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

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

The EB-5 Immigrant Investor Program has long been a favored route for Indian nationals seeking U.S. residency through economic contributions. While the program has experienced a 42% overall growth in visa issuances during FY2024, the number of EB-5 visas issued to Indian applicants has seen a significant decline, reflecting unique challenges for investors from India. This article explores the latest data and trends, backed by credible sources, to provide a comprehensive overview of the current state of EB-5 visa issuance for Indian applicants.

Recent Trends in EB-5 Visa Issuance

Between October 1, 2023, and May 31, 2024, the U.S. Department of State issued 7,173 EB-5 visas via consular processing, marking a 42% increase compared to the same period in FY2023 (U.S. Department of State, FY2024). However, Indian applicants accounted for only 512 of these visas, a 22% decrease from the previous fiscal year. This decline is particularly pronounced at the U.S. Consulate in Mumbai, where just four EB-5 visas were issued in May 2024.

It is worth noting that these figures primarily reflect consular processing and exclude adjustment of status (AOS) applications processed by USCIS. Many Indian investors opt for AOS to secure their green cards, which may partly account for the decline in consular processing figures.

Consular Processing Insights for Indian Applicants

Data from the Department of State reveals that only 392 EB-5 visas issued to Indian applicants in FY2024 were processed at the Mumbai Consulate, while approximately 23% of Indian recipients resided outside India. Globally, 1,222 EB-5 visas were issued via consular processing in May 2024 alone, making it the second-highest monthly issuance volume of the fiscal year. As of May 2024, 64.7% of the unreserved EB-5 visas available for FY2024 had been utilized (EB-5 Visa Data).

This surge in global issuance is attributed to enhanced productivity at consular offices in Guangzhou and Ho Chi Minh City and faster adjudication of I-485 adjustment of status applications by USCIS.

Global EB-5 Visa Issuance: Key Investor Groups

Applicants from China, Vietnam, India, Taiwan, and South Korea constitute the majority of EB-5 visa recipients in FY2024, collectively accounting for approximately 92% of all issuances during the first eight months of the fiscal year. Chinese investors alone secured 61% of these visas, with nearly 4,200 processed at the U.S. Consulate in Guangzhou. Vietnam followed with 19% of total issuances, further emphasizing the geographic concentration of EB-5 activity (U.S. Consular Data).

Implications for Indian Investors

The decline in EB-5 visa issuance for Indian applicants highlights several challenges, including increased visa retrogression, processing delays, and competition from other investor groups. These factors necessitate a strategic approach to navigate the complexities of the EB-5 process. Exploring alternative pathways, such as adjustment of status, can mitigate some of these challenges and help Indian investors secure their immigration goals.

Strategic Recommendations

• File Early: Given the risk of visa retrogression, early submission of EB-5 petitions can help secure priority dates and reduce delays.
• Consult Experts: Working with experienced EB-5 attorneys and consultants ensures informed decision-making and tailored strategies.
• Leverage TEA Investments: Investing in projects located within targeted employment areas (TEAs) can offer reduced investment thresholds and faster processing times.
• Stay Updated: Monitoring changes to the EB-5 program, including the implications of the EB-5 Reform and Integrity Act of 2022, is essential for making informed investment decisions.

Conclusion

Despite the decline in EB-5 visa issuance for Indian applicants, the program continues to offer significant opportunities for U.S. residency. By adopting a proactive and well-researched approach, Indian investors can overcome these hurdles and achieve their American Dream. Engaging with reputable EB-5 professionals is critical to navigating the evolving landscape effectively and ensuring a successful investment journey.

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