US EB-5 Visa Applications Facing Increasing Backlog in 2024

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In 2024, the US EB-5 Visa remains one of the most popular routes for investor immigrants to obtain first a Green Card and then US citizenship. The EB-5 Investor Program dates back to the Immigration Act of 1990. But is demand exceeding supply? And are other factors affecting processing times?

Changes From a First-Come, First-Served Approach to an Availability-Based One

Historically, the greatest interest in the EB-5 Visa has come from investors hailing from Asia. Chinese, Indian, South Korean, and Vietnamese entrepreneurs have been the biggest applicants. Previously, applications were dealt with according to date of submission.

All this changed in the 2020s. As the U.S Citizenship and Immigration Services (USCIS) helpfully explain. This is what USCIS has to say on the matter: “As of March 31, 2020, we began first processing petitions for investors for whom a visa is either now or soon will be available.”

“Form I-526 captures a petitioner’s country of birth, which is compared with Chart B of the U.S. Department of State’s monthly Visa Bulletin, which shows visa availability for that country. We use this information, along with other factors, to determine which Form I-526 petitions we should process first.”

The I-526 is a petition from you as an investor. You’re seeking status as an immigrant to the United States. This is under section 203(b)(5) of the Immigration and Nationality Act (INA), as amended.

So, while the average processing time remains 30-36 months, this can double depending where you’re from. If you’re from an over-subscribed country, you will not receive a visa in a certain year. So, you’ve have to wait until the next year as the USCIS looks to fill its various quotas.

The Effect of the Migrant Crisis on EB-5 Visa Waiting Times

As well as internal factors, there are external ones causing delays to EB-5 visas. In 2024, major cities such as Chicago, Denver, and New York have all registered a major spike in the number of asylum seekers. This looks like putting extra strain on an increasingly beleaguered USCIS.

Political commentators have suggested diverting funds from foreign policy initiatives to domestic concerns. USCIS points to the unprecedented times we live in, with more people displaced than at any other time in history. Whatever the cause, there needs to be a resolution to clear the bottleneck.

The View From RIF Trust

Ranny Muasher is the B2B Director of RIF Trust. “America is famously known as the Land of Opportunity and many investors are prepared to wait out their application as they believe the advantages it gives them are worth it,” reasons the Cincinnati-born-and-bred Muasher.

“But the US does not have a monopoly on benefits to investors and you might want to consider alternative Residency by Investment Programmes.”

“The Canadian Start-Up Visa is a fraction of the price of an EB-5 Visa and processing takes between 24 and 30 months.” “Also quicker and cheaper are Greek, Portuguese, and Spanish Golden Visas which offer visa-free access to the 27 countries making up the European Schengen Zone.”

EB-5 Visa FAQ

1.) What’s an EB-5 Visa?

The EB-5 Visa is a Congress initiative that dates back to 1990. It’s a program run by the United States Citizenship and Immigration Services (USCIS). This visa gets its name from investors receiving an employment-based fifth preference visa.

As an investor, you must make the required investment in a US commercial enterprise or set out to generate or maintain 10 permanent full-time jobs for qualified American employees. In return, you, your spouse, and unmarried children under 21 qualify to apply for a Green Card aka lawful permanent residence.

2.) How Long Does It Take to Get an EB-5 Visa?

On average, processing takes between 30 and 36 months. You might find yourself waiting for more than 60 months. It all depends where you come from as there is a quota of available visas for the major countries.

3.) Can You Work With an EB-5 Visa?

Yes. There are no employment restrictions for you as a EB-5 Visa holder. This right to work anywhere you like extends to your spouse and dependent children under 21.

4.) How Many EB-5 Visas Do USCIS Issue Each Year?

There’s an annual cap on the number of EB-5 Visas the United States Citizenship and Immigration Services make available. It’s set at 10,000 visas each year.

5.) What’s the Cost of an EB-5 Visa?

The minimum amount you need to invest to qualify for an EB-5 visa is $800,000. You will need to factor in administrative fees too.

Choosing the Right Residency by Investment

You may have your heart set on achieving the American Dream. Or you might be more open to exploring other avenues which we, as Residency by Investment specialists, can recommend. Either way, don’t delay and contact RIF Trust today.