Asian investors continue to dominate the issuance of EB-5 visas, particularly investors from Mainland China. Rural projects remain the most favored set-aside category for investors, according to recent updated data released by the Department of State (DOS) and the U.S. Citizenship and Immigration Services (USCIS).
The newly released Report of the Visa Office for fiscal year 2024 and the data released for Q2 of fiscal year 2025 by the US immigration agency also reveal a continuous underutilization of the visas reserved for the set-asides by law, despite high demand.
According to EB-5 attorney Joseph Barnett from WR Immigration, the report reflects what the EB-5 community already knows: “DOS is preventing EB-5 investors in rural and high-unemployment area projects from obtaining immigration benefits through unreasonable delays, incompetence, and/or unlawful withholding,” he said. “Despite hundreds of I-526E approvals before end of March 2024 (and thousands of U.S. jobs), DOS only issued four reserved visas by end of September. This is unacceptable to our investor clients, many of whom have invested their family’s life savings or gone into debt for EB-5, and are waiting for visa appointments abroad or languishing in adjustment of status lines. Not only is it the lawful and right thing to do, but it will also benefit future EB-5 investors by reducing the demand for visas in future years.”
Report shows surge in EB-5 visa issuance
The report, which ended on Sept. 30, provides a comprehensive overview of the yearly allocation and trends within the EB-5 program.
The analysis notes a substantial increase in overall EB-5 visa issuances compared to the previous fiscal year, highlighting the continued interest in the program. In total, 14,924 EB-5 visas were issued over that period, nearly double the number of fiscal year 2023 (9,817).
Regarding the allocation of issued visas, Chinese investors are the primary contributors to the EB-5 visa program, accounting for 9,547 out of the total 13,684 EB-5 visas issued to investors from this continent. India and Vietnam follow as the second and third top Asian investor countries, receiving 1,428 and 1,533 visas, respectively.
European investors received a total of 375 visas. Notably, British Overseas Territories (14 areas under the UK jurisdiction) received the highest number of visas (63), followed by investors from Great Britain and Northern Ireland (60).
Meanwhile, South America ranks as the third continent in the number of EB-5 visas issued, with a total of 354. Brazilian investors received the largest number (157), followed by Venezuelan investors (97).
How many visas were issued in the EB-5 set-aside and unreserved categories?
Regarding the EB-5 set-aside categories established by the Reform and Integrity Act of 2022 (RIA), the U.S. government issued a total of 423 of these reserved visas in FY 2024. They account for 5.1% of the 8,136 visas available for set-aside categories, as allocated by law.
The unallocated reserved visas in 2024 (7,713) were carried over to FY 2025. Visa allocations at the end of Q3 will provide insights into whether this trend will continue.
As mentioned above, the Rural category received the highest number of reserved visas (332), with Chinese investors showing a preference for this category. The High Unemployment Area (HUA) category ranked second with 91 visas. No visas were issued under the Infrastructure set-aside category.
As for the Unreserved EB-5 visas, those under the pre-RIA Regional Center investment Target Employment Areas (I5) category had the highest number issued, with 13,986 visas. Chinese investors continue to dominate this group. The pre-RIA direct investment Target Employment Areas (T5) category had 375 visas issued, with the majority being allocated to Indian investors.
Underutilization of EB-5 reserved visas persists
The trends observed in the EB-5 data for the second quarter of fiscal year 2025, released by USCIS, align with those in the Report, with Chinese and Indian investors continuing to dominate EB-5 visa issuance.
Only in May, 425 EB-5 visas were issued, of which 381 were unreserved and 44 reserved. Rural projects continue leading the investors’ preferences among the reserved set-aside categories. These numbers also indicate underutilization of Rural and HUA reserved visas, with more than 90% of Reserved rural and HUA visas remaining available as of May 2025.
The USCIS data also shows that no visas were issued under the Infrastructure category and continues the trend of unused reserved visas carrying over to the next fiscal year.
The upcoming Q3 data could also shed light on the overall decline observed in the second quarter and last year.
DISCLAIMER: The views expressed in this article are solely the views of the author and do not necessarily represent the views of the publisher, its employees. or its affiliates. The information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public; do not include confidential information in your question.
