Last week, USCIS published the quarterly statistics for Q1 FY2024 (October 1 – December 31, 2023). The latest data release sheds some light on the trends of the EB-5 Program in the new fiscal year, including demand for EB-5, USCIS processing trends, approval rates, and case backlogs.
In Q1 FY2024, the quarterly volume of I-526 case filings, including Form I-526 (direct EB-5) and Form I-526E, decreased by 35% from the previous quarter. USCIS data showed that 581 Form I-526E petitions were filed in Q1 FY2024 and 32 Form I-526 (direct EB-5) petitions were received by USCIS between October 1 and December 31, 2023.
Additionally, USCIS processed 1,276 I-526 cases during Q1 FY2024, including 1,082 legacy I-526 cases and 194 I-526E cases. Only 64% of the legacy I-526 cases were approved, while the approval rate of the I-526E cases adjudicated in Q1 FY2024 was 100%.
The number of pending legacy I-526 cases continued to decline in Q1 FY2024, while the number for I-526E petitions continued to increase. As of December 31, 2023, 8,539 I-526 legacy cases and 2,667 I-526E cases were pending at USCIS.
(From the Data Report: EB-5 Investment Inflows by Fiscal Year)
KEY DATA HIGHLIGHTS
EB-5 Investment Inflows:
-
In Q1 FY2024, a total of 613 EB-5 investors filed their I-526 petitions, including both Form I-526 direct EB-5 and Form I-526E regional center cases, representing over $490 million in EB-5 investments.
Case Filing:
- In Q1 FY2024, 581 I-526E petitions were filed with USCIS, representing a 35% decline from the previous quarter. After increasing consecutively for five quarters since the inception of the new I-526E form, the number of case filings saw the first quarterly decline in Q1 FY2024. Overall, we estimate that more than 3,180 EB-5 investors have filed their Form I-526E petitions since the enactment of the RIA, with 2,500 of the I-526E cases filed in FY2023.
Case Processing:
-
USCIS processed a total of 1,276 I-526 cases during Q1 FY2024, including 1,082 legacy I-526 cases and 194 I-526E petitions. USCIS’ productivity in processing I-526/E cases in Q1 FY2024 jumped by 219% compared to the same time period in FY2023.
Case Approval Rate:
-
The average approval rate for legacy I-526 cases in Q1 FY2024 was 64%, remaining below the long-term average level of 80%.
Case Backlog:
-
As of October 31, 2023, there were 8,539 legacy I-526 cases pending at USCIS, marking a 10% decline from the previous quarter.
For more in-depth data analyses, download the full report here (Members Only)
BOOKMARK THE I-526 DATA DASHBOARD
Key I-526 statistics and data trends, all at your fingertips: https://iiusa.org/i526data/
This new online tool features historical trends of the demand for the EB-5 Program and the most up-to-date statistics on Form I-526E, Form I-526 (direct) and Form I-526 (legacy) petitions, including:
- Estimated amount of EB-5 investment inflows to the U.S. economy;
- Number of I-526 petitions filed by EB-5 investors;
- USCIS’s productivity in processing I-526 cases;
- Average approval rates for I-526 petitions; and
- The latest news and analyses regarding USCIS adjudication trends;
Add this new interactive I-526 Data Dashboard to your bookmark and stay up-to-date with the key statistics most relevant to EB-5 investors.
