Hundreds of thousands of foreign tech talents are waiting to move to immigrant cities like San Francisco, Los Angeles, New York and Chicago. Their talent remains unseen behind the iron bars of the misconception of a shortage of talent and diversity. An estimated 450,000 Computer Science jobs will go unfilled by next year. The Irony behind the tech shortage is the US immigration policy, but what’s harder than getting the visa is paying for your relocation costs.
Engineers from around the world are eager to move to Silicon Valley that has the best salaries and work culture. But the path to US immigration and getting a job is complicated because it is impossible to get a visa without an employer. Getting sponsorship means finding a US employer who is willing to accept a foreign engineer as an employee. However, US employers won’t hire anyone without a visa? We’ve met so many talented and eager immigrants wanting to work in the US but they are blocked from doing so.
The O-1 Visa program and PassRight offer a solution for the 1% of Talented Immigrants
PassRight is offering tech talents who qualify for the O-1 visa, a clear path to sponsorship, visa approval, and a job. The O-1 visa criteria are clear. It’s easy to find out if you qualify for it. However, this process is expensive and carries a cost of $10,000 – $15,000. ISAs are here to pay for this cost. During 2018 PassRight helped 124 tech talents obtain the O-1 Visa. All of them were approved and now have jobs. However, after seeing that many were afraid to pay us or simply couldn’t afford our services, PassRight decided to open the door to Income Sharing Agreement. This new exciting option will allow us to accommodate talent that’s ready to make the move to the US, but can’t afford it.
PassRight is Creating a New Asset Class Connecting ISAs and Immigration for Tech Talents
Imagine Gabriela, a full stack software engineer from Poland. Gabriela makes a yearly income of $30,000 as a software engineer today. Gabriela has won awards, served in leading roles and has had a higher salary than the average engineers in her home country. She qualifies for the O-1 visa. However, Gabriella has a husband and two kids. For Gabriella and her family to make the move to the US successfully, there are more necessities. Gabriella has to find a home suitable for a family of four, enroll her kids in school, and purchase a car. This isn’t easy as new immigrants who just received their social security do not have credit and practically everything is harder and more expensive for them. Gabriella goes to the bank in Warsaw to see how much credit she can get but the banks are not willing to accommodate a relocation to the US. For Gabriella, a loan is hard and costly but mostly it is extremely risky. What if the visa won’t get approved?
Using an Income Sharing Agreement, by Global Talent Fund, Anna gets the chance for a risk-free immigration process with the financial help she needs for a successful relocation.
ISAs are more Practical and Personal than Traditional Debt Financing
Gabriela’s investors are motivated to help her as Gabriella’s success directly reflects on them. The immigration based income Sharing Agreements are capped and tied to a % of Gabriella’s salary and not to how much money she has at the bank.
At PassRight we’ll finance these immigration costs, and in return, we’ll ask for 17% of Gabriella’s salary, capped at $30,000. This means, that the financing is not connected with personal economics. However, based on the average salaries in Silicon Valley, the ISA will be fully repaid within an average of 12 months. If Gabriella loses her job then the ISA’s is paused until Gabriella receives a salary again.
The free online screening for the O-1 visa is available here.