Magazine>EB-5 Applications Hit Record High, I-829 Approvals Triple

EB-5 Visa Applications Reach All-Time High as I-829 Approvals Triple | Fiscal Year 2024 Q4 (July–September 2024) Analysis

EB-5 Investors Up 40% Since 2023, Projected to Inject Over $3 Billion into U.S. Economy.

last updated Monday, December 30, 2024
#Immigrant Investor Program #USCIS

John Burson

2024 Sees Record High in EB-5 Visa Applications and Triple I-829 Approvals

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Key Points

Fiscal year 2024 saw a 40% increase in new EB-5 investors, rising from 4,500 to 6,300, contributing over $3 billion to the U.S. economy.
I-829 petition approvals tripled, increasing from 2,029 in 2023 to 6,089 in 2024, with Regional Centers maintaining a low denial rate of 3% compared to 50% for direct investments.
U.S. consulates issued a record 12,055 EB-5 visas by September 2024, nearing the annual cap of 14,169 visas.
96% of EB-5 petitions in Q4 2024 were filed through Regional Centers, benefiting from higher approval rates and comprehensive support.
The Immigrant Investor Program Office (IPO) processed 13,000 petitions in 2024, a 150% increase from 2023, while pending petitions decreased to 9,971.
EB-5 investments created over 5,000 jobs and supported numerous regional development projects across sectors like real estate, manufacturing, and technology.
69% of EB-5 visa recipients are Chinese investors and their families, followed by 12% Vietnamese, 6% Indian, and 13% from other nationalities.

Fiscal year 2024 has been a standout period for the EB-5 visa program, showcasing unprecedented growth and success. According to recent USCIS data, the number of new EB-5 investors surged by 40% compared to 2023, injecting over $3 billion into the U.S. economy. Additionally, I-829 petition approvals tripled, reaching a record high of 6,089 approvals this year.

This remarkable increase in applications and approvals highlights the growing confidence in the EB-5 program as a viable pathway for international investors to obtain permanent residency in the United States. Furthermore, the efficiency of USCIS processing has improved significantly, with pending petitions dropping below 10,000 and the Immigrant Investor Program Office (IPO) handling a 150% increase in petition volumes compared to last year.

Immigrant Investor Program

USCIS EB-5 Form Data Report for Fiscal Year 2024 Q4 (July–September 2024)

Fiscal year 2024 has been a landmark year for the EB-5 visa program, with significant increases in both applications and approvals. The following sections provide a detailed overview of the latest USCIS data, highlighting key metrics, trends, and the overall impact of the EB-5 program on the U.S. economy.

Q4 2024 USCIS Data Overview

The fourth quarter of fiscal year 2024 (July 1, 2024 - September 30, 2024) closed the year on a high note for the EB-5 program. Below is a summary of the key metrics:

Fiscal Year 2024 EB-5 Key Metrics

Metric	Value
Fiscal Year Period	Oct 1, 2023 - Sep 30, 2024
New EB-5 Investors Increase	40% compared to 2023
Economic Contribution	$3 billion+
Total I-829 Approvals	6,089 (Tripled from 2023)
EB-5 Visas Issued by September 2024	12,055
Total EB-5 Visas Cap for 2024	14,169
Pending Petitions	9,971

The above table highlights the substantial growth in new investors and the significant economic contributions made through the EB-5 program in fiscal year 2024.

Increase in New Investors

The EB-5 program saw a remarkable 40% increase in new investors compared to the previous year. This surge not only reflects the growing attractiveness of the program but also underscores its vital role in stimulating the U.S. economy.

Comparison of EB-5 New Investors (2023 vs. 2024)

Year	New Investors	Percentage Increase	Economic Contribution
2023	4,500	-	$2 billion
2024	6,300	40%	$3 billion

The above table compares the number of new EB-5 investors and their economic contributions between 2023 and 2024, showcasing a significant uptick in both areas.

I-829 Petition Approvals

One of the standout achievements of fiscal year 2024 is the tripling of I-829 petition approvals. Investors who have met the EB-5 requirements successfully filed Form I-829 to remove conditions on their permanent resident status.

I-829 Petition Approvals and Denial Rates

Category	2024 Approvals	2023 Approvals	Denial Rate (%)
Total I-829 Approvals	6,089	2,029	4%
Regional Center Approvals	5,850	1,591	3%
Direct EB-5 Approvals	393	28	50%

The above table illustrates the impressive increase in I-829 approvals, particularly among Regional Center investments, which maintain a low denial rate compared to direct EB-5 investments.

EB-5 Visas Issued at U.S. Consulates

2024 has set a new record for the number of EB-5 visas issued by U.S. consulates. This increase is a testament to the program's growing popularity and the effectiveness of USCIS processing improvements.

EB-5 Visas Issued vs. Cap (2024)

Metric	Number
EB-5 Visas Issued	12,055
Annual EB-5 Visa Cap	14,169
Remaining Visas	2,114

The above table shows that 12,055 EB-5 visas were issued by September 2024, leaving 2,114 visas available before reaching the annual cap.

Demographic Breakdown of EB-5 Visa Recipients

The majority of EB-5 visa recipients come from specific countries, reflecting global investment trends and economic conditions.

Demographic Breakdown of EB-5 Visa Recipients

Nationality	Percentage	Number of Visas Issued
Chinese	69%	8,328
Vietnamese	12%	1,446
Indian	6%	723
Other	13%	1,558

The above table provides a clear view of the nationalities of investors benefiting from the EB-5 program, with Chinese investors leading the way.

Processing Efficiency and Pending Petitions

USCIS has made significant strides in processing EB-5 petitions more efficiently, resulting in fewer pending cases and faster approvals.

Pending Petitions Over Time

Fiscal Year	Pending Petitions
2022	15,000
2023	12,000
2024	9,971

The above table shows a steady decline in pending EB-5 petitions, indicating improved processing times and greater efficiency within USCIS.

Additionally, the Immigrant Investor Program Office (IPO) has handled a substantial increase in petition volumes:

USCIS IPO Unit Processing Volumes

Fiscal Year	Petitions Processed	Percentage Increase
2023	5,400	-
2024	13,000	150%

The above highlights the 150% increase in petitions processed by the IPO unit in 2024, a significant improvement from the previous year.

Denial Rates by Petition Type

Understanding denial rates is crucial for investors navigating the EB-5 process. The data reveals distinct differences between petition types.

Denial Rates by Petition Type

Petition Type	Denial Rate (%)
Regional Center	3%
Direct EB-5 Investments	50%

Table 8 emphasizes the lower denial rates for Regional Center petitions compared to direct EB-5 investments, making Regional Centers a more reliable option for investors seeking approval.

Economic Contributions

The influx of EB-5 investments has had a profound impact on the U.S. economy, driving job creation and regional development.

Economic Contributions of EB-5 Investments

Category	Amount ($)
Total Investment	3,000,000,000
Jobs Created	5,000+
Regional Development Projects	Numerous

The table outlines the substantial economic contributions made through EB-5 investments, highlighting the program's role in fostering economic growth and creating employment opportunities.

Trends and Analysis For 2024

The fiscal year 2024 has not only seen a surge in EB-5 visa applications and approvals but has also highlighted several important trends that are shaping the future of the program. This section delves into the key trends observed in EB-5 petitions, the dominance of Regional Centers, and the significant decline in pending petitions, supported by detailed USCIS data.

Surge in I-526 Petitions

One of the most notable trends in fiscal year 2024 is the dramatic increase in I-526 petitions. These petitions are filed by investors who seek to establish or invest in a new commercial enterprise as part of their EB-5 application.

I-526 Petitions Filed (Q3 vs. Q4 2024)

Quarter	Petitions Filed	Percentage Increase
Q3 2024	857	-
Q4 2024	3,000	350%

The above table illustrates a staggering 350% increase in I-526 petitions filed in the fourth quarter of 2024 compared to the third quarter.

This surge can be attributed to several factors:

Government Fee Increase: Many investors rushed to file their petitions before the government announced a fee increase on April 1, 2024. This anticipation led to a concentrated spike in filings during Q4.
Enhanced Program Appeal: The overall attractiveness of the EB-5 program, driven by higher approval rates and improved processing times, has encouraged more investors to participate.

This significant uptick in I-526 petitions underscores the growing confidence among investors in the EB-5 program's ability to deliver favorable outcomes efficiently.

Regional Center Dominance

Another prominent trend in fiscal year 2024 is the overwhelming preference for Regional Center investments over direct EB-5 investments. Regional Centers offer a more streamlined approach for investors, often resulting in higher approval rates and reduced denial risks.

EB-5 Petition Types in Q4 2024

Petition Type	Number Filed	Percentage of Total
Regional Center	1,038	96%
Direct EB-5 Investments	43	4%

The above table shows that 96% of EB-5 petitions filed in Q4 2024 were through Regional Centers, while only 4% were direct investments.

This dominance is driven by several advantages associated with Regional Centers:

Lower Denial Rates:
Regional Center petitions enjoy a significantly lower denial rate of just 3%, compared to a 50% denial rate for direct EB-5 investments. This makes Regional Centers a safer and more reliable option for investors.
Simplified Job Creation Requirements:
Regional Centers allow for the pooling of investor funds into larger projects, making it easier to meet the job creation requirements mandated by the EB-5 program.
Enhanced Support and Resources:
Regional Centers often provide comprehensive support to investors, including project management and reporting, which simplifies the investment process.

Decline in Pending Petitions

Fiscal year 2024 has also witnessed a significant reduction in the number of pending EB-5 petitions. This decline is a positive indicator of improved processing efficiency within USCIS, ensuring that investors receive timely decisions on their applications.

Pending Petitions Over Time

Fiscal Year	Pending Petitions
2022	15,000
2023	12,000
2024	9,971

The above highlights a steady decrease in pending EB-5 petitions over the past three fiscal years, dropping from 15,000 in 2022 to just 9,971 in 2024. Several factors have contributed to this improvement:

Increased Processing Capacity:
The Immigrant Investor Program Office (IPO) at USCIS has ramped up its operations, processing over 13,000 petitions in fiscal year 2024—a 150% increase from 2023. This boost in capacity has significantly reduced the backlog of pending cases.
Streamlined Procedures:
USCIS has implemented more efficient processing procedures and leveraged advanced case management systems to handle the higher volume of petitions effectively.
Focused Efforts on High-Priority Cases:
By prioritizing petitions from Regional Centers and other high-success categories, USCIS has been able to expedite the approval process for the majority of applications.

EB-5 Visas Issued at U.S. Consulates

Fiscal year 2024 has set new records for the issuance of EB-5 visas by U.S. consulates, reflecting the program's growing popularity and effectiveness in attracting international investors. The following sections delve into the number of visas issued, the annual visa cap, the demographic breakdown of recipients, and upcoming data releases that will provide a more comprehensive understanding of the program's reach and impact.

Record Number of Visas in 2024

The year 2024 has witnessed the highest number of EB-5 visas ever issued by U.S. consulates. By the end of September 2024, a total of 12,055 EB-5 visas were granted, bringing the program closer to its annual cap of 14,169 visas. This surge is a testament to the increasing confidence of international investors in the EB-5 program as a reliable pathway to U.S. permanent residency.

EB-5 Visas Issued vs. Cap (2024)

Metric	Number
EB-5 Visas Issued	12,055
Annual EB-5 Visa Cap	14,169
Remaining Visas	2,114

As illustrated above, the issuance of 12,055 visas by September 2024 leaves only 2,114 visas available before reaching the annual limit. This high issuance rate underscores the program's attractiveness and the effectiveness of USCIS's processing improvements.

Demographic Breakdown of Investors

The EB-5 program continues to draw a diverse group of investors from around the world. However, certain nationalities dominate the pool of EB-5 visa recipients, reflecting broader global investment trends and economic conditions.

Demographic Breakdown of EB-5 Visa Recipients

Nationality	Percentage	Number of Visas Issued
Chinese	69%	8,328
Vietnamese	12%	1,446
Indian	6%	723
Other	13%	1,558

Chinese investors and their family members represent the majority of EB-5 visa recipients, accounting for 69% of the total visas issued. This dominance highlights the strong interest from China in leveraging the EB-5 program for U.S. residency. Vietnamese and Indian investors also make significant contributions, with 12% and 6% of visas issued, respectively. The remaining 13% of visas were granted to investors from other nationalities, showcasing the program's global appeal.

Future Data Releases

While the current data provides a comprehensive overview of the EB-5 visa issuance up to September 2024, USCIS will release additional information regarding the adjustment of status for EB-5 cases later in the year. This data, expected by February or March 2025, will offer a more complete picture of the program's outcomes, including the number of investors who successfully adjusted their status to permanent residents based on their approved EB-5 petitions.

Impact of Regional Centers

The high number of EB-5 visas issued is closely linked to the dominance of Regional Centers in the program. Regional Centers streamline the investment process, making it easier for investors to meet the program's requirements and increasing the likelihood of visa approval. This strategic advantage not only benefits investors by reducing the risk of denial but also enhances the overall efficiency of the EB-5 program.

Contribution to the U.S. Economy

The surge in EB-5 investments has had a profound impact on the American economy. With a 40% increase in new EB-5 investors compared to 2023, over $3 billion has been injected into the U.S. economy. This substantial investment has led to the creation of more than 5,000 jobs and has supported numerous regional development projects across various sectors, including real estate, manufacturing, and technology. These investments not only foster economic growth but also enhance infrastructure and business expansion in targeted regions.

Future Outlook

Looking ahead to 2025, the EB-5 program is poised for continued growth. The current trends indicate an anticipated increase in both applications and approvals, driven by the program's enhanced attractiveness and USCIS's improved processing efficiency. Potential policy changes may further streamline the application process, making it even more accessible for international investors. USCIS initiatives aimed at maintaining and expanding processing capacities are expected to reduce waiting times, allowing investors to receive timely decisions on their petitions.

Conclusion

Fiscal Year 2024 was a landmark year for the EB-5 visa program, showcasing a 40% increase in new investors and contributing over $3 billion to the U.S. economy. The tripling of I-829 petition approvals to 6,089 and the issuance of a record 12,055 EB-5 visas highlight the program’s growing popularity and effectiveness. Regional Centers dominated with a 96% petition filing rate and maintained a low denial rate of just 3%, significantly outperforming direct investments. Improved USCIS processing efficiency reduced pending petitions to under 10,000, ensuring faster approvals and enhancing investor confidence. With over 5,000 jobs created and substantial support for regional development projects, the EB-5 program continues to be a vital pathway for international investors seeking U.S. permanent residency. Looking ahead, the positive trends and robust economic contributions position the EB-5 visa program for continued success and expansion in 2025.

References

U.S. Citizenship and Immigration Services (USCIS)
Data Sources
- USCIS official reports and publications.
- Fiscal Year 2024 Q4 EB-5 Form Data Report (July 1, 2024 to September 30, 2024).
- Department of Homeland Security, U.S. Citizenship and Immigration Services, Office of Performance and Quality.
- https://iiusa.org/blog/iiusa-releases-new-report-on-actual-i-956f-and-i-526e-processing-times-featuring-valuable-data-from-the-eb-5-industry/