EB-5 Visa India: Significant Decline in Issuance Despite Overall Growth in FY2024

Challenges in Securing an EB-5 Visa from India Despite Global Issuance Growth

last updated Tuesday, July 16, 2024
#EB-5 Visa India #EB 5 visa from India

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John Burson

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The US EB 5 visa program, offering a pathway to US green cards and eventual citizenship, continues to attract significant interest from Indian investors. 

However, recent data indicates a notable decline in the number of EB-5 visas issued to Indian applicants despite an overall increase in visa issuance.

Between October 1, 2023, and May 31, 2024, 7,173 EB-5 visas were issued via consular processing, marking a substantial 42% year-over-year growth compared to the same period in FY2023. Despite this growth, Indian investors received significantly fewer visas during this period.

EB-5 Visa India: Decline in FY2024 Issuance

During the first eight months of FY2024, 512 EB-5 visas were issued to Indian applicants via consular processing, representing a 22% decline year over year. This decrease is particularly evident at the U.S. Consulate in Mumbai, where visa processing productivity dropped, issuing only 4 EB-5 visas in May 2024.

It is important to note that many Indian EB-5 investors obtain their green cards through adjustment of status (AOS) with USCIS. Therefore, the lower number of EB-5 visa issuances via consular processing may not fully reflect overall EB-5 visa usage among Indian applicants due to the lack of AOS data.

Consular Processing Trends for EB5 Green Card from India

Data from the Department of State (DOS) indicates that only 392 EB5 green cards issued to Indian applicants were processed at the Mumbai Consular Office. They suggest 120 Indian applicants (or 23%) who received their EB-5 visas in FY2024 reside outside India.

In May 2024 alone, 1,222 EB-5 visas were issued via consular processing, marking the second-highest monthly visa issuance volume in FY2024. Overall, at least 64.7% (or 9,160 visas) of total Unreserved EB-5 visas available in FY2024 have been used through May 2024. This surge is mainly due to increased productivity at consular offices in Guangzhou and Ho Chi Minh City and faster adjudication of I-485 adjustment of status applications at USCIS.

Global EB-5 Visa Issuance Trends: Key Investors  in FY2024 EB-5 Visa Issuance

Applicants from China, Vietnam, India, Taiwan, and South Korea continue representing the most significant investor groups receiving EB-5 visa USA in FY2024, collectively accounting for nearly 92% of all EB-5 visa issuances in the first eight months of the current fiscal year. Notably, over 61% of the EB-5 visas issued FYTD 2024 were obtained by Chinese applicants, with nearly 4,200 EB-5 visas processed at the U.S. Consulate in Guangzhou, China.

EB-5 applicants from China and Vietnam constitute the most significant investor groups, accounting for 61% and 19% of the total visa issuance in FY2024. Moreover, more than 58% of the EB-5 visas were processed at the U.S. Consular Office in Guangzhou, while the Ho Chi Minh City Consular Office handled over 19% of the visa issuance in FYTD 2024.

Take Away:

The current fiscal year's data on the issuance of EB-5 visas presents a mixed picture for Indian investors. While there has been a 42% year-over-year increase in overall EB-5 visa issuances, EB-5 visa India applicants have experienced a notable 22% decline, with only four visas granted in May 2024. This decrease in EB-5 visa processing time in India is particularly striking, given the high interest and historical participation of Indian investors in the EB-5 visa process from India.

For Indian investors, these figures underscore the need for strategic planning and consideration of alternative pathways within the EB-5 visa process from India. The current landscape suggests that while the overall demand and processing efficiency for EB-5 visas are rising, EB-5 visa India applicants may face unique challenges that require careful navigation to achieve their immigration goals, especially considering the EB-5 visa India wait time. Consulting with experienced EB-5 visa consultants in India can be crucial for navigating these challenges effectively.

Don't let a bit of bad news dampen your American Dream—keep pushing forward!

Take the first step toward your U.S. residency!

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For more details, please see the original article by Sunil Dhawan on the Financial Express here.

Source: Dhawan, Sunil. "US EB-5 Visa Issuance to Indian Investors Declined by 22%, Only 4 Visas Were Issued in May." Financial Express, 2024.

 
 
 

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