Recently, USCIS released new data for the second quarter of fiscal year 2024 (from January 1, 2024 to March 31, 2024). The figures show positive growth in terms of new application volume, processing productivity, and project quality within the U.S. EB-5 program during Q2.
Investing in EB-5 at this time is a sound decision for investors, as the program currently offers many advantages such as increased visa quotas, shorter processing times, improved project quality, and enhanced efficiency from USCIS.
1,879 new I-526 petitions filed
- The number of new applications in Q2 of FY2024 reached 1,879—the highest since the EB-5 Reform and Integrity Act (RIA) was passed in 2022. This figure is more than three times higher than the same period in 2023 and Q1 of FY2024.
- Most investors chose the Regional Center option. Only 69 new applicants opted to start their own businesses.
- The number of investors awaiting adjudication is also at its lowest level in recent years, at 10,605 applicants, including 6,666 who filed before March 2022.
I-829 Petition Processing Efficiency
The EB-5 program requires the creation of 10 new jobs, which investors must verify in their second petition, Form I-829: Petition to Remove Conditions. This form is submitted after two years of conditional residence in the United States.
- USCIS received 237 I-829 petitions and processed 1,938, with a denial rate of only 4%. For comparison, only 87 petitions were filed in Q1 of FY2024 and 352 in Q2 of FY2023.
- There are still 7,367 applicants awaiting a decision; however, the downward trend in the backlog continues.
76 New Regional Centers
- A total of 76 new Regional Centers have registered with USCIS, more than double compared to Q1 of 2024 (which saw only 33 new registrations).
- The number of new projects registered with USCIS reached 88, also showing an increase compared to previous quarters.
Third-Party Promoter Registrations
- There were 124 new filings for foreign EB-5 marketing agents, with a total of 925 applications currently pending adjudication.
The EB-5 program is entering a new phase often referred to by experts as a “golden era,” marked by an increase in applicants, improved project quality, and enhanced processing efficiency by USCIS.
Vietnam has 235 EB-5 visas remaining in 2024
In the first half of FY2024, a total of 1,326 EB-5 visas were issued to Vietnamese applicants, accounting for 26% of the total EB-5 visas granted worldwide. Vietnam’s EB-5 visa allocation for FY2024 is 1,561 visas, and with 1,326 already issued, approximately 235 visas remain available.
The processing capacity of the U.S. Consulate in Ho Chi Minh City has increased significantly, with a 530% rise in case processing compared to the same period last year.
Notably, Vietnam does not face visa backlogs like China and India, meaning visa availability remains current.
This means that investors who participate in the EB-5 program now, with the new minimum investment of $800,000, may see their green card processing time reduced to around 2 years—faster than many other U.S. immigration programs.
