I am currently on H-1B visa with approved I-140 and another pending PERM (Due to location change.) I and my wife also have a pending I-526 petition that we applied for in March of 2018. With the new rules, I believe we can concurrently apply for I-485 Adjustment of status. 1) If we apply for i-485 today, How does it affect our current status? 2) At what point in the EB-5 process will we have to let go of our H-1B visas? 3) Is there a way not to jeopardize my H-1B until I have my conditions removed?
If there is no quota backlog, you can file an adjustment now, but once approved, your H-1B will be terminated. If you want, you can surrender your conditional card and later file for an employment card. But you cannot keep your H-1B when you have a green card.
Your H-1B and I-485 can pend at the same time. We recommend maintaining status until you become a permanent resident or conditional resident. Once a conditional resident though, your H status will automatically end. If you believe the priority date attached to your new I-140 (which will recapture the date on your prior I-140) is going to be current soon, you can ask USCIS to move the pending I-485 to the I-140 and get the normal 10-year green card instead of 2-year conditional residence. In the meantime you can keep all options open and monitor for best ultimate strategy.
You can apply for adjustment of status based on the pending I-526 and it will not affect your H-1B status or your pending PERM. The H-1B visa is a dual intent visa which allows the individual to have pending green card petitions (more than one) while in non-immigrant status. Once your I-526 is approved and your green card issued pursuant to adjustment of status, you will no longer be in H-1B status and be a conditional green card holder. You can only remove conditions on your green card as a conditional green card holder (i.e., you will not be in H-1B status at this point in time).
You can file AOS for your EB-5 now. You can have both your H-1B and your EB-5 I-485 pending. Once you get your EAD you can be home free.
