In spite of the increase noted for the US EB-5 visa program in the last eight months, visa issuance rates for Indians through consular processing have declined by 22 percent.
For a period from October 1, 2023, to May 31, 2023, a total of 7,173 EB-5 visas were issued through consular processing, accounting for an increase of 42 per cent year-over-year increase compared to the statistics from the same period in FY2023, VisaGuide.World reports.
However, during the same period, or in the first eight months of FY 2024, the number of issued EB-5 visas to Indian applicants was 512, accounting for a decline of 22 per cent year over year.
In spite of a surge in visa processing in December last year, the monthly visa issuance to the Indians at the US Consulate in Mumbai, India, revealed that a decline was registered in productivity with just 50-60 visas processed per month, and only 4 EB-5 visas issued in May.
Green Cards Issued to Indians Via Adjustment of AOS Not Included in the DOS’ Data
The US EB-5 program permits investors and their spouses and unmarried children under age 21 to apply for lawful permanent residence known as the Green Card, if they meet the needed conditions, among them making all the needed investments in a commercial enterprise in the US and plan to create or preserve ten permanent full-time jobs for qualified US workers.
When it comes to this program, India plays an important role. India, together with China, Vietnam, Taiwan and South Korea account for nearly 92 percent of all E-B visas issued in the current fiscal year up to May.
The statistics provided by the US Department of State revealed that between October 1, 2023 and May 31, 2024, a significant increase in the number of EB-5 issued visas has been noted.
For the statistics for FY 2024, just 392 EB-5 visas issued to Indian investors were processed at the Mumbai Consular Office, meaning that 120 applicants who got their EB-5 visas in the first eight months of FY2024, reside outside India.
However, such statistics only indicate EB-5 visas issued through consular processing. A significant percentage of Indian visitors secure their green cards through adjustment of AOS, which is the process that allows applicants to apply for lawful permanent resident status (Green Card) when they are present in the US, however, that wasn’t included in the US Department of State (DOS) statistics.
Therefore, it may not necessarily indicate an overall low EB-5 visa usage among applicants from India.
The statistics from the US Department of State also reveal that in May this year was recorded the second-highest monthly visa issuance rate so far for a period from October 1, 2023, until May 31, 2024, after that month alone, 1,222 EB-5 visas were issued.
Of the total 7,173 EB-5 visas issued in the first eight months of FY2024, over 1,990 belong to the adjustment of status side, all as part of the Unreserved category.