EB-5 Visa Program Ends For FY 2024: What You Need To Know About The State Department’s Decision

The US State Department, in collaboration with US Citizenship and Immigration Services (USCIS), has confirmed that all Employment-Based Fifth Preference (EB-5) visas for fiscal year 2024 have been fully issued.

This announcement also extends to EB-3 visas, with issuance suspended until the new fiscal year begins on October 1, 2024, as reported by Hindustan Times.

Key Details on Visa Issuance

The EB-5 visa program, crucial for foreign investors seeking to establish businesses in the US and contribute to job creation and economic growth, has reached its limit for this fiscal year. The program's annual cap is set by the Immigration and Nationality Act (INA), which allocates 7.1 percent of total employment-based immigrant visas globally for EB-5.

Nicholas Mastroianni III, President and CMO of the US Immigration Fund (USIF), emphasized the importance of EB-5 visas, stating they offer a stable future in the US beyond the volatility of corporate layoffs and the uncertainties associated with other visa categories, as reported by Hindustan Times.

Visa Allocation and Future Prospects

For the fiscal year 2024, both EB-5 unreserved and EB-3 visas have been exhausted. The EB-5 Reform and Integrity Act of 2022, which extended the Regional Center Program's authorization through September 30, 2027, allows for the inclusion of unused reserved visas from FY 2022 into the current unreserved categories. With all visas now allocated, U.S. embassies and consulates will halt processing for these categories until October 1, 2024, when the new fiscal year's visa limits will reset.

The EB-3 visa category, including Other Workers (EW) visas, has also been depleted. These visas are crucial for workers and are governed by an annual cap of 28.6 percent of total employment-based visas globally, with a maximum of 10,000 visas for the EW category.

Impact on Investors and Applicants

The exhaustion of EB-5 and EB-3 visas means that no additional visas will be issued in these categories until the new fiscal year begins, as per media reports. This pause in issuance underscores the competitive nature of the visa landscape and highlights the importance of timely application.

The EB-5 Immigrant Investor Program, established in 1990, aims to stimulate the U.S. economy through foreign investment and job creation. Despite the current pause, the program will resume in FY 2025, offering new opportunities for qualified investors and workers.

For those looking to apply, it's crucial to stay updated on visa availability and prepare for the next opportunity when the visa limits reset.