United States Citizenship and Immigration Services (USCIS) has released EB-5 petition processing statistics for FY2024 Q4. This new data includes Q4 (July through October 2024) and also the entire FY2024.
The USCIS data includes processing statistics for Form I-526 and Form I-829.
Form I-526 is the initial petition for a conditional Green Card. EB-5 applicants file Form I-526 after making their investments.
Currently, there are two distinct versions of Form I-526. EB-5 investors in regional center-sponsored projects file Form I-526E, Immigrant Petition by Regional Center Investor. Those who invest directly in an EB-5 enterprise file Form I-526, Immigrant Petition by Standalone Investor. This article and the analysis slides contain data for three versions of Form I-526—Form I-526 Legacy, Form I-526, and Form I-526E. Form I-526 Legacy refers to all Form I-526 editions that predate June 1, 2022, edition.
Form I-829 is filed at the end of an investor’s two-year residency period to remove the conditions on their Green Card.
The processing statistics for FY2024 show a continuous strong demand for the EB-5 visa, with 4,567 total filings of Form I-526E and 281 new filings of Form I-526 in FY2024.
In contrast, the entirety of FY2023 saw 2,431 Form I-526E filings and 185 Form I-526 filings.
FY2024’s I-526 and I-526E total filings represents an 85% growth rate from FY2023.
This growing demand for EB-5 immigration may be attributed to an increasing awareness of the additional benefits for EB-5 investors under the EB-5 Reform and Integrity Act of 2022 (the “RIA”).
Under the RIA, EB-5 applicants from China and India can avoid their country’s processing backlog through the new set-aside visa categories. In addition, priority processing for investors in rural EB-5 projects has allowed several investors to receive Form I-526E approval within 12 months—a significantly faster processing timeframe.
EB-5 investors who hold non-immigrant U.S. visas also benefit from concurrent filing. This allows them to quickly change their immigration status and remain in the United States regardless of their employment status or other limitations on their former visa.
Concurrent filing also allows EB-5 investors to quickly obtain an employment authorization document (EAD) while awaiting approval of their I-526E petition.
Download EB5AN’s analysis slides for a comprehensive breakdown of the FY2024 data and continue reading for detailed analysis and important points.
Note: As sometimes occurs in USCIS statistics, there are discrepancies between the quarterly and yearly processing data. If new petitions are not entered into the USCIS case-tracking system during the quarterly reporting period, the information is not included in their quarterly data.
Download EB5AN Analysis Slides on I-526 and I-829 Processing Statistics
I-526/E Processing Data
I-829 Processing Data
Form I-526/E and Form I-829 Processing Data Comparison
Predicting Future Trends in EB-5 Petition Processing
I-526/E Processing Data
Receipts
FY2024 saw a total of 4,848 new I-526 and I-526E receipts. This represents a 85% increase, up from I-526 and I-526E filings in the previous fiscal year.
While the quarterly average of new I-526 and I-526E filings was only 684 in FY2023, the quarterly average in FY2024 was 959.
USCIS has also released separate receipt statistics for the I-526 and I-526E petitions for FY2024.
With a quarterly average of only 44.75 I-526 petition receipts this fiscal year, the regional center program with a quarterly average of 914.5 I-526E petition receipts remains by far the most popular investment type for EB-5 applicants. Q2 had the highest number of filings in FY2024, accounting for 68% of the total I-526E petition filings during the fiscal year.
Approvals and Denials
With 5,385 I-526 and I-526E approvals in FY2024, approvals have increased by 143% from FY2023.
During FY2023, that average number of I-526 approvals per quarter was 548.25. For FY2024, there were 4,305 I-526 Legacy, 55 I-526, and 1,025 I-526E approvals. By comparison, in FY2023, there were 2,149 I-526 Legacy, 0 I-526, and 63 I-526E approvals.
Despite the higher volume of I-526 and I-526E receipts, there were only 1,630 I-526/E denials in FY2024, compared to 1,104 denials in FY2023.
Analyzing I-526/E Processing Trends
The significant increase of I-526 and I-526E filings in FY2024, particularly in Q2 and Q4, likely reflects bolstered demand under the RIA.
While most EB-5 markets have likely seen increased demand thanks to the RIA’s new immigration benefits, the Chinese EB-5 industry has seen especially rapid growth in FY2024.
The new set-aside visa categories can allow Chinese investors to avoid their country’s large backlog of EB-5 petitions and potentially gain I-526/E approval years earlier than otherwise possible.
As of December 26, 2024, the USCIS Check Case Processing Times page reports that 80% of Chinese I-526 petitions are adjudicated within 90 months—over 7 years.
In contrast, Chinese investors can potentially get I-526 approvals within 12 months by investing in a rural project, thanks to the priority processing of rural set-aside visas.
However, the set-aside visas make up only 32% of the yearly EB-5 visa supply. After enough I-526E petitions are filed in the set-aside visa categories, the set-aside categories will also become oversubscribed.
Once this occurs, there may be a decrease in new I-526E filings from China and India. Until then, the higher volume of I-526E filings may provide USCIS with additional resources that can be allocated to processing EB-5 petitions.
According to USCIS, 95% of its revenue is generated from filing fees. The filing fee for Form I-526/E is currently $12,160, an increase from $3,675 earlier this year. Meanwhile, the filing fee for Form I-829 is $9,525.
The annual increase in I-526E approvals in FY2024 may be attributed to the rural petitions filed within the last 12 months receiving expedited approvals under the RIA’s priority processing, as well as additional resources made available through the higher I-526E filing fee.
In total, 281 I-526 and 4,567 I-526E petitions were filed in FY2024, and the backlog of pending petitions decreased by 18% at the fiscal year level.
I-829 Processing Data
I-829 Receipts
4,152 I-829 petitions were filed in FY2024. This represents a 255% increase from the 1,170 filings in the previous fiscal year.
Form I-829 is filed after an EB-5 investor’s two-year conditional residency. The increase of I-829 petition filings in FY2024 is a result of pre-RIA investors completing their two-year conditional residency.
I-829 Approvals and Denials
6,089 I-829 petitions were approved in FY2024, and 313 were denied. This represents a 241% increase from the 1,784 approvals in the previous fiscal year.
I-829 Petition Summary
7,758 I-829 petitions were pending by the end of FY2024. This represents a decrease of 22% from the 9,989 I-829 pending petitions in FY2023.
Because more I-829 petitions were processed and approved in FY2024, USCIS has significantly reduced the I-829 petition backlog.
Form I-526/E and Form I-829 Processing Data Comparison
At the end of FY2024, USCIS had a backlog of 9,971 pending I-526 and I-526E petitions and 7,758 pending I-829 petitions.
As more rural I-526 and I-526E petitions are filed in FY2025, the additional resources made available from the higher I-526E filing fee, as well as priority processing under the RIA, may result in a significant reduction of the I-526 backlog.
Predicting Future Trends in EB-5 Petition Processing
With further demand on the horizon, the EB-5 industry appears to be entering a new peak period. Both U.S. residents on non-immigrant visas and foreign nationals living abroad can now get U.S. Green Cards and other immigration benefits faster than ever before in the EB-5 program’s 33-year history.
However, this peak period for Chinese and Indian EB-5 investors may be short-lived, as set-aside visa categories could face backlogs for these countries in FY2025.
For the latest information on trends in the EB-5 industry, follow EB5AN’s blog or schedule a free consultation.
