The EB-5 visa program operates on an annual cycle from October 1 to September 30, known as the Fiscal Year (FY). To keep all immigration stakeholders informed, the U.S. Department of State (DOS) releases monthly and yearly reports showing the EB-5 market’s status.

By understanding and analyzing up-to-date EB-5 data, applicants can stay ahead of EB-5 visa quota insights and other policy changes. These insights enable them to make strategic decisions, avoid expensive mistakes, and potentially shorten EB-5 wait times.

EB-5 applicants can stay informed by consulting reliable sources such as the monthly visa bulletin, the official website of the United States Citizenship and Immigration Services (USCIS), and the EB5AN blog for the latest developments in the program.

In this article, we will look at the available data for FY 2024 so far, and compare it with the previous fiscal year.

EB-5 Visa Availability and Issuance in FY 2024

March 31 marked the end of the first half of FY 2024, and the data from these six months is rather positive. The Department of State’s monthly immigrant visa issuance statistics data shows an impressive increase in visa issuance rates by consular processing in FY 2024, namely a year-over-year increase of 64%. The number of visas issued each month in FY 2024 surpasses the number issued in the corresponding months in FY 2023, except for November.

Below, we will analyze availability and issuance in FY 2024 concerning the different EB-5 categories and countries.

Unreserved Visas

The National Visa Center (NVC) waiting list revealed that nearly 39,900 registered EB-5 applicants were awaiting visa issuance. For FY 2024, the number of available unreserved visas is 14,169, an unusually high number. DOS data indicates that 5,070 of the 14,169 unreserved visas have been issued between October 2023 and March 2024. So far, only 36% of available visa numbers have been used through consular processing in the first six months of FY 2024.

In this category, Chinese nationals received 2,767 visas, which is 54.58% of total visas issued, representing the largest portion of EB-5 investors.

Vietnamese nationals are the second-largest group, with 1,326 visas issued, making up 26.15% of the total.

Indian nationals are third in line, accounting for 9% of the visas issued in the first six months of FY 2024, with 440 visas issued through consular processing. However, many Indian EB-5 investors typically receive their Green Cards through adjustment of status in the U.S., so more comprehensive data is needed to evaluate the overall EB-5 visa issuance for Indian nationals.

Reserved Visas

Reserved visas are set aside for rural, high unemployment, and infrastructure projects. This year’s number of available reserved visas is 8,136, and so far, they have not been used.

As of the May 2024 visa bulletin, all reserved EB-5 visa categories are current for all countries. Foreign nationals who intend to apply for the EB-5 visa program can bypass the lengthy wait in the unreserved visa queue by investing in projects that qualify for these set-aside visas.

Investors in rural EB-5 projects can speed up their Green Card process even more, as USCIS applies the priority processing approach to rural I-526E petitions.

However, recent data suggests potential upcoming backlogs in reserved categories, so investors are advised to submit their applications soon to benefit from this opportunity.

Launch Your EB-5 Journey With EB5AN

The outlook for the EB-5 program in FY 2024 is positive. However, tens of thousands of applicants with approved I-526E petitions are still waiting for their visa numbers. If all available visas for FY 2024 are used, the current EB-5 waitlist could be reduced by 36% by the end of the fiscal year. Therefore, the efficiency of U.S. Consular Offices in processing EB-5 visas is crucial for reducing the current visa backlog for pre-RIA EB-5 investors.

For new investors, selecting the right timing, team, and project is key. Potential EB-5 investors should seek expert advice to make the best decisions that align with their financial and immigration goals.

That’s where EB5AN comes in. We have helped more than 2,300 families from 60 countries relocate to the United States as lawful permanent residents. Our key advantage is our personalized approach, where we offer customized services that meet the specific needs of each investor.

To find out how we can help you and your family obtain U.S. Green Cards, please schedule a free consultation with our expert team today.