.
