US EB-5 visa cap reached for FY 2024: Here's what you should do next

The EB-5 visa offers a pathway to US permanent residency (a green card) for investors and their immediate family members

On October 1, 2024, the new financial year (FY 2025) for the United States will begin, and with it, the annual limits on EB-5 and EB-3 visas will reset. This means that embassies and consulates can start issuing these visas again to qualified applicants. It’s a new chance for those who have been waiting to apply or missed out earlier because the limits were reached.

For FY 2024, the annual limit for the EB-5 visa unreserved category had been set at 9,940 visas, according to USCIS. This limit has already been reached for the financial year.

What is the EB-5 visa?

 

The EB-5 visa, officially known as the Employment-Based Fifth Preference visa, offers a pathway to US permanent residency (a green card) for investors and their immediate family members. To qualify, you need to make an investment of $1.8 million to $800,000 in a US business and create or preserve at least 10 full-time jobs for US workers.

Saurabh Arora, CEO of University Living, a global student housing marketplace, says, “It’s a way to not only contribute to the US economy but also secure a future in the United States.” The investment amount varies based on the area where you choose to invest. For example, in Targeted Employment Areas (TEAs), where unemployment is high, the minimum investment is $800,000. In other areas, you may need to invest up to $1.8 million.

Regional centres are organisations designated by the US Citizenship and Immigration Services (USCIS) to help promote economic growth in specific regions. Investing through these centres can make the process smoother and more aligned with local economic needs. For instance, in Nebraska, regional centres might focus on developing data centres or enhancing medical facilities. Your investment would support these initiatives, helping to create jobs and stimulate local economies.

The annual limit for EB-5 visas is 7.1 per cent of the worldwide employment limit, of which 68 per cent is available for unreserved visa categories (C5, T5, I5, R5, RU, NU). Additionally, the EB-5 Reform and Integrity Act of 2022 specifies that unused EB-5 reserved visas from FY 2022 may be available in the EB-5 unreserved categories for FY 2024.

What are the costs involved in the EB-5 visa?

Depending on whether you are applying from within the US or from abroad, the fees vary slightly:

For applicants within the US (adjustment of status):

Form I-526: $11,160

Form I-485: $1,540

Form I-829: $9,525

Total: $21,130

For applicants outside the US (consular processing):

Form I-526: $11,160

Form DS-260: $325

Affidavit of support fee: $120

Form I-829: $9,525

Total: $22,225

Do note: These costs exclude the required investment amount and any administrative fees.

Benefits of the EB-5 programme for Indians include:

Clear path to permanent residency: The EB-5 visa offers a direct path to a green card, unlike other visa categories that may have backlogs and uncertainties.

Access to world-class schools and universities: Indians may benefit from access to world-class schools and universities.

Strong economy: Indians may benefit from the strong economy of the US.

India’s role in the EB-5 Programme

For Indian students who aspire to study, work, and eventually settle in the US, the EB-5 visa offers a clear path. According to Immigrant Invest, a Cyprus-based consultancy firm, the estimated processing time for an EB-5 visa for Indian citizens is about 5-6 years. This includes gathering documents, getting your petition approved, and receiving a Conditional Green Card.

Alongside countries like China, Vietnam, Taiwan, and South Korea, India accounts for nearly 92% of all EB-5 visa issuances up to May 2024.

FY24 limits reached

The US State Department, in collaboration with USCIS, announced recently that all legally available visas in the Employment-Based Fifth Preference (EB-5) unreserved category have been issued for FY 2024.

The same situation applies to the EB-3 and Other Workers (EW) categories. These categories are also employment-based immigrant visa categories that allow foreign workers to live in the United States and obtain permanent residency. They are designed for skilled workers, professionals, and other workers who possess the necessary qualifications and are seeking employment opportunities in the US.

What are the EB-3 visa categories?

The EB-3 visa is divided into three subcategories:

EB-3(A): Skilled Workers  

This category is for those with at least two years of training or experience in their field.

EB-3(B): Professionals  

This category is for professionals holding a US bachelor’s degree or a foreign equivalent.

EB-3(C): Other Workers  

This category is for workers who perform unskilled labour that requires less than two years of training or experience.

The annual limit for EB-3 visas is set at 28.6 per cent of the worldwide employment limit, with no more than 10,000 visas available in the EW category.