As of August 2024, the U.S. Department of State (DOS) announced that the allocation
of unreserved EB-5 visas for the fiscal year 2024 has been fully exhausted. This is a
significant update for those participating in the EB-5 Immigrant Investor Program,
particularly for investors from high-demand countries such as China and India. With the
issuance of all available visas for FY2024, no further unreserved visas will be issued
until October 1, 2024, when the new fiscal year begins.
This development stems from the U.S. Citizenship and Immigration Services (USCIS)
and DOS working together to efficiently clear backlogs, especially for those affected by
previous delays under the EB-5 Reform and Integrity Act (RIA). Investors who had
applied in earlier fiscal years (FY2022 and FY2023) have benefitted from this
collaborative effort, with priority dates advancing for many Chinese and Indian nationals.
This backlog reduction has been widely viewed as a positive step in the industry,
showcasing an improved efficiency within the EB-5 program.
Implications for Investors
- New Visa Availability Delayed Until October 2024: Investors applying for
unreserved EB-5 visas should expect a brief wait until October 1, 2024, when the
next allocation becomes available. This might affect applicants who are currently
in the later stages of their petition processing but have not yet received an
interview or visa approval. Understanding the timelines for new visa availability
will be key for those making strategic decisions about their EB-5 investments. - Impact on High-Demand Countries: Investors from countries such as China,
India, and Vietnam often experience backlogs due to the high demand for EB-5
visas. The exhaustion of FY2024’s visa supply may extend these waiting periods,
further emphasizing the importance of monitoring priority dates and
understanding the nuances of set-aside visa categories. - Leveraging Visa Set-Aside Categories: While the unreserved visa allocation
has been exhausted, visa set-aside categories — which include rural, high-
unemployment, and infrastructure projects — still have availability. These set-
asides were introduced as part of the RIA, designed to promote investments in
less-populated or economically challenged areas. Investors exploring these
options may experience faster processing times and can avoid the delays facing
the unreserved category.
What Should Investors Do Now?
While the current exhaustion of unreserved visas may cause frustration for some, it’s
essential for investors to view this as part of the cyclical nature of the program. The
fiscal year reset on October 1, 2024, will reopen opportunities for those seeking
unreserved EB-5 visas. In the meantime, investors should maintain active
communication with their immigration attorneys and stay up-to-date on changes within
the program.
- Explore Regional Center Projects in TEAs: Projects located in targeted employment areas (TEAs) allow for a lower investment threshold and typically faster processing times. These projects have gained popularity due to their potential to provide EB-5 applicants with a quicker pathway to permanent residency.
- Monitor Legislative Updates: The EB-5 program continues to evolve under new legislative reforms, particularly the EB-5 Reform and Integrity Act. Keeping track of these updates will ensure that investors remain compliant and take advantage of any new benefits within the program.
In conclusion, while the exhaustion of FY2024 unreserved visas may present a
temporary hurdle, the strategic use of visa set-asides and TEA projects provides viable
alternatives. Investors are encouraged to stay informed and proactive in adjusting their
EB-5 strategies as the fiscal year draws to a close.
Visa Immigration Pro has reputable EB-5 immigration attorneys to help you explore the program’s eligibility requirements and discuss investment opportunities that align with your financial goals.
