What Is the EB-5 Program?
The EB-5 Immigrant Investor Program (Employment-Based Fifth Preference) is a U.S. government immigration program for high-net-worth individuals and their families. It allows foreign nationals to obtain lawful permanent residency (a green card) by investing in the U.S. economy. The minimum investment amount is $800,000.
The program was established by Congress in 1990 and has undergone multiple changes since its inception. In 2022, the EB-5 Reform and Integrity Act (RIA) was enacted, introducing significant updates and restarting the program after a temporary suspension in 2021.
According to IIUSA (Invest in the USA), the EB-5 program has brought more than $5.36 billion into the U.S. economy since 2022 and has supported the creation of thousands of American jobs. This contribution to economic development is a key reason why most experts believe that a new Trump administration is unlikely to negatively impact the program.
EB-5 Key Developments in 2024
Fiscal Year 2024 saw a record surge in interest in the EB-5 program.
According to USCIS, approximately 5,000 new applications were filed—an 85% increase over 2023. The overwhelming majority of investors (4,567 petitions) opted to invest through Regional Center projects. The average approval rate for I-526E petitions submitted through Regional Centers was 98%.
Over the three years since the program’s relaunch, significant improvements have been observed in petition processing speed. In 2024, the average processing time for I-526 petitions submitted via Regional Centers improved by 112% compared to the previous year. IIUSA data indicates that the current average processing time ranges from 1 to 16 months.
Demand was so high that all unreserved EB-5 visas for FY2024 were issued by August 2024, one month before the end of the fiscal year. These unreserved visas represent 68% of the annual EB-5 quota of 10,000 visas and are granted to investors participating in non-TEA projects (projects not located in Targeted Employment Areas). Unreserved visas may also be issued to applicants who were not eligible for set-aside categories due to oversubscription.
A total of 12,055 unreserved EB-5 visas were issued through consular processing in FY2024—the highest number in the program’s history.
In addition, USCIS implemented a significant fee increase, effective April 1, 2024:
Investor Petitions:
- I-526/I-526E (initial investor petition): $11,160 (previously $3,675)
- I-829 (petition to remove conditions): $9,525 (previously $3,750)
- I-485 (adjustment of status): $1,440 (previously $1,140)
Another major development in 2024 was the federal lawsuit filed by IIUSA against USCIS.
On March 29, 2024, Invest in the USA (IIUSA)—the trade association representing Regional Centers—filed a lawsuit against USCIS in federal court. The claim challenged USCIS’s interpretation introduced in October 2023, which limited the required investment sustainment period to two years from the date of full investment.
The “sustainment period” refers to the minimum amount of time that an EB-5 investor’s funds must remain invested in the qualifying project to fulfill program requirements.
Under previous rules, EB-5 investments were required to remain in the project for the duration of the investor’s conditional residence, typically 5 to 7 years. IIUSA expressed concern that shortening the sustainment period to just two years could undermine the program’s goals of job creation and long-term economic development.
Political Uncertainty in Early 2025
In February 2025, renewed public discussion arose around the future of the EB-5 program after statements from the Trump administration referencing the possible introduction of a new “Gold Card” initiative. Despite these announcements, as of mid-2025, no legislative changes have been made, the EB-5 program remains fully operational, and no bill related to a Gold Card has been introduced in Congress. The concept currently exists only at the level of public statements, while EB-5 continues to serve as the only established investment-based immigration option in U.S. law.
Petition I-526: Filing and Adjudication Trends in FY2024
The I-526 (or I-526E) petition is the initial application submitted by a foreign investor under the EB-5 program. If approved, it allows the investor and eligible family members to obtain Conditional Green Card (i.e., conditional permanent residence in the U.S.).
This petition reflects the investor’s intention to invest the required capital and create or preserve at least 10 full-time jobs for U.S. workers. The number of I-526 petitions filed each year is a strong indicator of investor interest in the EB-5 program.
I-526 Volume and Outcomes: 2024
According to USCIS, EB-5 filings continued to rise in FY2024, with the number of I-526 petitions increasing 1.8 times compared to FY2023. Approval volume also grew significantly:
- 5,385 I-526 petitions were approved in 2024, more than 2.4 times the number approved in 2023 (2,212).
- The denial rate dropped to 23%, indicating improved petition quality and/or more efficient adjudications.
The backlog of pending I-526 petitions also decreased:
- From 12,140 pending petitions in 2023 to 9,971 in 2024 (a 21.5% decrease)
This is the lowest backlog level in the past 10 years, a result of the post-RIA (2022) system reform and operational improvements within USCIS.
Historical I-526 Data Overview:
| Fiscal Year | Received | Approved | Denied | Pending |
| 2015 | 14,373 | 8,761 | 1,056 | 17,367 |
| 2016 | 14,147 | 7,632 | 1,735 | 20,804 |
| 2017 | 12,165 | 11,321 | 922 | 24,992 |
| 2018 | 6,424 | 13,571 | 1,551 | 14,394 |
| 2019 | 4,194 | 3,659 | 1,014 | 13,763 |
| 2020 | 4,378 | 2,577 | 844 | 15,060 |
| 2021 | 814 | 2,398 | 650 | 13,008 |
| 2022 | 829 | 590 | 825 | 13,062 |
| 2023 | 2,616 | 2,212 | 1,104 | 12,140 |
| 2024 | 4,848 | 5,385 | 1,630 | 9,971 |
Source: https://www.uscis.gov/tools/reports-and-studies/immigration-and-citizenship-data
FY2024 I-526 Breakdown by Petition Type
USCIS reports show that most petitions adjudicated in 2024 were legacy filings submitted before 2022:
- 4,305 approvals and 1,591 denials were from legacy I-526 petitions
- An additional 3,744 legacy petitions remain pending
In contrast, petitions filed after 2022 fall into two categories:
- I-526: for Direct investments
- I-526E: for Regional Center investments under the RIA
FY2024 I-526 Breakdown:
| Form Type | Received | Approved | Denied | Pending |
| I-526 (Legacy) | – | 4,305 | 1,591 | 3,744 |
| I-526 (Direct) | 281 | 55 | 20 | 377 |
| I-526E (Regional Center) | 4,567 | 1,025 | 19 | 5,850 |
Source: https://www.uscis.gov/tools/reports-and-studies/immigration-and-citizenship-data
The data confirms that over 90% of new filings were for Regional Center projects, and that denial rates were extremely low (about 2%) for I-526E petitions. In contrast, petitions for direct projects had significantly higher denial rates.
EB-5 Visa Issuance in FY2024
The number of EB-5 visas issued is a critical indicator of investor immigration trends in the
United States. Conditional Green Cards are issued to the investors and their family members based on the approved I-526 petition. It can be done through Adjustment of Status if the investor and their family are in the US based on another visa type or through the consular process. In the latter option, an applicant first receives an immigrant EB-5 visa at the consulate of their residence and upon their arrival to the US with an EB-5 visa, their Conditional Green Card is delivered via postal service in a few weeks time.
Statistics provided by the U.S. The Department of State’s Bureau of Consular Affairs offers insights into visa issuance and status adjustments based on approved I-526 petitions. This data reflects information about investors who started their EB-5 journey a few years ago.
According to the U.S. Department of State, a record-breaking 14,924 EB-5 visas were issued in FY2024—the highest number since the program’s inception in 1990.
Year-by-Year EB-5 Visa Issuance, 2000-2024
EB-5 Visa Investment Options
The issuance of EB-5 visas is based on specific investment criteria outlined in the EB-5 program. Investors have two primary investment options: to invest in a Regional Center project or to establish / acquire their own business. The investment threshold remains the same for both options but varies depending on the location chosen for the project. The U.S. authorities offer incentives to those financing projects in Targeted Employment Areas (TEAs), characterized by rural areas or regions with high unemployment rates.The minimum investment amount in TEAs starts from $800,000, whereas in non-TEA areas, the investment threshold is $1,050,000.
It is important to note that the EB-5 visas issued in FY2024 were granted to investors who applied across a wide range of timeframes — including those who filed prior to November 2019, when the minimum investment amount was still $500,000. As such, the 2024 visa issuance data reflects both legacy and post-reform investment levels ($800,000 and $1,050,000), depending on the date of filing.
FY2024 Visa Issuance by Investment Type
| Category | Visas Issued |
| Direct (non-TEA) | 93 |
| Direct (TEA) | 375 |
| Non-Reserved Direct Pool* | 31 |
| Regional Center (TEA) | 13,986 |
| Regional Center (non-TEA) | 16 |
The data highlights that the overwhelming majority of EB-5 visas in 2024 were issued through Regional Center TEA projects.
*The Non-Reserved Direct Pool refers to a group of investors who each made a direct investment into the same project (not through a Regional Center), under rules that applied before the EB-5 Reform and Integrity Act (RIA) of 2022. This option no longer exists for new applicants.
Set-Aside Visa Categories
The RIA legislation of 2022 introduced new EB-5 visa categories with specific set-aside allocations:
- Rural Projects: 20% of total EB-5 visas
- High-Unemployment Areas: 10%
- Infrastructure Projects: 2%
These set-aside categories create separate pools of visas, giving applicants from these project types a chance to avoid the general backlog.
FY2024 Set-Aside Visa Issuance:
| Set-Aside Category | Visas Issued |
| Rural | 332 |
| High Unemployment | 91 |
| Infrastructure | 0 |
Set-aside visas primarily matter to applicants from countries with a significant backlog in EB-5 visa applications. Currently, this includes China and India due to their high demand.
However, we observe that only a small number of set-aside visas were issued in FY2024. This is most likely because set-aside categories were introduced recently, and the majority of EB-5 visas issued in 2024 went to applicants who filed their petitions several years earlier, before the RIA reforms came into effect.
Top 10 Countries by Visa Issuance (FY2024)
As in previous years, mainland China remained the dominant country of origin for EB-5 visa recipients. In fact, Chinese nationals received 9,547 EB-5 visas in FY2024, setting a new all-time record for any single country in the history of the program.
Petition I-829: Removal of Conditions
The I-829 petition is the final step in the EB-5 process. It allows investors and their eligible family members (spouse and unmarried children under 21) to remove the conditions on their Green Card and become permanent lawful residents of the United States. If approved, they receive a 10-year Green Card, which can be renewed indefinitely.
To be approved, the investor must prove that they have maintained their investment and that the required number of jobs (10 per investor) have been created or preserved.
I-829 Trends in FY2024
In FY2022 and FY2023, the number of I-829 petitions filed and adjudicated remained low due to the program’s prior suspension and gradual restart. This led to a growing backlog of pending cases.
In FY2024, however, USCIS significantly improved its performance on I-829 adjudications, as processing systems stabilized under the new legal framework.
- 4,152 I-829 petitions were filed
- 6,089 were approved — the highest number ever recorded in the EB-5 program
- The denial rate dropped to 5%, compared to 13% in 2023
- The backlog of pending I-829 petitions decreased by 22%, falling to 7,758 cases
These results signal a recovery in USCIS operations and suggest that more investors are successfully completing the EB-5 process.
Historical I-829 Data:
| Fiscal Year | Received | Approved | Denied | Pending |
| 2015 | 2,767 | 1,067 | 11 | 4,049 |
| 2016 | 3,474 | 1,758 | 102 | 6,309 |
| 2017 | 2,625 | 2,589 | 55 | 6,735 |
| 2018 | 3,283 | 2,610 | 104 | 7,660 |
| 2019 | 3,756 | 1,636 | 97 | 9,799 |
| 2020 | 3,096 | 2,623 | 142 | 10,304 |
| 2021 | 3,301 | 2,013 | 211 | 11,448 |
| 2022 | 1,270 | 1,453 | 168 | 11,150 |
| 2023 | 1,170 | 1,784 | 256 | 9,989 |
| 2024 | 4,152 | 6,089 | 313 | 7,758 |
Source: https://www.uscis.gov/tools/reports-and-studies/immigration-and-citizenship-data?
Key Takeaways from the EB-5 Program in FY2024
The 2024 fiscal year marked a historic turning point for the EB-5 program — the strongest since its inception in 1990. Several data points highlight the program’s accelerated growth, regulatory maturity, and renewed global interest.
1. Unprecedented Demand
- Approximately 5,000 new I-526/I-526E petitions were filed — an 85% increase from FY2023.
- This surge in demand, especially through Regional Centers, reflects investor confidence following the 2022 Reform and Integrity Act (RIA).
2. Faster Adjudications and Rising Approval Rates
- The average processing time for I-526E petitions dropped to 1–16 months, a notable improvement.
- The I-526E approval rate through Regional Centers reached 98%, underscoring better project quality and alignment with USCIS standards.
3. Visa Quota Reached Early — and a Historic High
- All unreserved EB-5 visas were issued by August 2024, a month before the fiscal year ended — a clear sign of demand outpacing supply.
- In total, 14,924 EB-5 visas were issued — the highest annual number ever.
4. Mainland China received 9,547 visas, setting a new country record.
Mainland China remained the dominant source of EB-5 applicants in FY2024, accounting for 9,547 visas. Vietnam and India followed, with 1,533 and 1,428 visas issued respectively.
5. I-829 Approvals Rebound
- 6,089 I-829 petitions were approved — the highest in program history.
- The denial rate dropped to 5%, and the backlog was reduced by 22%, showing improved operational efficiency at USCIS.
Final Thoughts EB-5
FY2024 confirms that the EB-5 program is not only recovering — it is evolving into a more structured, faster, and investor-friendly pathway to U.S. residency. With visa caps filling quickly and approval rates improving, now may be the most strategic moment for high-net-worth individuals to consider EB-5.
Importantly, the current version of the EB-5 program has been authorized through 2027, after which an increase in the minimum investment amounts is likely, due to automatic inflation adjustments built into the law.
Despite political rhetoric, it remains highly unlikely that the EB-5 program will be terminated. The so-called “Gold Card” proposal introduced by the Trump administration has not materialized into any actionable legislation or regulatory structure, and no concrete efforts to shut down the EB-5 program have emerged in Congress. Meanwhile, EB-5 continues to deliver measurable economic benefits and job creation — which ensures its long-term relevance regardless of political cycles.
While FY2024 has been a strong year for the program, early signs in FY2025 point to increased processing delays and uncertainty due to broader shifts in immigration policy under the Trump administration. These headwinds may impact adjudication timelines — making strategic planning even more important for prospective investors.
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