A Record Year for EB-5 Visa Allocation
The U.S. State Department recently announced that as of August 16, 2024, they have hit a record high in EB-5 visa allocation, reaching over 14,000 visas in the Unreserved Category. This surpasses the previous high of nearly 11,000 visas. In addition to this achievement, reserved visas in HUA and Rural categories have also been issued, and will continue to be issued through the rest of the fiscal year, giving everybody in the EB-5 community a chance to rejoice the bumper crop of productivity we forecasted.
USCIS Backlog Reduction and Visa Issuance Efficiency
USCIS Director Ur Jaddou’s focus on backlog reduction has led to notable efficiency improvements. As highlighted in our previous blog on EB-5 dual approval codes, the new approach allows for the reallocation of expiring Unreserved visas to Reserved Category investors who chose High Unemployment (HUA), Rural, and Infrastructure projects.
Understanding Visa Priority and Allocation
Each year, new EB-5 visas become available, with 32% set aside for post-RIA investors. If a set aside visa is unused, it remains in the same category for a year, and if unused again, it rolls over to the unreserved inventory for one year, before being lost to a different form type. Because unreserved visas have a one year shelf-life, that inventory is the Government’s operational priority.
Example:
2022: 6,396 Reserved EB-5 visas were made available for use, and were unused.
2023: Those 6,396 Reserved EB-5 visas were again unused.
2024: Those 6,396 visas carried over into the Unreserved EB-5 Category, and were used this year, along with the 7,773 Unreserved visas that were given to EB-5 for use in FY 2024.
Dual Approval Codes: Enhancing EB-5 Visa Allocation Efficiency
To further promote efficiency, USCIS now approves I-526E petitions with dual codes—reserved and unreserved. The prioritization of unreserved visas has helped USCIS meet its goal of reducing backlogs while ensuring reserved investors have access to necessary visas.
Watch our January 2024 Visa Bulletin | Dual Approval Codes video for more details on dual approval codes.
Increased Production and Future Outlook
The unspoken message here is that the State Department and USCIS issued over 14,000 EB-5 visas which is their best production total since the EB-5 program began. By focusing on backlog reduction with unreserved visa allocations, investors from rest of world countries can freely choose their preferred category and investors from India will see improved visa chart dates, allowing RIA investors to access the unreserved inventory as well.
Looking Ahead: 2025 Visa Bulletin Anticipation
The 2025 Federal Fiscal Year begins in October 2025, so many are eager to see the October 2025 Visa bulletin to see if the filing dates will progress. Last year, we saw improvements into January where they remained untouched for the rest of the fiscal year.
Stay tuned to our EB-5 Channel for the latest information on EB-5 visa allocation and other EB-5 updates.
