Announcement of EB-5 Quota for the Fiscal Year 2024 (4-4)

Benefits for Non-Reserved Applicants

The 2024 fiscal year is advantageous for general applicants. With 6,396 unused quotas from the 2023 fiscal year EB-5 and a distribution rate of 68%, there are over 14,000 visa slots available for the 2024 fiscal year.

However, investors must be aware that if they apply for projects outside the visa-reserved projects, they won't benefit from expedited visa processing without waiting, and Chinese investors in non-reserved projects currently face a waiting time of 5-7 years.

Benefits for Non-Reserved Applicants from Mainland China

General applicants from mainland China can benefit in the 2024 fiscal year. Due to the slower processing progress of many consulates worldwide, the issuance of EB-5 visas for general applicants has been relatively low, failing to meet global demand. However, the issuance of EB-5 visas for mainland China exceeded expectations in the 2023 fiscal year.

Additionally, a significant number of EB-5 visa applicants from mainland China have continuously dropped out of the backlog queue due to denials, withdrawals, or retractions. This has resulted in an advancement of priority dates for other applicants. The October 2023 visa bulletin advanced the application date for Chinese EB-5 from January 2016 to January 2017, facilitating more Chinese EB-5 visa applicants in obtaining visas.

In fact, due to the complexity of the application materials for investment immigration, including business plans, proof of the legal source of funds, etc., it is easy to have applications rejected due to minor errors without the support of professional consultants.

The speed of visa issuance

The visa issuance speed for the 2024 fiscal year depends on the approval speed of I-526 and I-526E. To ensure that visa applicants can obtain their visas as quickly as possible, the United States Citizenship and Immigration Services (USCIS) needs to continuously improve processing speed.

Recently, USCIS has expedited the approval of I-526E applications, including projects covering rural and high-unemployment areas. This indicates that applicants for visa-reserved projects this year can fully benefit from a significant number of visa slots.

However, if there is a backlog of I-526E applications in the 2024 fiscal year, there may be a possibility of retrogression in the future, similar to what may occur with general applications. Therefore, applying as early as possible is advisable for those seeking to obtain their green cards promptly.