In the latest global issuance report for EB-5 visas, one striking statistic stands out: the quota for EB-5 non-reserved visas for Fiscal Year 2024 has been completely exhausted. This data once again demonstrates the high popularity of the EB-5 program among global investors and indicates that competition for EB-5 visa quotas will become increasingly fierce in the future.
Recently, the U.S. Department of State announced that all available EB-5 non-reserved category visas for Fiscal Year 2024 have been issued. No new visa quotas will be available for issuance before the new fiscal year on October 1 (Fiscal Year 2025). This news is significant as the U.S. Department of State and the U.S. Citizenship and Immigration Services are working to reduce the EB-5 backlog and improve processing times. Below, let’s take a look at the characteristics of EB-5 visa issuance as of June 2024, in collaboration with the WorldWay Group.
EB-5 Visa Issuance Status for Fiscal Year 2024 (Consular Processing Only)
From October 1, 2023, to June 30, 2024, a total of 8,862 EB-5 visas were issued through consular processing, representing a 42% increase compared to the same period in Fiscal Year 2023. As shown in the chart below, the monthly issuance of visas continued to grow in June, reaching the highest level for Fiscal Year 2024, with 1,689 EB-5 visas processed in a single month, all of which were non-reserved category visas. Notably, the U.S. Consulate General in Guangzhou issued over 1,430 EB-5 visas in June alone, setting a record for the past two years.
Monthly EB-5 Visa Issuance through Consular Processing: Comparison of Fiscal Year 2024 and Fiscal Year 2023
According to the latest data, all EB-5 visas issued through consular processing in Fiscal Year 2024 to date belong to the non-reserved category. However, according to Dr. Hanley, a data scientist at the U.S. Department of State, as of May 16, 2024, over 17 reserved category EB-5 visas have been utilized through the U.S. Citizenship and Immigration Services adjustment of status process. Additionally, the first EB-5 visa for rural area categories is about to be issued by the Consulate General in Guangzhou.
Non-Reserved EB-5 Visa Waitlist, Visa Availability, and Visa Issuance Status to Date for the Fiscal Year
According to data from the U.S. Department of State, as of May 16, 2024, 1,990 EB-5 visa quotas have been utilized through the U.S. Citizenship and Immigration Services adjustment of status process, while 8,862 EB-5 visas have been issued through consular processing as of June 30, 2024. This indicates that at least 10,855 EB-5 visa quotas (i.e., 76.6% of the total available visas) have been utilized as of June 2024. According to a recent announcement from the U.S. Department of State, all available EB-5 non-reserved category visas for Fiscal Year 2024 have been issued.
Trends in EB-5 Visa Usage by Country Category
In Fiscal Year 2024, applicants from China, Vietnam, India, Taiwan, and South Korea continue to represent the largest group of EB-5 visa investors, collectively accounting for 93% of the EB-5 visas issued this fiscal year. Notably, as of Fiscal Year 2024, over 65% of EB-5 visas have been obtained by applicants from China, with the Consulate General in Guangzhou processing over 5,600 EB-5 visas, playing a key role in addressing the EB-5 visa backlog.
It is evident that all EB-5 non-reserved visas for Fiscal Year 2024 have been issued, while the quotas for EB-5 reserved visas remain abundant, indicating that the new EB-5 policy is still in a golden application period. Furthermore, according to the latest visa bulletin, EB-5 reserved category investors born in mainland China are still in a no-waiting period status. For those who need to stay in the United States or urgently need to travel to the U.S., the current policy advantages present a great opportunity for rapid immigration to the United States. In fact, since the release of the new EB-5 legislation, it has been highly favored by Chinese families, especially the "EB-5 rural project under the reserved visa category - no waiting period & double submission & priority processing," which has become a focal point for many families.
If you are also interested in immigrating to the United States, be sure to act quickly, seize the opportunity, apply early, get approved early, and benefit early! The three popular EB-5 projects on the market, including the "University Town Hilton Hotel" which has been approved under I-956F and is exclusively represented by the WorldWay Group in the Greater China region, the "Florida Lakeside Jewish Community" EB-5 project which has a large number of approved I-526E cases, and the "Hawaii Grand Resort" EB-5 project created in collaboration with capital giants, are all high-quality EB-5 rural projects that have been rigorously screened and vetted by the WorldWay Group.
These three premium EB-5 projects all comply with the new legislation for rural TEA projects, not only enjoying reserved EB-5 visa quotas but also receiving priority processing from the immigration bureau, offering numerous advantages such as no waiting period, priority approval, and first-position collateral for EB-5 funds, with investments starting at $800,000. One application can secure green cards for the entire family, with limited quotas available, so act fast to secure your spot.
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