(Click here to read and download the full report in PDF format)
Last week, the State Department published the latest monthly immigrant visa issuance statistics, revealing that 1,689 EB-5 visas were issued via consular processing in June, all under the unreserved category. The volume of monthly EB-5 visa issuances continues to grow, increasing by 38% from May and reaching the highest level in FYTD 2024 (October 1, 2023 – June 30, 2024).[1] Overall, at least 10,855 unreserved EB-5 visa numbers have been used in FY2024 through June, representing 77% of the annual visa availability for the unreserved category.[2]
In particular, as the Foreign Post that plays a crucial role in fully utilizing EB-5 visa availability, the U.S. Consular Office in Guangzhou issued more than 1,430 EB-5 visas in June alone, marking the most productive month in the past two years. Overall, so far in FY2024, EB-5 applicants from China, Vietnam, and India continue to constitute the largest investor groups, accounting for 66%, 16%, and 6% of the total EB-5 visa issuance, respectively. More than 63% of the EB-5 visas were processed at the U.S. Consular Office in Guangzhou, while the Ho Chi Minh City Consular Office handled 16% of the visa issuances in FYTD 2024. It’s also worth noting that monthly EB-5 visa issuance at the Seoul Consular Office increased by 139% in June.
EB-5 Visa Issuance in FY2024 (Consular Processing Only)
Between October 1, 2023, and June 30, 2024 (FYTD 2024), 8,862 EB-5 visas were issued via consular processing, marking a 42% year-over-year growth compared to the same period in FY2023. As Figure 1 below illustrates, the monthly visa issuance continues to grow in June and reached the highest level of FY2024, with 1,689 EB-5 visas processed in a single month.
Based on the latest data, all EB-5 visas issued via consular processing in FYTD 2024 were under the unreserved category. However, according to Dr. Hanley, DOS’s data scientist, more than 17 EB-5 visa numbers under the Reserved categories have been used in FY2024 via adjustment of status at USCIS (as of May 16, 2024), and the first EB-5 visa under the Rural Area category will soon be issued at the Consular Office in Guangzhou.[3]
Unreserved EB-5 Waitlist, Visa Availability and FYTD Visa Issuance
According to the State Department, 1,990 EB-5 visa numbers have been used via adjustment of status at USCIS (as of May 16, 2024), while 8,862 EB-5 visas have been issued via consular processing (as of June 30, 2024). This indicates that at least 10,855 EB-5 visa numbers (or 76.6% of the visa availability) have been used in FY2024 through June. The latest monthly visa issuance data shows that the U.S. Consular Office in Guangzhou continues to improve visa processing and is making progress in reducing the pre-RIA visa backlog.
With only three months left in FY2024 and approximately 3,300 unreserved EB-5 visas still available, the DOS and USCIS need to use, on average, 1,100 EB-5 visa numbers per month to fully utilize all the unreserved EB-5 visas available this fiscal year.
Country-Specific EB-5 Visa Issuance Trends
Applicants from China, Vietnam, India, Taiwan, and South Korea continue to represent the largest investor groups receiving EB-5 visas in FY2024, collectively accounting for 93% of all EB-5 visa issuances in the current fiscal year. Notably, over 65% of the EB-5 visas issued FYTD 2024 were obtained by Chinese applicants, with more than 5,600 EB-5 visas processed at the U.S. Consulate in Guangzhou, China.
CHINA: In FY2024 (through June), more than 5,830 EB-5 visas were issued to Chinese applicants, accounting for over 65% of the total EB-5 visa issuance in the current fiscal year. The U.S. Consular Office in Guangzhou, China, continues to play a crucial role in clearing the EB-5 visa backlog of pre-RIA applicants. This post issued over 5,619 EB-5 visas so far in FY2024 and processed 1,431 visas in June alone. Table 1 at the PDF report visualizes the improved productivity of the Guangzhou Consular Office in recent months.
INDIA: In FY2024 (through June), 533 EB-5 visas were issued to Indian applicants via consular processing, representing a 20% decline year over year. EB-5 visa processing for Indian applicants remained at a low level recent months, with only 21 visas issued in June (see Table 2 at the PDF report). However, considering that a relatively high percentage of Indian EB-5 investors obtain their green cards through adjustment of status (AOS) with USCIS, a lower number of EB-5 visa issuances via consular processing in FY2024 may not necessarily indicate an overall low EB-5 visa usage among Indian applicants due to the lack of AOS data.[4]
Data from the DOS also indicates that only 396 EB-5 visas issued to Indian applicants were processed at the Mumbai Consular Office, suggesting that 137 Indian applicants (or 27%) who received their EB-5 visas in FY2024 reside outside India.
VIETNAM: In FY2024 (through June), 1,423 EB-5 visas were issued to Vietnamese applicants, accounting for 16% of the worldwide EB-5 visa issuance in FYTD 2024. After issuing 845 visas in October 2023 alone, the volume of EB-5 visa processing at the U.S. Consulate in Ho Chi Minh City has decreased significantly in recent months (see Table 3 at the PDF report).
It’s important to note that, currently, Vietnam is not subject to a cut-off date for EB-5 visas across all categories. In addition, it is unlikely that Vietnamese EB-5 applicants will face a final action date in the near future, despite accounting for more than 16% of the worldwide EB-5 visa issuance FYTD.[5]
REST OF THE WORLD: Applicants from Taiwan, South Korea, and Hong Kong constituted the 4th, 5th, and 6th largest investor groups to receive EB-5 visas so far in FY2024, with 236, 213, and 66 EB-5 visas issued to applicants from these respective countries. The U.S. Consular Offices in Taipei, Seoul, Hong Kong, and Montreal processed the most EB-5 visas outside of Ho Chi Minh City, Guangzhou, and Mumbai (see Figure 3).
It’s worth noting that the Consular Office in Seoul, South Korea, has continued to improve its productivity of issuing EB-5 visas in recent months, processing 105 visas in June alone, reflecting a 139% monthly growth (see Table 4 at the PDF report).
(Click here to read and download the full report in PDF format)
EB-5 Visa Data Dashboard
Explore the latest trends and statistics on EB-5 visa usage by visiting IIUSA’s EB-5 Visa Data Dashboard at: https://iiusa.org/eb5-visa-data-dashboard/
[1] See DOS website for more details: https://travel.state.gov/content/travel/en/legal/visa-law0/visa-statistics/immigrant-visa-statistics/monthly-immigrant-visa-issuances.html
[2] 1,993 EB-5 visa numbers were used via adjustment of status at USCIS as of May 2024. See more from IIUSA’s report: Insight from the State Department: 10 Kye Takeaways on the Latest EB-5 Data and Visa Processing from the 2024 IIUSA EB-5 Industry Forum. https://iiusa.org/blog/insights-from-the-state-department-10-key-takeaways-on-the-latest-eb-5-data-and-visa-processing-from-the-2024-iiusa-eb-5-industry-forum/
[3] See footnote 2.
[4] Historically, over 30% of Indian visa applicants obtained their green card through EB-5 via AOS. See IIUSA’s EB-5 Visa Data Dashboard for more details: https://iiusa.org/eb5-visa-data-dashboard/
[5] The Department of State issued an “interpretation” on the per-country cap in March 2023, making clear that the 7% country quota can only apply to a country when the total demand across all family-based plus employment-based categories exceeds 7% of available visas. I.e., not 7% of any one category. Please see: https://www.federalregister.gov/documents/2023/03/28/2023-06252/employment-based-preference-immigrant-visa-final-action-dates-and-dates-for-filing-for-el-salvador
