The EB-5 visa program’s fiscal year runs from October 1 to September 30. The U.S. Department of State releases monthly reports within the fiscal year to update investors and other stakeholders on the program’s current status.
Analyzing this data can help foreign investors understand the EB-5 market, policies, and trends. With this information, they can make informed decisions and avoid mistakes that can delay their EB-5 application processing.
In this article, we’ll look at the EB-5 issuance data for the first half of FY 2024 and what it means for potential investors.
EB-5 Visa Issuance Statistics in FY 2024 So Far
- Unreserved Visa Waitlist, Availability, and Issuance
- Reserved Visa Availability
- EB-5 Issuance Rates by Country
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EB-5 Visa Issuance Statistics in FY 2024 So Far
The EB-5 issuance statistics for FY 2024 show a promising outlook for EB-5 applicants. In the first half of FY 2024 (October 1, 2023 – March 31, 2024), 5,070 EB-5 visas were issued through consular processing. This is a 64% increase compared to the same period in FY 2023. This significant year-over-year improvement shows that EB-5 consular processing is becoming faster and more efficient.
The Department of State’s monthly visa issuance statistics show that EB-5 visas issued each month in the first half of FY 2024 surpassed those of corresponding months in FY 2023, except for November. If issuance continues at the same rate or increases in the remaining months of the fiscal year, the backlog in EB-5 applications could be reduced by the end of the year.
Below is an analysis of EB-5 visa issuance for FY 2024 by EB-5 categories and applicants’ countries.
Unreserved Visa Waitlist, Availability, and Issuance
A record high number of EB-5 visas, 14,169, are available in the unreserved category for FY 2024. Of these, 5,070 were issued in the first half of the fiscal year. This means only about 36% of available EB-5 visas in the unreserved category were used via consular processing in the first half of FY 2024.
The Department of State’s latest report reveals that nearly 39,900 applicants are on the National Visa Center’s (NVC) EB-5 waitlist. Thousands of applicants who received I-526 and I-526E petition approval are still waiting for a visa number from the NVC. If all the available visas in the unreserved category are allocated by the end of FY 2024, the waiting list could be cut by 36%.
This is why the speed and efficiency of U.S. consular offices in processing EB-5 visas are crucial for reducing the current backlog, especially for pre-RIA EB-5 investors.
Reserved Visa Availability
The EB-5 Reform and Integrity Act of 2022 (RIA) created reserved EB-5 visa categories for applicants investing in rural, high unemployment, and infrastructure projects. 8,136 visas are available in these set-aside visa categories for FY 2024 and have yet to be used as of March 31, 2024.
Foreign nationals can qualify for set-aside quotas and priority processing by investing in eligible EB-5 projects within rural targeted employment areas. This allows investors to bypass the long waitlist in the unreserved category with a lower investment threshold.
However, available data show potential backlogs in some reserved categories as more investors choose this pathway. It is essential to submit your application early to benefit from the set-aside visas before they become oversubscribed.
EB-5 Issuance Rates by Country
Investors from China, Vietnam, India, and Taiwan were the largest groups that received EB-5 visas in the first six months of FY 2024. They account for nearly 92% of all EB-5 visa issuance in the first half of the current fiscal year.
A total of 2,767 EB-5 visas were issued to Chinese applicants, representing nearly 55% of all EB-5 visas issued in FY 2024. Vietnamese applicants came in second with 1,326 visas, accounting for 26% of the total issuance.
Indian nationals were the third largest group, with 440 EB-5 visas issued via consular processing, accounting for about 9% of the total issuance. However, this number doesn’t represent the total EB-5 visas received by Indian nationals, as many Indian applicants obtain their EB-5 visa through the adjustment of status procedure within the U.S. There is not enough available data on EB-5 visa issuance via adjustment of status.
Other nationals that topped the chart in EB-5 visa issuance for the first half of FY 2024 include Taiwan, Hong Kong, South Africa, South Korea, and Venezuela, with 113, 43, 35, and 34 EB-5 visas issued respectively.
China and India typically have high volumes of EB-5 applicants. So, the EB-5 waitlist from both countries is long in the unreserved category. Chinese and Indian investors who are considering the EB-5 pathway to permanent residency can avoid the backlog by investing in rural TEA projects that qualify them for set-aside visas and priority processing.
Speed Up Your EB-5 Journey With EB5AN
So far in FY 2024, industry key players are optimistic that visa issuance will continue to increase as consular efficiency and operational capacity expand. However, tens of thousands of applicants with successful I-526E petitions are still awaiting their visa numbers.
Investing in rural TEAs is one way to avoid the long wait for your EB-5 visa. Choosing the right regional center project is also essential for a successful EB-5 process. It’s best to seek expert advice before making a decision.
EB5AN has helped over 2,300 families successfully relocate to the U.S. via the EB-5 program. To learn more about the EB-5 investor program and how we can help you get a U.S. Green Card, please book a one-on-one call with our team today.
