Ep 32: What Is English For "Job Loss on a Work Visa"?
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What happens to you if you lose a job on a work visa?
It's the biggest threat to your financial life in the US. In this short episode, we detail your options based on your specific work visa.
Generally, you have to leave the country in 60 days or less, depending on your visa type, visa stamp, home country, and where you are in the visa process. However, there are some unique nuances regarding your other options based on the type of this visa.
In this episode, we address the H-1B, L-1, E3, TN, and O visas and the specific repercussions of losing a job.
The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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Speaker 1 (00:06):
Welcome to the International Money Cafe Podcast, the show where we filter out the noise on cross-border taxes, finances, and life in the us. I'm your host, Jen Hams, certified financial planner, founder and owner of Elgon Financial Advisors.
Speaker 2 (00:21):
And I'm your host, man Nadi, enrolled agent, owner and founder of Amman Tax and Business Services. Join us on this journey as we explore the unique challenges faced by inbound outbound families and businesses on taxes, compliance, and financial planning. Let's get to the show and
Speaker 1 (00:44):
We are back with another shorty episode of the International Money Cafe podcast. This is an episode where in 10 minutes or less, manai and I would take a time used in the cross border space, finances and taxes, and just kind of give you a very high level overview of what this says. A while back, we completed episode 19, which really talked about the biggest threat to your finances when you're on a work visa, and in that episode we went through what you should do, how to prepare for it. Somebody reached out to me and said, okay, I'll listen to episode 19, but I'm curious about the different types of visas. So in today's shorty episode, we are going to take the five main work visas and tell you what happens if you lose a job on one of those visas. So the consequences of job loss on each specific H-1B , I mean on each specific visa, sorry, and then go back to episode 19 to know how to prepare for this. How does this sound minus?
Different Types of Visas
Speaker 2 (01:54):
Yes, that sounds perfect. So I'm going to start out with some of these visas that I happen to work with a lot, and the first one is the L one A and the L one B visa. So you already know if you don't, the L one A and L one B visa are multinational workers being transferred from a foreign company to a US office, and they're usually here for five to seven years. The consequences of a job loss on this visa is that they have to leave the country in 60 days or less, or find another job on an L one or an H one B visa, or they may have to switch to another non-immigrant visa.
H-1B Visa
Speaker 1 (02:43):
And now that you mentioned the H-1B visa, let me talk about that. I do seem to get a lot of people reaching out to me on the H-1B visa. This is a professional visa, and there's again, whole bunch of different requirements. Your duration is typically three to six years, but you may be able to get yearly extensions if applying for a green card. So anyway, if you lose a job on the H-1B visa, here are the consequences. One, you need to leave the country in 60 days or less. You can find another job, but this job has to be on another H-1B visa or you can switch to another non-immigrant visa like a visitor's visa, B one or a student visa or something like that.
TN Visa
Speaker 2 (03:28):
Yeah. So the next visa we'll pick up is the T and visa. This visa is specifically for Canadians or people from Mexico. It's a NAFTA approved job, and they're usually here for three years, but that's dependent on various entry requirements. So if you are on a TN visa and you lose your job, then again you have to leave the country in 60 days or less or find another job on a TN or an H-1B visa. But the H-1B visa is subject to a lottery consideration, and I'll leave Jane to clarify that, or you have to switch to another non-immigrant visa.
Speaker 1 (04:16):
So when you talk about the lottery consideration, what that basically means is a company has to offer you the job and then you get put into this pool because now there's thousands of people applying for a job on H one B visa, and then if you are lucky, your name will get picked because there's only 85,000 of these visas that they end up giving out. So to give you a number to kind of clarify this, I looked at it, I think it was in the last two years, the pool had something like over 500,000 people applied for this. So it can get pretty tricky and pretty hairy if you have to go back through this. Okay.
E3 Visa
Lemme talk about the E three visa. So this is a specialty occupation visa. It needs, I think like a bachelor's degree of hire. But the key thing is you have to be from Australia to get the E three visa. It can be extended indefinitely in two year increments. Okay? If you lose a job on the E three visa one, you have to leave the country in 60 days or less. You have to find another job on either an H-1B visa or an E three visa, or you can switch to another non-immigrant visa.
Speaker 2 (05:36):
Yeah, I know. So we are seeing a pattern here. So consequences of a job loss on most of these work visas is that you have to leave the country in 60 days or less unless you find another job on a different or the same visa. So definitely now the episode 19 where we talk about what you need to do to be prepared for this becomes really important. So yeah, we do come to the end of another, no, there's one we didn't talk about. Oh, we did not. Yes, one
Speaker 1 (06:12):
Visa.
Speaker 2 (06:13):
Okay, I'll
O1 Visa
Speaker 1 (06:13):
Talk about it. Yes, yes, yes, let's do that. Yeah. So the O1 visa, it's the extraordinary ability visa. It's actually been called the Hollywood Visa because you have to have very special skills to get it. And the O1 visa, you get it for three years, it can be extended indefinitely in one year increments, and it can be from any country. Okay? If you lose a job on the oh one visa, again, as you said, you have to leave the country in 60 days or less. You have to find another job on the same or on an H-1B visa, or you can switch to another non-immigrant visa. And I think we've covered all of them, right?
Speaker 2 (07:00):
Yes, we did. We sneaked a one in there too.
Speaker 1 (07:05):
Absolutely,
Speaker 2 (07:06):
Yes. So we come to an end of this great shorty episode, and always please stay tuned for more. Go to our website and subscribe, and we'll be very happy to see you again on our next episode. Thanks. Bye.
Speaker 3 (07:25):
Thank you for listening to the International Money Cafe podcast. The content is for informational and educational purposes only, and should not be used as a substitute for professional advice. Seek the advice of your qualified service provider with any questions you may have regarding your cross order finances and tax needs.