When we blogged on Brexit back in May, it was not as globally recognised as it is today. Britain has voted to leave the European Union (EU) on 23rd June, 2016, much to the surprise of the nation and consequently received some global criticism.
What is the Potential Impact of Brexit on US Immigration?
It could be argued that Brexit would lead to less US immigration by UK citizens, such as a decrease in investment, due to the slump in sterling. No one knows, however, if and for how long the pound will remain relatively weak. Arguably we could see a return to strength, as we saw the pound recently rise against the dollar. Perhaps the expert speculation was nonsense. The pound showed some strength just as Theresa May became the new UK prime minister.
Only time will tell.
What we do know is this, there is uncertainty. The US may not want to trade with UK businesses, which could ultimately lead to UK businesses opening US branches, or even closing their UK operation in order to invest in the US. We are, therefore, looking at a potential increase in E-2 Treaty Investor, E-1 Treaty Trade and L-1 New Office Intra-Company Transfer Visas.
Individual UK residents and citizens may seek employment or to study in the US if they believe the US economy is more stable. Here, we may see an increase in demand for H-1B Specialty Occupation, F-1 Student or J-1 Internship Visas. As the UK polls showed that the young generally voted to remain in the EU, the latter wouldn't surprise us.
Despite a “bad” exchange rate for Brits looking to invest in the US, perhaps we will generally see an increase in E-2 and EB-5 Investment due to other countries not wanting to invest in the UK. When a country looks at the UK and the US and only wants to invest in one of those countries, perhaps Brexit tilted them towards the US. Not that they are the only potential contenders, but you get our drift.
Either way you look at it, the UK economy is now uncertain, particularly in the short-term. America didn't like Brexit and we have upset the rest of the EU. It makes sense that we may see a rise in US immigration.
If you would like to schedule a consultation at our office regarding US Immigration, please visit our website at www.baimmigrationlaw.com and contact us on:
+44(0)203 102 7966 or info@baimmigrationlaw.com