According to Department of State data, 512 EB-5 visas have been issued to Indian applicants so far in FY24, reflecting a 22% productivity decline.

The US EB-5 program has been a highly sought-after pathway to American Green Cards for many, including Indian applicants. With the rising number of investors, India has become one of the most crucial players in this visa category. Together, India, 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 USCIS, this investor program offers a pathway to permanent residence in the US for those who “make the necessary investment in a commercial enterprise in the United States” and ‘aim to establish or maintain 10 permanent full-time positions for qualified US workers’.

The latest FY2024 data, covering the period from October 1, 2023, to May 31, 2024, shows significant growth in the overall issuance of EB-5 visas. However, Indian investors received fewer visas than expected during these eight months.

EB-5 visa issuance figures for Indian applicants

According to Department of State data, 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 saw a 22% decline.

Despite improved visa processing in December 2023, the monthly allocation of EB-5 visas to Indian investors at the US Consulate in Mumbai demonstrated a downward trajectory. While 50-60 visas were processed monthly earlier, only 4 EB-5 visas were issued in May.

So far in FY2024, only 392 EB-5 visas issued to Indian investors were processed at the Mumbai Consular Office. This indicates that 120 Indian applicants who received their EB-5 visas during the first eight months of FY24 reside outside of India.

Ultimately, 512 EB-5 visas were issued to Indian applicants from October 1, 2023, to May 31, 2024. However, these numbers only reflect visas issued through consular processing. A significant percentage of Indian investors secure their green cards through adjustment of status (AOS), which is not included in this data. Therefore, this figure does not necessarily indicate an overall low issuance of EB-5 visas for Indian applicants.

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

Stay updated on the latest visa news with VisaBud!