EB-5 Visa Issuance in FY2025: Trends in Unreserved and Reserved Categories

Last week, the U.S. Department of State (DOS) released monthly visa issuance data for September 2025, marking the conclusion of data releases for Fiscal Year (FY) 2025.

A total of 372 EB-5 visas were issued in September (the final month of FY2025), including:

• 339 Unreserved EB-5 visas.
• 28 visas associated with the Rural Area category (Rural visas);
• 2 visas issued under the High Unemployment Area category (HUA visas); and
• 3 visas issued under the Infrastructure category – representing the first visa usage in this new category created by the RIA.

Overall in FY2025, the State Department issued a total of 9,831 Unreserved EB-5 visas and 922 Reserved visas (see Table 1). While 100% of Unreserved visas were fully utilized during the fiscal year, only 13% of the available Reserved visas were issued via consular processing (excluding adjustment of status (AOS) usage).

As illustrated in Figure 1, September recorded the lowest monthly visa issuance volume of FY2025. Only 33 Reserved visas were issued during the final month of the fiscal year, including 2 HUA visas, 3 Infrastructure visas, and 28 Rural visas. However, September also marked a milestone for the EB-5 Program. For the first time since the enactment of the RIA, the State Department began issuing visas under the new Infrastructure category, with three (3) Indian applicants receiving EB-5 Infrastructure visas from the U.S. Consulate in Singapore in the final month of FY2025.

IIUSA members can click here to access the full analysis of visa issuance in September and across FY2025, including insights on:

• Visa Issuance vs. Availability,
• Trends in Unreserved and Reserved EB-5 Visa Issuance, and 
• Country-Specific Trends in Visa Issuance