At Beyond Global Partners, we are committed to providing our clients with the latest updates and insights on immigration and investment opportunities. Last week, USCIS published new data for fiscal quarter 2, 2024, covering petitions processed from January 1, 2014, to March 31, 2024. The new numbers are encouraging, highlighting an increase in new applicants and improved processing efficiency at USCIS.
Surge in New EB-5 Applications
The EB-5 program’s first step is filing a Petition I-526, which is an application for conditional residency in the U.S. Investors need to invest funds and demonstrate that their source of funds is lawful to apply.
In Q2 2024, 1,879 new EB-5 applicants embarked on their journey, marking the highest number of quarterly applications since the EB-5 Reform and Integrity Act (RIA) of 2022. This figure is more than three times higher than the same period in fiscal 2023, which saw only 535 applicants, and three times higher than Q1 2024. Notably, 69 of these new applicants chose to start their own businesses, while the vast majority opted for the Regional Center option.
Processing and Approval Rates
The petitions reviewed in Q2 2024 were predominantly for pre-RIA investors who filed their applications before March 2022. A total of 1,874 investors received their decisions at the beginning of the year, with a denial rate of 23%. Additionally, USCIS processed 172 new forms for investors who filed after the RIA.
In total, USCIS processed 2,046 I-526 petitions, the highest number reviewed since March 2022. The backlog of applications is also at its lowest in recent years, with 10,605 investors awaiting review, 6,666 of whom filed their applications before March 2022.
Removal of Condition Applications – Petition I-829
The EB-5 program mandates the creation of 10 new jobs, which investors must verify in their second application, Form I-829: Request to Remove Conditions. This form is filed after two years of conditional residency in the U.S.
USCIS received 237 applications for the removal of conditions in Q2 2024. During the same period, it reviewed 1,938 petitions, with a remarkably low denial rate of only 4%. For comparison, only 87 petitions were filed in Q1 2024 and 352 in Q2 2023. The number of pending I-829 applications remains substantial at 7,367, but the trend towards a lower number of pending applications is continuing.
Regional Center and Project Statistics
In Q2 2024, 76 new Regional Centers applied for registration with USCIS, more than doubling the number from Q1 2024, which saw only 33 forms filed. The number of new projects filed with USCIS also increased, with 88 new projects compared to 50 in Q1 2024 and 64 in Q2 2023.
Third-Party Promoters
Since the implementation of the RIA in 2022, all foreign companies promoting EB-5 projects must be registered with USCIS through the I-956K form. In Q2 2024, 124 new applications for initial registrations, amendments, and new employees were filed. Currently, 925 applications are pending review, with no approvals or denials issued so far.
A Golden Age for EB-5
The EB-5 program is entering a promising new phase, which many experts are calling the “golden age” of EB-5. Despite some uncertainties about the program’s rules, the increasing number of applicants, the availability of more and better projects, and USCIS’s improved efficiency indicate a positive outlook.
At Beyond Global Partners, we are dedicated to assisting our clients through every step of the EB-5 investment process. Our expertise and personalized approach ensure that you are well-informed and supported in your journey to obtaining U.S. residency through investment. Contact us today to learn more about how we can help you take advantage of this golden opportunity.
