The EB-5 program, a cornerstone for immigrant investors seeking U.S. residency, has seen significant developments in fiscal year 2024. Notably, I-526 petition processing times have improved, and visa issuance has reached record highs. This article will explore the key data points from two reliable sources—Lucid Text’s analysis of I-526 processing and IIUSA’s report on EB-5 visa issuance—offering a comprehensive view of what current and potential EB-5 investors should expect.

I-526 Petition Processing Trends

The I-526 petition is the gateway for investors to gain conditional U.S. residency through the EB-5 program. In the third quarter of FY2024, USCIS made notable progress in processing I-526 petitions, particularly for pre-RIA cases, which are now down to approximately 100 pending petitions. This is a promising reduction in the backlog, as USCIS has actively prioritized these older petitions, clearing the path for quicker approvals.

However, for post-RIA (Reauthorization of the Regional Center Program) cases, I-526E approvals have been slower, as USCIS shifts its focus. That said, there is optimism that as pre-RIA cases are cleared, resources will be freed up to handle the newer cases more efficiently. For investors waiting on post-RIA I-526E petitions, this shift could result in reduced waiting times over the coming months.

Key Influences on Processing Times

Several factors affect the overall I-526 processing times. Investors from high-demand countries like China, India, and Vietnam typically face longer waits due to visa retrogression, where the demand for visas exceeds supply, leading to processing delays. Conversely, investors from countries with fewer applicants may experience faster processing.

USCIS resource allocation has also been a critical factor in the speed of processing. Over the past year, USCIS has ramped up staffing and resources for the EB-5 program, enabling faster decision-making on I-526 petitions. This is a positive signal for investors, especially those who have been waiting for an extended period.

Record EB-5 Visa Issuance in FY2024

Visa issuance through the EB-5 program reached an all-time high in FY2024, with 12,839 visas issued through consular processing by July. This represents the highest level of EB-5 visa usage in the program’s history. Notably, China accounted for 69% of all EB-5 visas issued, with a significant portion processed through the U.S. Consulate in Guangzhou.

Other key markets, including India, Vietnam, Taiwan, and South Korea, also saw notable visa issuances, reflecting the growing global interest in the EB-5 program. Despite the high levels of visa issuance, unreserved visa numbers have been fully utilized for FY2024, leaving potential investors to focus on reserved visa categories or plan for future availability.

Regional Disparities in Visa Issuance

One of the standout trends in the FY2024 data is the regional disparities in visa issuance. The U.S. Consulate in Guangzhou remains the primary consulate for processing EB-5 visas, particularly for Chinese investors. In contrast, visa issuance in countries like India and Vietnam is gaining momentum, as investors in these regions continue to flock to the program.

However, it is essential to note that visa retrogression remains a challenge for countries like China and India, where the high demand has created backlogs. For investors from these regions, planning ahead and being aware of visa availability is critical to managing their expectations and timelines.

Impact of Visa Retrogression on Investors

Visa retrogression occurs when the demand for EB-5 visas exceeds the number of available visas in a given fiscal year, resulting in longer waiting times for applicants. China, in particular, continues to face significant visa retrogression, leading to extended wait times for investors. India and Vietnam are also subject to retrogression, though to a lesser extent.

For investors from these countries, visa retrogression can delay the issuance of conditional green cards, even after their I-526 petition has been approved. While USCIS is actively working to reduce backlogs, investors from oversubscribed countries should be aware of these delays and plan accordingly. Consulting with immigration attorneys and exploring other visa strategies, such as concurrent filing, can help investors navigate these challenges.

Implications for EB-5 Investors in 2024

Despite challenges like retrogression, the overall trends in FY2024 offer positive news for EB-5 investors. The reduction in I-526 processing times and the record-high visa issuance demonstrate that the program is moving in the right direction. For investors looking to enter the EB-5 program, this is a favorable time, especially with USCIS showing improvements in efficiency.

It is essential for investors to remain informed about processing times, visa availability, and other potential roadblocks like retrogression. Staying updated on USCIS’s actions and visa bulletins can help investors plan their immigration journey more effectively.

Takeaways for Prospective Investors

The data from FY2024 paints an encouraging picture for current and future EB-5 investors. With improved processing times for I-526 petitions and record-breaking visa issuance, the EB-5 program remains a robust pathway for those seeking U.S. residency. However, investors should be mindful of country-specific factors like visa retrogression, which can impact their timeline.

For those considering EB-5 investments, acting now could provide an advantage, especially given the recent improvements in processing times. Working with experienced EB-5 regional centers and immigration attorneys will be key to navigating the process smoothly and successfully.

Conclusion

As we look ahead, the continued growth in visa issuance and reduction in I-526 backlogs offer a promising outlook for the EB-5 program. Investors can take confidence in the fact that USCIS is making progress, and the U.S. government remains committed to supporting economic growth through the EB-5 program.

For more information on how you can take advantage of the EB-5 program or to learn more about ongoing investment opportunities, feel free to contact us today.