Fiscal Year 2024 promises a greater number of EB-5 Visas for immigrant investors
2024 is presented as a key chapter for EB-5 investors who aspire to establish themselves in the United States. With projections exceeding expectations, a high harvest of EB-5 visas is anticipated, offering investors a unique window of opportunity.
Fiscal year 2024 is shaping up to be a promising season for EB-5 investors, with projections suggesting a bumper crop of more than 20,000 EB-5 visas.
Joseph Barnett, a partner at WR Immigration in California, notes that this number could exceed expectations, reaching 22,233 visas, depending on the final determination of the global EB-5 level for the next fiscal year.
Transfer provisions and the EB-5 Integrity and Reform Act of 2022
The optimistic expectations are due in part to the carryover provisions established by the EB-5 Integrity and Reform Act of 2022 (RIA).
Barnett notes that visas unused in fiscal years 2022 and 2023 are now part of the fiscal year 2024 contingent, contributing to a substantial pool of available visas.
The RIA marked a significant change in the dynamics of the EB-5 Program, allowing reserved visas from fiscal year 2022 and 2023 to be carried over to fiscal year 2024 without reservation. This measure has generated a surplus of visas, creating additional opportunities for EB-5 investors looking to take advantage of the program in the next fiscal year.
Impact on investors and beneficiary countries
Greg Sheehan, director of the USCIS compliance and EB-5 reversal platform at Behring Co. in California, anticipates additional capacity in the next two years. Although 20,000 visas may not be reached in 12 months, Sheehan suggests that visa transfers will play a crucial role, with the surplus carried over to fiscal year 2025.
This additional capacity is perceived as a “bountiful harvest” by Sheehan, comparing it to previous situations, such as the holdovers of EB-2 and EB-3 during the COVID pandemic.
This phenomenon is attributed to changes in the opportunity schedule due to the expiration of the program, which now extends until fiscal year 2024.
For Dennis Tristani, managing attorney at Tristani Law LLC in Maryland, the increased availability of EB-5 visas is positive news for applicants, especially those from India, who could benefit significantly from this surplus.
The US Embassy in Mumbai has been processing EB-5 visas at a faster pace, and USCIS allows adjustment of status applications for people with a priority date of April 2022 or earlier.
This increase in visa allocation offers an additional advantage to applicants from countries such as India, allowing them to access more visas than would normally be available in a typical fiscal year.
The improved outlook is an encouragement to those seeking the opportunity to invest and settle in the United States through the EB-5 Program.
Positive outlook for approvals and processing times in 2024
As we head into 2023, EB-5 investors may wonder what the new year has in store for them. Sheehan describes the outlook for 2024 as very positive, noting that the USCIS Investor Program Office (IPO) is granting approval codes directly related to visa assignment.
Sheehan emphasizes the importance of using reserved visas first and how this can benefit areas with high unemployment and rural regions. The government is expected to incentivize the utilization of all visas, changing the rules of the game and positively affecting wait times and setbacks.
Allocating visas to rural projects and areas with high unemployment is a key strategy to ensure the equitable and efficient distribution of EB-5 visas.
This prioritization seeks not only to benefit investors, but also to promote economic development in regions that need it.
The IPO has given the State Department maximum flexibility by allowing the allocation of visas to rural projects and areas with high unemployment using the unreserved surplus.
This marks a significant shift in program dynamics, providing greater flexibility and adaptability to changing demand and supply needs.
Strong prospects for adjustment of status in Fiscal Year 2024
Barnett underscores the overall strength of the outlook for EB-5 in fiscal year 2024 due to expanded visa supply. Despite this, the importance of the efficiency of consulates in scheduling interviews and issuing immigrant visas stands out.
The outlook for adjustment of status in fiscal year 2024 is encouraging, with the anticipation that reserved visas “will remain ‘in force’ for at least the next eight months.”
This temporary window provides significant opportunities for those already present in the U.S. who are eligible to file adjustment of status applications.
Tristani shares the optimistic view, noting that processing times for I-526 petitions based on rural investments are less than a year, “as fast as three to four months.” These accelerated processing times are a notable change compared to previous years, indicating improved efficiency in the system.
“The ability to continue to simultaneously file an adjustment of status alongside the I-526 petition is a huge benefit and will likely be available to all countries in the first half of calendar year 2024.”
This additional flexibility simplifies the process for investors, offering them a more efficient path to obtaining permanent residency in the United States.
Promising Fiscal Year for EB-5 investors
So, in accordance with the above, fiscal year 2024 looks like a promising season for EB-5 investors, with greater availability of visas that benefits various regions and countries.
Positive outlooks for approvals and fast processing times make this fiscal year a window of opportunity for those seeking to enter the EB-5 program.
The impact of the rollover provisions and the flexibility provided by the RIA have marked a significant change in the EB-5 landscape, creating an enabling environment for investors.
As we move into fiscal year 2024, the EB-5 investor community can look forward to a bountiful harvest of opportunities and the ability to advance their immigration processes more efficiently and quickly.
