(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 for July 2024, showing that 1,987 EB-5 visas were issued via consular processing, all under the unreserved category. With continued growth in visa issuance over the past three months, at least 12,839 EB-5 visa numbers have been used in the current fiscal year through July. Visa usage in FY2024 has now reached the highest level in the history of the EB-5 Program.[1]
Additionally, the State Department announced on August 16 that all of the unreserved EB-5 visa numbers have been fully used for the current fiscal year.[2] With more than 14,000 visas available under the unreserved category in FY2024, fully utilizing these visa numbers is significant and positive news for all EB-5 applicants, particularly those who invested before the EB-5 Reform and Integrity Act (RIA) and have been subject to visa retrogression for years.
The U.S. Consular Office in Guangzhou played a crucial role in processing EB-5 visas. That consulate alone handled nearly 67% of all EB-5 visa issuances worldwide in FY2024 and issued more than 1,600 EB-5 visas in the single month of July. It’s also worth noting that monthly EB-5 visa issuance at the Johannesburg Consular Office increased by 134% in July, 2024.
EB-5 Visa Issuance in FY2024 (Consular Processing Only)
With a record-high number of EB-5 visas issued in July 2024, a total of 10,849 EB-5 visas have been issued via consular processing between October 1, 2023, and July 31, 2024 (FYTD 2024), marking a 52% year-over-year growth compared to the same period in FY2023. Based on the latest data for July 2024, all EB-5 visas issued via consular processing in FYTD 2024 were under the unreserved category.
As illustrated in Figure 1 below, monthly visa issuance reached a record high in July, with 1,987 EB-5 visas processed in a single month.
Visa Availability and FYTD Visa Issuance
Overall, at least 12,839 EB-5 visa numbers (or 91% of the total EB-5 visas available under the unreserved category) have been used in FY2024 through July. As visualized in Figure 2 below, EB-5 visa usage in FY2024 through July has reached the highest level in the history of the EB-5 Program.
On August 16, 2024, the Department of State announced on its website that all EB-5 visas under the unreserved category for FY2024 have been fully used. U.S. consulates across the globe will continue to schedule appointments in September; however, no EB-5 unreserved visa numbers will be available for issuance until October 1, when the annual limit will be reset with the start of a new fiscal year.
Country-Specific EB-5 Visa Issuance Trends
Applicants from Mainland 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 through July.
Nearly 69% of the EB-5 visas issued in FY2024 through July were obtained by Chinese applicants, with more than 7,200 EB-5 visas processed at the U.S. Consulate in Guangzhou, China. This figure represents nearly 67% of all EB-5 visa issuances worldwide.
MAINLAND CHINA: In FY2024 (through July), 7,464 EB-5 visas were issued to Chinese applicants, accounting for nearly 69% of the total EB-5 visa issuances 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 consulate has been highly productive in recent months, issuing over 7,245 EB-5 visas in FY2024 and processing 1,626 visas in July alone. Table 1 at the PDF report illustrates the increased capacity of the Guangzhou Consular Office for EB-5 visa issuance in the past few months.
INDIA: In FY2024 (through July), 560 EB-5 visas were issued to Indian applicants via consular processing. EB-5 visa processing for Indian applicants remained at a low level in recent months, with only 27 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. Data from the DOS also indicates that only 410 EB-5 visas issued to Indian applicants were processed at the Mumbai Consular Office, suggesting that 150 Indian applicants (or 30%) who received their EB-5 visas in FY2024 reside outside India.
VIETNAM: In FY2024 (through July), 1,449 EB-5 visas were issued to Vietnamese applicants, accounting for 13% of worldwide EB-5 visa issuances 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. Additionally, it is unlikely that Vietnamese EB-5 applicants will face a final action date in the near future, despite accounting for more than 13% of worldwide EB-5 visa issuances through July.
REST OF THE WORLD: Applicants from Taiwan, South Korea, and South Africa constituted the 4th, 5th, and 6th largest investor groups to receive EB-5 visas so far in FY2024, with 411, 217, and 95 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).
The Consular Office in Johannesburg showed a relatively significant increase in EB-5 visa processing in July, issuing 43 EB-5 visas in that month alone (39 of which were issued to South African applicants). 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] 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/
[2] See the State Department’s website for more details: https://travel.state.gov/content/travel/en/News/visas-news/annual-limit-eb5.html
