John Burson  edited Monday, August 19, 2024

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FY 2024 EB-5 Visa Annual Limit Reached for Unreserved Category in the U.S.

The State Department has announced that the annual limits for the EB-3 and EB-5 Unreserved immigrant visa categories have been met for FY 2024.

Key Takeaways

• The EB-3 and EB-5 visa caps have been reached for FY 2024. No new visas in these categories will be issued until October 1, 2024.
• Visa quotas reset on October 1, 2024: Processing of adjustment of status applications and visa issuance will resume.
• High demand for employment-based visas: Many categories might reach annual limits early in FY 2024.
• EB-5 Visa Updates:
  • The allocation remains unchanged at 7.1% of employment-based visas.
  • Set-asides for Rural, High Unemployment, and Infrastructure areas are currently "Current" (no backlogs).
  • Significant backlogs for EB-5 applicants from China and India.
  • Other regions (excluding China and India) can process EB-5 applications without delay.
• Visa availability is subject to change: The September 2024 Visa Bulletin provides the current status, which may change in the upcoming fiscal year.

The U.S. State Department has reported that the yearly caps for the EB-3 and EB-5 Unreserved immigrant visa classes have been reached for Fiscal Year (FY) 2024. Consequently, these visa categories will be temporarily unavailable until the fiscal year concludes on September 30. During this period, U.S. embassies and consulates cannot issue immigrant visas, and U.S. Citizenship and Immigration Services (USCIS) cannot process adjustments of status applications for these categories.

The new fiscal year, beginning on October 1, 2024, will see the reset of annual immigrant visa quotas. This will allow USCIS to continue processing adjustment of status applications and enable embassies and consulates to issue visas in these categories again. The State Department's September Visa Bulletin anticipates that due to high visa demand, the annual limits for many employment-based visa categories may be reached by September or earlier in FY 2024.

EB-5 Visa Final Action Dates For September 2024

The latest updates on the EB-5 Visa Program, including the Employment-Based 5th preference (EB-5), are as follows:

EB-5 Program Updates

• Employment Creation Visas (EB-5): The allocation remains unchanged mainly with 7.1% of the worldwide employment-based preference level dedicated to the EB-5 category.
• Set-Asides within EB-5:
  • Rural (20%): All regions are currently "Current" (C), meaning numbers are authorized for issuance to all qualified applicants without backlog.
  • High Unemployment (10%): Also marked as "Current" across all regions, allowing immediate processing for qualified investors.
  • Infrastructure (2%): This, too, is "Current" for all chargeable areas, reflecting availability without delays.

Final Action Dates for EB-5:

• For September 2024, the final action dates for the EB-5 Unreserved category (including C5, T5, I5, R5) are as follows:
  • China-mainland Born: December 15, 2015
  • India: December 1, 2020
  • All other areas, including Mexico and the Philippines: Current (C)

Dates for Filing of EB-5 Visa Applications:

• Applicants from China born with a priority date earlier than January 1, 2017, can file their visa applications. For those from India, the date is April 1, 2022. All other regions remain "Current".

This indicates that while there are significant backlogs for EB-5 applicants from China and India, other regions can process applications without delay. This status reflects the visa availability as of September 2024 and can be subject to change based on new visa issuances and adjustments in the coming fiscal year.

Please refer to the September 2024 Visa Bulletin provided by the U.S. Department of State for detailed information and further updates on visa allocations and processing timelines.