Recently, the United States Citizenship and Immigration Services (USCIS) released statistics on EB-5 cases for the first quarter of fiscal year 2024 (October 1, 2023 to December 31, 2023).
According to statistics, in the first quarter of fiscal year 2024, USCIS received a total of 581 I-526E petitions and approved 194.
Among them, in the first quarter of fiscal 2024, the data for investors and regional centers are as follows.
For EB-5 investors
I-526E (EB-5 Immigrant Investor Petition): USCIS received 581 petitions, approved 194 petitions, and has 2,667 pending approvals.
For regional centers
- I-956 (Regional Center Authorization Petition): USCIS received a total of 33 petitions, 89 were approved, and 170 are pending, with an average processing time of 10.4 months;
- I-956F (Regional Center Project Pre-Approval Petition): USCIS received a total of 64 petitions, 19 were approved, and 267 are pending, with an average processing time of 15.2 months;
- I-956G (Regional Center Annual Return): USCIS received 231 petitions with 292 pending approval;
- I-956H (Regional Center/JCE/NCE Personnel Registration Form): USCIS received a total of 677 petitions with 3,799 pending approvals.
It is worth mentioning that since the second quarter of fiscal year 2023 (January 1 to March 31, 2023), USCIS has separated EB-5 investors from the new law and released EB-5 processing data under the new EB-5 Act (EB-5 Reform and Integrity Act of 2022, referred to as "RIA") for the first time, which is the approval data of I-526E.
Review the 2023 EB-5 Visa and Adjustment of Status data
In 2023, 9,817 EB-5 visas were issued, along with adjustment of status, compared to 10,885 in 2022. This is a clear indication that U.S. embassies and consulates have returned to pre-pandemic capacity.
Applicants from Chinese mainland are the largest approved group in the U.S. EB-5 visa market in 2023, with Chinese still accounting for more than 63% of all issuances, despite consulate backlogs resulting in lengthy processing times.
EB-5 investors have two investment options: they can invest in their own business or invest in a project through a regional center. The investment threshold remains the same for both options, but it varies depending on the location of the selected project. Projects in TEAs (rural areas or areas with high unemployment) require an investment of US$800,000, while in non-TEAs, the minimum investment is US$1.05 million.
Data on visa issuance for Chinese mainland applicants in February 2024
According to the latest official data from the State Council, in February 2024, applicants born in Chinese mainland received a total of 1,679 U.S. immigrant visas, of which 588 visas were issued for family-based immigrants without quota restrictions, and a total of 1,091 immigrant visas were issued for various types of immigrant visas with quota restrictions.
Among all Chinese mainland-born applicants, the most approved immigrant visas were applicants under the EB-5 investment immigration program in the United States, with a total of 773 approved.
Chinese mainland applicants who were approved for EB-5 New Deal visas in February 2024 have surged by 117% from a year ago (February 2023)!
Beware of EB-5 backlogs
As of now, according to the April 2024 U.S. immigration bulletin, the EB-5 visa reservation policy is still in a state of no backlog, however, as of the first quarter of fiscal year 2024, the backlog of I-526E is 2,667, which is 236 more than the 2,431 in the fourth quarter of fiscal year 2023.
As the number of applicants increases, so does the likelihood of future backlogs. Not only is there no backlog, but applicants can also file I-526E and I-485 petitions at the same time, as well as apply for a Combo card at the same time, so as to quickly obtain legal status in the United States, and work, live, and travel to and from China in the United States. Therefore, Ruihong overseas American immigration experts suggest that friends who intend to immigrate to the United States quickly should really seize the window period of the bill and submit it early for approval.
Ruihong Overseas is one of the earliest service agencies in China to promote U.S. immigration programs, with rich practical experience and many successful cases, helping many groups of families successfully obtain unconditional formal green cards. If you have any questions about U.S. immigration, going abroad, studying abroad, overseas real estate, etc., please feel free to consult in detail~