The United States Department of State recent data shows that a notable improvement in the handling of pending EB-5 applications has been made, in particular for Indian applicants.
The Visa Bulletin for January 2024 shows that the final action date for India has moved forward by two years, from December 2018 to December 2020, VisaGuide.World reports.
It means that Indian families as well as those waiting for their US Golden Visa applications in the EB-5 backlog can now expect quicker approvals. The recent January 2024 Visa Bulletin data bring good news for EB-5 applicants in India, offering hope to those who have waited in the E-B5 backlog.
The Visa Bulletin serves also as a guide for applicants helps them track visa processing and estimate wait times. The significant increase in India’s priority date from December 15, 2018 to December 1, 2020, indicates significant progress in visa distribution for Indian EB-5 applicants.
The EB-5 visa or the US Golden Visa allows wealthy internationals to acquire residency provided they meet the needed conditions and contribute to the US economy financially.
In order to benefit from the scheme, applicants are required to invest at least$800,000 in a government-approved real estate project in the US that would create at least ten full-time jobs for US citizens.
“Final Action Dates” and “Dates for Filing Applications” show that immigrant visa applicants should prepare to submit the required documents to the National Visa Center. Currently, all applicants who have submitted petitions before December 1, 2020, have access to available EB-5 visas, making their EB-5 applications eligible for approval.
In the fiscal year 2024, there is a cap of 226,000 for family-sponsored preference immigrants and at least 140,000 for employment-based preference immigrants worldwide. The per-country limit for preference immigrants is seven per cent of the total annual family and employment preference limits which equals 25,620.
Backlog for Indian nationals brings significant difficulties. In September this year it was reported that the employment green card backlog for the US EB-2 and EB-3 categories for 1,070,000 Indians will require 134 years to process, meaning that about 134,000 children will age out before a green card can be obtained.
The EB-2 visa allows international professionals with advanced degrees or exceptional abilities in specific fields to live and work in the US permanently, while the EB-3 visa permits internationals to live and work in the US and obtain permanent residency.