Increased EB-5 Visa Availability and Processing Improvements in 2024

Fiscal Year 2024 has brought significant positive developments for the EB-5 Immigrant Investor Program, particularly in terms of increased visa availability and improved processing times.

Increased Visa Availability

In FY 2024, the EB-5 visa program has seen a substantial increase in available visas, with projections estimating over 20,000 visas, potentially reaching up to 22,233. This increase is largely due to the carryover provisions from previous fiscal years under the EB-5 Reform and Integrity Act of 2022 (RIA). Unused reserved visas from FY 2022 and FY 2023 have been added to the current year’s quota, enhancing overall visa availability (Travel.state.gov).

Impact on Processing and Backlogs

The increase in visa numbers has led to significant improvements in processing efficiency and a reduction in backlogs. In the first half of FY 2024, 5,070 EB-5 visas were issued through consular processing, marking a 64% increase compared to the same period in FY 2023. This improved efficiency is critical for addressing the backlog of applications, especially for investors from high-demand countries like China and India (Invest In the USA).

Country-Specific Trends

Chinese and Indian nationals continue to be the largest groups of EB-5 investors, with significant improvements in visa issuance rates. For instance, 2,767 EB-5 visas were issued to Chinese applicants in the first six months of FY 2024, representing 55% of the total issuance. Indian applicants received 440 visas during the same period, accounting for about 9% of the total (Invest In the USA).

Reserved Visa Categories

The RIA has introduced reserved visa categories for investments in rural areas, high unemployment areas, and infrastructure projects. In FY 2024, 8,136 visas are available in these set-aside categories, though they remained largely unused as of March 31, 2024. These categories offer priority processing and a lower investment threshold, providing a strategic advantage for investors seeking faster adjudication (Invest In the USA).

Future Outlook

The outlook for EB-5 investment remains positive, with increasing interest and participation in the program. As more regional centers and projects become available, and with continued improvements in processing times, the demand for EB-5 visas is expected to grow further. The industry’s adaptability and legislative support from the RIA are likely to sustain this growth trajectory, benefiting both investors and the U.S. economy (JTC).

For more detailed information, you can refer to our EB-5 Program Overview, as well as USCIS, the U.S. Department of State, and IIUSA. These platforms provide comprehensive data and updates on the EB-5 program, helping investors navigate the process effectively.