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Based on the latest monthly data that the Department of State released for January 2024, between October 1st, 2023 and January 31st, 2024, more than 3,140 EB-5 visas were issued via consular processing, representing a year-over-year increase of 97%. Applicants from China, Vietnam, and India remained the largest investor groups to receive an EB-5 visa year-to-date in FY2024, accounting for nearly 88% of the total number of EB-5 visas issued in the first four months of the current fiscal year. None of the reserved EB-5 visas was issued yet in the current fiscal year via consular processing.
EB-5 Visa Issuance in FY2024 (Consular Processing Only)
During the first four months of FY2024, a total of 3,142 EB-5 visas were issued via consular processing, marking an 97% year-over-year growth compared to the same period in FY2023. This growth in EB-5 visa issuance is particularly important, given that 14,169 EB-5 visas are available under the reserved category in FY2024. Overall, the productivity of U.S. Consular Offices in processing EB-5 visas is critical to leveraging the unprecedentedly high visa availability in FY2024 to effectively reduce the current visa backlog for pre-RIA EB-5 investors from China and India. According to the latest data, all of EB-5 visa issuance via consular processing between October 1, 2023 and January 31, 2024 is for the unreserved category.
Country-Specific EB-5 Visa Issuance Trends
Applicants from China, Vietnam, and India continue to represent the largest investor groups to receive EB-5 visas, collectively accounting for nearly 88% of all EB-5 visa issuance in the first four months of FY2024. Particularly, over 40% of the EB-5 visas issued in FY2024 so far were received by Chinese applicants, with more than 1,200 visas processed in Guangzhou, China. For more detailed analyses by country, please refer to the sections below.
For more detailed analyses by country, please refer to the sections below.
CHINA: Between October 2023 and January 2024, 1,275 EB-5 visas were issued to Chinese applicants, accounting for 40.58% of the total EB-5 visa issuances during the first four months of FY2024 (see Table 1 at the full report). The U.S. Consular Office in Guangzhou, China processed 1,212 EB-5 visas in the current fiscal year, marking a significant 143% year-over-year growth. The operational capacity of the Guangzhou Consular Office plays a crucial role in clearing the existing EB-5 visa backlog for Chinese EB-5 visa applicants in FY2024.
INDIA: Only 299 EB-5 visas were issued to Indian applicants via consular processing between October 2023 and January 2024, marking a 37% decline year over year (see Table 2 at the full report). However, considering that a relatively high percentage of Indian EB-5 investors obtain their green card through adjustment of status (AOS) with USCIS, a lower number of EB-5 visa issuances via consular processing so far in FY2024 may not necessarily indicate an overall low EB-5 visa usage among Indian applicants due to the lack of AOS data.
Additionally, the U.S. Consulate Office in Mumbai, India processed only 236 EB-5 visas in the first four months of FY2024, indicating that 63 (or 21%) Indian applicants who received their EB-5 visas reside outside India.
VIETNAM: Between October 2023 and January 2024, a total of 1,202 EB-5 visas were issued to Vietnamese applicants, accounting for 38% of the worldwide EB-5 visa issuance during the first four months of FY2024. The productivity of the U.S. Consular Office in Ho Chi Minh City, Vietnam saw a remarkable 732% year-over-year increase in processing EB-5 visas between October 2023 and January 2024. In October alone, 844 EB-5 visas were issued to Vietnamese-born applicants, nearly reaching the EB-5 per-country limit in FY2024 (992 visas under the unreserved category). However, Vietnamese applicants continued to receive their EB-5 visas in November, December, and January. It’s important to highlight that Vietnamese EB-5 applicants are not subject to any cut-off date according to the current Visa Bulletin (April 2024).
REST OF THE WORLD: Additionally, applicants from Taiwan, South Africa, and Venezuela constituted the 4th, 5th, and 6th largest investor groups to receive EB-5 visas during the first four months of FY2024, with 89, 29, and 25 EB-5 visas issued to these applicants, respectively. The U.S. Consular Offices in Taipei, Hong Kong, London, and Johannesburg processed the most EB-5 visas outside of Ho Chi Minh City, Guangzhou, and Mumbai (see Figure 2.
Furthermore, applicants from South Korea have consistently ranked among the top five largest investor groups to receive EB-5 visas in recent years (ranked No. 4 in FY2023 with 416 EB-5 visas issued). However, only 12 EB-5 visas were issued to South Korean applicants during the first four months of FY2024.
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/
