Record Highs: EB-5 Applications Jump 40% as I-829 Approval Rates Triple in 2024

With record-breaking numbers and positive trends, 2024 was a turning point for the EB-5 visa program. Fiscal year (FY) 2024 data from the United States Citizenship and Immigration Services (USCIS) showed that I-829 petition acceptance rates tripled, and EB-5 applications increased by an unprecedented 40%. These changes highlight the EB-5 program’s growing significance for investors seeking conditional green cards and its benefits to the American economy.

What Is the EB-5 Visa Program?

Under the 1990-established EB-5 visa program, foreign investors can obtain U.S. residency in return for substantial economic contributions. 

What Are the Requirements for Obtaining an EB-5 Visa?

For the EB-5 investor visa application, applicants must meet the following requirements:

  1. Investment Amount:
    • Invest a minimum of $1.05 million in a U.S. business.
    • Alternatively, invest $800,000 if the business is located in a Targeted Employment Area (TEA)—a rural area or a location with high unemployment.
  2. Job Creation:
    • The investment must create at least 10 full-time jobs for U.S. workers within two years of the investment.
  3. Lawful Source of Funds:
    • Applicants must demonstrate that the investment funds were obtained through lawful means, such as employment, business income, or asset sales.
  4. Active Involvement:
    • While investors are not required to manage the daily operations of the business, they must be actively involved in its management or policy-making.
  5. Regional Center Participation (Optional):
    • Investors can work with a USCIS-designated Regional Center, which pools investments for larger projects. This option simplifies the job creation requirement by allowing indirect job creation.

By meeting these requirements, foreign investors can apply for the EB-5 visa, opening a pathway to U.S. residency and eventual citizenship.

USCIS EB-5 Data: A Record-Breaking FY2024

How Has the EB-5 Visa Application Volume Changed in 2024?

Due to increased interest from international investors and better processing efficiency, USCIS recorded notable growth in several measures in FY2024. USCIS EB-5 data 2024 shows the following:

  • 40% Increase in EB-5 Applications: In FY2024, the number of new EB-5 investor applications surged to levels never seen before.
  • More than $8 Billion in Economic Contributions: The flood of applications strengthened the program’s position as a vital economic engine, bringing in billions of dollars in investments.

I-829 Approval Rates 2024

What Are the Approval Rates for I-829 Petitions in 2024?

Approval rates 2024 for the I-829 petition in 2024, a critical step in lifting restrictions on green cards, tripled and hit a record high. 

EB-5 Investor Trends 2024

New Applications: I-526 and I-526E Petitions

Investors seeking a conditional green card EB-5 filed many I-526 and I-526E petitions with USCIS in FY2024. The number of petitions processed increased by 80% compared to FY2023.

  • Regional Center Applications: The Regional Center program’s reintroduction following legislative revisions drove much of this expansion. The increase in applications resulted from investors’ attraction to these structured opportunities.
  • Direct EB-5 Investments: Although regional center projects were the most common, a smaller but significant portion of the activity came from direct EB-5 applications.

EB5 Petition Processing Data FY2024

Clearing backlogs and resolving investor concerns are priorities in USCIS processing trends:

  • I-526/I-526E Petition: At the beginning of FY2024, there were over 10,000 pending petitions, but USCIS handled thousands of them over the year, greatly reducing the backlog.
  • I-829 Petitions: With over 6,089 approvals in FY2024, approval rates for I-829 petitions—used to lift restrictions on green cards—reached all-time highs.

The USCIS Immigrant Investor Program Office (IPO), which processed over 20,000 applications in FY2024—a 150% increase over FY2023, is credited with the improved processing volumes.

Regional Center Applications and Approvals

New Regional Center Projects: Petitions I-956 and I-956F

Transparency and compliance were improved when the Reform and Integrity Act of 2022 was passed, establishing new standards for regional center applications. Of the 94 new regional center projects approved in FY2024, 25 were rejected.

The relatively high rejection rate (25%) highlights the scrutiny applied to regional center petitions. Hundreds of investors are often impacted by rejected projects, which could cause their applications to be delayed or derailed.

Regional Center Trends

Investors prefer regional center initiatives because of their proven track record and structured approach. These initiatives offer a more secure and reliable way to fulfill EB-5 standards.

Third-Party Promoter Applications: Petition I-956K

Once the Reform and Integrity Act went into effect, foreign organizations advocating EB-5 projects were required to register with USCIS using Form I-956K. In  FY2024, USCIS received 295 new applications, the most since the regulation was introduced.

None of the 92 applications processed in FY2024 were rejected, signaling a smooth transition to these regulatory requirements.

EB-5 Visa Issuance at U.S. Consulates

U.S. consulates granted 14,169 EB-5 visas in FY2024, the most ever granted under the program. This outstanding accomplishment is due to the government’s dedication to clearing backlogs and alleviating the interruptions brought on by the COVID-19 pandemic.

Geographic Trends

Among recipients:

  • 69% were Chinese investors and their family members.
  • 12% were Vietnamese applicants.
  • 6% were Indian investors.

These EB-5 visa statistics 2024 reflect the continued dominance of Asian markets in the EB-5 program, although other regions are gradually gaining traction.

How Does the EB-5 Program Benefit the U.S. Economy?

One of the key pillars of American economic and immigration policy is still the EB-5 program. Key advantages include:

  1. Economic Growth: In FY2024 alone, the initiative brought in over $8 billion in investments, supporting small enterprises, real estate development, and infrastructure projects.
  2. Employment Creation: Every EB-5 investment must directly contribute to local economies by generating at least 10 new jobs.
  3. Pathway to Residency: By offering educational, professional, and cultural possibilities, investors and their families are granted entry to the United States.

Why Choose Tez Law for Your EB-5 Visa Journey?

At Tez Law, our area of expertise is helping investors navigate the intricate EB-5 process. Our team of skilled lawyers ensures that your application is handled with precision and care, increasing your chances of success. Tez Law is your reliable partner at every stage, whether requesting clearance for your I-829 or submitting an I-526 petition.

Our services include:

  • Comprehensive evaluation of investment opportunities.
  • Assistance with I-526, I-526E, I-956, and I-829 petitions.
  • Strategic planning to meet job creation and investment requirements.
  • Ongoing support for compliance with USCIS regulations.

Join the thousands of investors who have successfully navigated the EB-5 process with Tez Law. Contact us today to begin your journey toward U.S. residency!