Recently, the immigration authorities released the EB-5 approval and processing data for the fourth quarter of fiscal year 2017. Let us first take a look at the specific data and trends:
I-526 Processing Data
In the fourth quarter of fiscal year 2017, the immigration authorities received a total of 1,637 I-526 applications, a significant decrease compared to the third quarter;
The number of I-526 approvals was 2,876, an increase of 490 over the third quarter;
The number of I-526 denials was 217, a decrease of 61 from the third quarter;
The number of I-526 pending cases was 24,992, an increase of 371 over the third quarter.
I-526 Processing Trends (Quarterly)
I-526 Processing Trends (Fiscal Year)
I-829 Processing Data
In the fourth quarter of fiscal year 2017, the number of I-829 receipts was 493, a decrease of 167 from the third quarter;
The number of I-829 approvals was 1,344, an increase of 481 over the third quarter;
The number of I-829 denials remained very low at 8;
The number of I-829 pending cases was 6,735, a decrease of 910 from the third quarter.
I-829 Processing Trends (Quarterly)
I-829 Processing Trends (Fiscal Year)
Analysis Summary
The good news is that for the first time since 2009, the number of EB-5 application adjudications has exceeded the number of filings. This is necessary to reduce visa backlogs and shorten processing times.
Compared to the previous fiscal year, the number of I-526 receipts in fiscal year 2017 decreased by 14%, while the number of I-526 adjudications increased by 31%; the number of I-829 receipts decreased by 24%, while the number of I-829 adjudications increased by 42%.
Although the number of I-526 receipts in fiscal year 2017 decreased, it remains high; as before, quarterly receipt trends show that filing peaks still occur before the expiration of the Regional Center Program.
In fiscal year 2017, the trend of I-829 receipts showed a quarterly decline, which is concerning. Since the Department of State has issued the maximum quota of EB-5 visas annually starting from fiscal year 2014, the number of people filing I-829 applications to remove conditions on their green cards should logically be relatively stable. However, it seems that an increasing number of individuals who obtained conditional green cards have failed to complete the EB-5 process. Encouragingly, the number of I-829 denials remains consistently low.