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EB-5 Applications Jump 40% as I-829 Approvals Triple to Hit Record High

Varvara Latyntseva: USCIS processing efficiency increases by 150% while I-526 pending petitions fall under 10,000 for the first time in years

Varvara Latyntseva
Riga

USCIS has published the data for Q4 2024, closing out the fiscal year 2024 (October 1, 2023 – September 30, 2024), and the results are promising.

The number of new investors has increased by 40% compared to 2023, contributing more than $3 billion to the US economy.

The number of investors who had completed their EB-5 journey after receiving approval of their second petition reached an all-time high.

In 2024, US consulates issued the highest number of visas in EB-5 history.

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We have compiled data for EB-5-related petitions starting from Q3 2022, when the government relaunched the EB-5 program under the Reform and Integrity Act (RIA) of 2022.

New applications by EB-5 investors for conditional Green Cards: Petitions I-526 & I-526E

The number of investors who filed an I-526 petition in fiscal Q4 2024 increased by 350% compared to Q3.

Q3 numbers were comparatively low as many investors rushed to file petitions before the government fee increase on April 1, 2024.

In Q4 2024, USCIS provided data on the number of processed I-526E petitions, whereas in previous quarters, it did not disclose this data.

While the average denial rate for both I-526 and I-526E petitions was 21%, petitions filed under the Regional Center program after the legislative changes in 2022 had a denial rate of only 3%.

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In contrast, the denial rate for direct EB-5 petitions, where investors invest in their business, was significantly higher, as USCIS denied 50% of the petitions.

Regional Center projects continued to dominate the numbers. Out of 1,081 petitions filed in Q4, only 43 were based on Direct EB-5 investments.

For the first time in many years, the number of pending petitions dropped below 10,000, as 9,971 remain pending.

Note: The table represents combined information about I-526 petitions filed before March 2022 and new I-526E petitions. For some of the periods, USCIS did not disclose information on approved or denied I-526E petitions; however, it provided the total number of processed petitions. This is why the combined number of approved and denied petitions is lower than the number indicated in the "Completed" column.

Applications by EB-5 investors for removing Green Card conditions: Petition I-829 

The second petition in the EB-5 process, Form I-829—which investors typically file four to seven years after the initial application—has shown a strong positive trend.

The number of families who had received approvals in Q4 remained relatively high, as USCIS approved 1,532 petitions.

This brought the total for the fiscal year to 6,089 approvals—a record high that is three times more than 2023's numbers.

The denial rate for I-829 petitions in Q4 was slightly above 4%.

Processing volumes on investors' petitions by USCIS: Petitions I-526, I-526E, and I-829 

The efficiency of the IPO (Immigrant Investor Program Office) unit at USCIS continues to improve.

In Q4, the IPO processed well over 3,000 applications for investors. For the full fiscal year 2024, they reviewed more than 13,000 petitions, a 150% increase from 2023.

If USCIS continues to perform at this level, we could see considerable improvement in processing times for investors in 2025.

Number of new Regional Center applications: Petitions I-956 & I-956F

USCIS did not provide exact statistics for Regional Center applications in Q4, citing that "disclosure standards were not met," meaning it could have potentially identify potential applicants.

What we do know is that in Q4 2024, 32 new EB-5 Regional Center projects had filed applications.

During the same period, the government approved 94 projects and rejected 25 projects.

The relatively high denial rate of nearly 25% is concerning, as Regional Centers often begin accepting investors before their projects are approved.

This means the 25 denied projects could potentially involve hundreds of investors whose I-526E forms may also face denial.

Third Party Promoters: Petition I-956K

Since the RIA passed in 2022, all foreign companies promoting EB-5 projects must register with USCIS using Form I-956K.

In Q4 2024, promoters and their employees had filed 295 new applications—the highest number to date.

This brings the total number of applications since the implementation of RIA 2022 to 1,196.

USCIS approved 92 Form I-956K applications and denied none. This is important news, as previously, it was unclear whether USCIS would actively process these forms or merely treat them as notifications.

EB-5 visas issued at US consulates 

The year 2024 marked the highest number of EB-5 visas issued in the program's history.

Due to the government's adjustments following COVID-19 and its impact on annual limits, the EB-5 visa cap in 2024 was as high as 14,169 visas.

By the end of September 2024, US consulates had issued 12,055 EB-5 visas.

The government will later disclose the number of adjustments of status for EB-5 cases in 2024 to provide a complete picture; however, this data will only be available by February or March 2025.

The EB-5 visas the government issued in 2024 benefited investors who filed their petitions years ago and have already received approvals for their I-526 petitions.

Among the recipients, 69% were Chinese investors and their family members, 12% were Vietnamese, and 6% were Indian.

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