The 2023 EB-5 snapshot
EB-5 Immigration program is a US government program that allows foreign investors to move to the US with their families through an investment starting from $800,000.
Following the significant overhaul of the EB-5 program in 2022, the past year marked a period of stabilization and refinement. It was a year of clarifying the pivotal changes introduced in 2022, coupled with a steady rise in applicants from diverse regions across the globe.
- Maturing legislation
- Increasing processing fees
- Number of applicants showing exponential growth from the 10-year floor of 2021
In 2023, there are were no significant amendments to the program, but incremental changes occurred following the enactment of the RIA law in 2022, which imposed new rules and requirements on EB-5 industry participants.
- New Approach to Petition Processing Priority
- Sustainment period for the EB-5 Projects
- Increased Oversight of EB-5 Immigration Agents and Third-Party Promote
- Increased Fees for EB-5 Investors and for Regional Centers
- Extension of Green Card Status for I-829 Petitioners
Annual Review — 2023
The EB-5 Immigration Program
Petition I-526
The statistics of the 2023 fiscal year indicate that after the enactment of the new law, the number of applications for the EB-5 program tripled.
Statistics for I-526 form, 2021–2023
| I-526 – Fiscal Year – Total | |||||
|---|---|---|---|---|---|
| Received | Approved | Denied | Pending | Denial rate | |
| 2021 | 814 | 2,398 | 650 | 13 008 | 0.21 |
| 2022 | 829 | 590 | 825 | 13,062 | 0.58 |
| 2023 | 2,616 | 2,212 | 1104 | 12,140 | 0.33 |
Statistics for I-526 forms submitted post- RIA by quarter, Q3, 2022 – Q4,2023
The figures show a steady quarter-on-quarter growth of filed I-526 petitions, with the number of applications in the last quarter of fiscal year 2023 exceeding the total number in 2021 and 2022.
EB-5 Visas issued and Adjustment of Status
The number of EB-5 visas issued is a critical indicator of investor immigration trends in the United States.
Statistics provided by the U.S. Department of State’s Bureau of Consular Affairs offer 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.
The fluctuation in EB-5 visas issued in 2020 and 2021 mirrors the operational challenges faced by consulates amidst pandemic-related restrictions. However, with the easing of restrictions, document processing speed surged, resulting in 10,885 EB-5 visas issued in 2022 and 9,817 in 2023.
Countries with the highest number of EB-5 visas issued in 2023
Chinese nationals received the highest number of EB-5 visas in 2023, accounting for more than 63% of all the documents issued. Despite the long processing times due to backlogs at the consulates, Chinese investors still top the list of EB-5 markets, with demand steadily growing in other locations, primarily in Asia. Indian nationals received 815 EB-5 visas/ Adjustment of Status, Vietnamese 556, citizens of South Korea 446, and Taiwan 261.
“Our aim with this review is to provide stakeholders with invaluable insights into the state of the EB-5 program, empowering them to make well-informed decisions.
As we navigate this new EB-5 landscape, we anticipate a future characterized by enhanced transparency, reliability, and efficacy, all of which are poised to benefit investors and the US economy alike.”
Managing Director Second Wind EB-5, Varvara Latyntseva
Annual Review — 2023
The EB-5 Immigration Program