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Not quite. According to 8 CFR 274a.12(a)(6), you are eligible to apply for work authorization with U.S. Citizenship and Immigration Services, USCIS, based on your K1 visa, but USCIS must still issue an employment authorization document (EAD), commonly referred to as a work permit. The law states that "Classes of aliens authorized to accept employment [include]…An alien admitted to the United States as a nonimmigrant fiancé or fiancée pursuant to section 101(a)(15)(K)(i) of the Act, or an alien admitted as a child of such alien, for the period of admission in that status, as evidenced by an employment authorization document issued by the Service." This essentially means that although you do not have automatic work authorization with your K-1 visa, your K-1 visa gives you a basis to apply for a work permit from USCIS.
In addition, as stated above, your EAD will only be valid for "the period of admission in that status." So, according to this regulation, your EAD may only be valid for 90 days, the period of admission as a K-1 visa holder.
The better option is to apply for an EAD as part of your permanent resident I-485 application, also known as the green card application. The advantages of applying together with the green card application are that the EAD fee is included with the I-485 fee and that the EAD will be valid for one year. Not only will you save hundreds of dollars by applying together instead of individually, your work permit will be valid longer.
Author: Vincent P. Martin
Vincent P. Martin heads the Immigration Practice Group at Cundy and Martin, LLC. Vincent represents employers, business personnel, investors, families seeking to sponsor other family members, students, asylees, and those facing deportation with all areas of immigration law. Vincent has helped countless clients with work visas, family visas, and deportation defense.