EB-5 Visa Issuance Sees Mixed Trends for Indian Applicants in FY2024

The US EB-5 program continues to be a highly sought-after pathway to American Green Cards, particularly for Indian applicants. As the number of investors rises, India has emerged as one of the key players in this visa category. India, along with China, Vietnam, Taiwan, and South Korea, accounted for nearly 92% of all EB-5 visa issuances in the current fiscal year up to May.

According to the Department of State, 512 EB-5 visas were issued to Indian applicants in FY24 so far, reflecting a 22% decline in productivity. The USCIS notes that the EB-5 program offers permanent US residency to investors who make the necessary investment in a US commercial enterprise and plan to create or preserve 10 permanent full-time jobs for qualified US workers.

Despite the overall growth in EB-5 visa issuance in FY2024, Indian investors received fewer visas than expected during the first eight months. Between October 1, 2023, and May 31, 2024, a total of 7,173 EB-5 visas were issued through consular processing, marking a 42% increase compared to the same period in FY2023. However, the number of EB-5 visas issued to Indian applicants during this period showed a 22% decline.

Visa processing picked up pace in December 2023, yet the monthly issuance to Indian investors at the US Consulate in Mumbai showed a downward trend, with only 4 EB-5 visas issued in May. Of the 512 visas issued to Indian applicants from October 1, 2023, to May 31, 2024, only 392 were processed at the Mumbai Consular Office. This indicates that 120 Indian applicants who received EB-5 visas during this period reside outside India.

While these numbers reflect EB-5 visas issued via consular processing, many Indian investors secure their green cards through adjustment of status (AOS), which is not accounted for in this data. Therefore, the figures do not necessarily indicate a low overall issuance of EB-5 visas to Indian applicants.

Further observation of DOS data revealed that May 2024 saw the second-highest monthly visa issuance rate in FY2024, with 1,222 EB-5 visas issued via consular processing. Of the 7,173 EB-5 visas issued in the first eight months of FY24, over 1,990 were issued through adjustment of status, all under the Unreserved category.