The latest data from the U.S. Citizenship and Immigration Services (USCIS) paints a positive picture for the EB-5 visa program. In the fourth quarter of Fiscal Year 2023, new filing numbers reached levels not seen in years, indicating a strong resurgence in EB-5 activity. The processing of legacy I-526 petitions saw a remarkable 241% increase compared to the previous quarter, showcasing USCIS’s commitment to faster processing times. Let’s delve into the key trends and figures shaping the EB-5 landscape in 2024!
Petition Filings & Totals
The USCIS received 888 I-526E regional center petitions and a total of 945 filings, including standalone petitions in the last quarter of FY 2023. This marks a significant surge in EB-5 filing activity, surpassing levels seen in previous years. Regional center investments accounted for 93% of the filings, while direct or standalone investments made up the remaining 7%.
Following the enactment of the EB-5 Reform and Integrity Act of 2022, filing totals have shown an upward trend:
- 2023 Q1 – 556
- 2023 Q2 – 535
- 2023 Q3 – 699
- 2023 Q4 – 945
Amidst the dynamic landscape of EB-5 processing and filings, the latest data reflects a significant uptick in activity and a notable commitment to improving processing efficiency.
Rapid I-526 Processing
The USCIS processed a whooping 1,291 I-526 petitions in Q4 of 2022, representing a substantial 45% increase from the previous quarter. The agency’s processing of legacy I-526 petitions in FY 2023 highlights a positive trajectory, with notable figures.
- 2023 Q1 – 480
- 2023 Q2 – 904
- 2023 Q3 – 888
- 2023 Q4 – 1,291
Out of the 1,291 legacy petitions processed in FY 2023 Q4, 814 received approvals, resulting in an approval rate of 63% for the quarter.
I-829 Processing & Approval Rate
In 2023 Q4, the USCIS processed 788 I-829 petitions and ended up approving 671, reflecting an impressive approval rate of 85%. Noteworthy quarterly processing figures include:
- 2023 Q1 – 336
- 2023 Q2 – 447
- 2023 Q3 – 474
- 2023 Q4 – 788
The recent I-829 processing totals have reached unprecedented levels, showcasing a substantial increase compared to previous quarters, indicating a positive shift in USCIS operations.
I-956 Applications & Processing
The figures reveal a surge in regional center applications, marking a notable rise in post-RIA regional center activity. Notably, the filing numbers peaked in FY 2023 Q2, hinting at a proactive approach from regional centers towards complying with the new regulations. With close to 274 regional centers currently operational, it signals a robust ecosystem within the EB-5 program.
- 2023 Q1 – 15
- 2023 Q2 – 176
- 2023 Q3 – 41
- 2023 Q4 – 25
On the project application front, steady progress is noted, with a stream of applications throughout the fiscal year. Although there are more regional center applications than project applications, this trend hints at a pipeline of projects awaiting approval, indicating ongoing developments in the EB-5 space.
The uptick in 956H filings underscores the adherence to regulatory requirements, with a significant number of individuals involved in regional centers, NCEs, and JCEs submitting their bona fides. This emphasizes the diligence and transparency maintained by entities within the regional center program.
Additionally, the consistent registration of third-party promoters through 956K filings further highlights the commitment to compliance and adherence to regulatory standards within the EB-5 landscape. The gradual increase in promoter registrations showcases a systematic approach to engaging with third-party entities, ensuring transparency and accountability in promotional activities.
Conclusion
Overall, the data paints a promising picture for the EB-5 program, with increased activity, improved processing efficiency, and a concerted effort towards regulatory compliance and transparency across various facets of the program. These trends indicate a positive trajectory for the EB-5 ecosystem, setting the stage for continued growth and development in the immigration investment arena.
Despite past concerns, the EB-5 program is thriving and showing signs of improvement with each quarter. The surge in filings, accelerated processing times, and increasing approval rates underscore a favorable shift in the program’s dynamics. The revitalization brought about by the EB-5 Reform and Integrity Act has reignited investor interest and streamlined USCIS operations, paving the way for a healthier and more efficient EB-5 ecosystem. With a renewed sense of optimism and progress, the future of EB-5 looks promising as it continues to evolve and attract investments!
This article is intended for informational purposes only and should not be considered as legal or financial advice. For personalized guidance regarding the EB-5 program, get in touch with us today.
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