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EB-5 Applications Jump 40% as I-829 Approvals Triple to Hit Record High · IMI Podcasts

• 0:00
  SPEAKER_00: USCIS has published the data for a quarter for 2024, closing out the fiscal year 2024, October 1st, 2023, September 30, 2024, and the results are promising.
• 0:13
  SPEAKER_00: The number of new investors has increased by 40% compared to 2023, contributing more than$3 billion to the U.S.
• 0:21
  SPEAKER_00: economy.
• 0:23
  SPEAKER_00: The number of investors who had completed their EB five journey after receiving approval of their second petition reached an all-time high.
• 0:31
  SPEAKER_00: In 2024, U.S.
• 0:32
  SPEAKER_00: consulates issued the highest number of visas in EB5 history.
• 0:37
  SPEAKER_00: We have compiled data for EB five related petitions starting from quarter three, twenty twenty-two, when the government relaunched the EB five program under the Reform and Integrity Act, also known as RIA of 2022.
• 0:51
  SPEAKER_00: The number of investors who filed an I-526 petition in fiscal quarter four twenty twenty-four increased by three hundred and fifty percent compared to Q3.
• 1:01
  SPEAKER_00: Quarter three numbers were comparatively low as many investors rushed to file petitions before the government fee increase on April first, twenty twenty four.
• 1:11
  SPEAKER_00: In quarter four, twenty twenty four, USCIS provided data on the number of processed I-526E petitions, whereas in previous quarters it did not disclose this data.
• 1:22
  SPEAKER_00: While the average denial rate for both I-526 and I-526E petitions was 21%, petitions filed under the Regional Center program after the legislative changes in 2022 had a denial rate of only 3%.
• 1:38
  SPEAKER_00: In contrast, the denial rate for direct EB5 petitions, where investors invest in their business, was significantly higher, as USCIS denied 50% of the petitions.
• 1:50
  SPEAKER_00: Regional Center projects continued to dominate the numbers.
• 1:54
  SPEAKER_00: Out of 1,081 petitions filed in quarter four, only 43 were based on direct EB five investments.
• 2:02
  SPEAKER_00: For the first time in many years, the number of pending petitions dropped below 10,000, as 9,971 remain pending.
• 2:11
  SPEAKER_00: The second petition in the EB five process, Form I-829, which investors typically file four to seven years after the initial application, has shown a strong positive trend.
• 2:24
  SPEAKER_00: The number of families who had received approvals in Q4 remained relatively high, as USCIS approved 1,532 petitions.
• 2:35
  SPEAKER_00: This brought the total for the fiscal year to 6,089 approvals, a record high that is three times more than 2023's numbers.
• 2:44
  SPEAKER_00: The denial rate for I-829 petitions in quarter four was slightly above 4%.
• 2:50
  SPEAKER_00: The efficiency of the IPO, or the Immigrant Investor Program Office, unit at USCIS, continues to improve.
• 2:58
  SPEAKER_00: In Quarter 4, the IPO processed well over 3,000 applications for investors.
• 3:04
  SPEAKER_00: For the full fiscal year 2024, they reviewed more than 13,000 petitions, a 150% increase from 2023.
• 3:13
  SPEAKER_00: If USCIS continues to perform at this level, we could see considerable improvement in processing times for investors in 2025.
• 3:22
  SPEAKER_00: USCIS did not provide exact statistics for regional center applications in quarter four, citing that disclosure standards were not met, meaning it could have potentially identified potential applicants.
• 3:35
  SPEAKER_00: What we do know is that in quarter four, twenty twenty-four, thirty-two new EB5 regional center projects had filed applications.
• 3:44
  SPEAKER_00: During the same period, the government approved 94 projects and rejected 25 projects.
• 3:50
  SPEAKER_00: The relatively high denial rate of nearly 25% is concerning, as regional centers often begin accepting investors before their projects are approved.
• 4:00
  SPEAKER_00: This means the 25 denied projects could potentially involve hundreds of investors whose I-526E forms may also face denial.
• 4:10
  SPEAKER_00: Since the RIA passed in 2022, all foreign companies promoting EB5 projects must register with USCIS using form I-956K.
• 4:22
  SPEAKER_00: In quarter four 2024, promoters and their employees had filed 295 new applications, the highest number to date.
• 4:31
  SPEAKER_00: This brings the total number of applications since the implementation of RIA 2022 to 1196.
• 4:39
  SPEAKER_00: USCIS approved in 92 Form Y956K applications and denied none.
• 4:46
  SPEAKER_00: This is important news as previously it was unclear whether USCIS would actively process these forms or merely treat them as notifications.
• 4:56
  SPEAKER_00: The year 2024 marked the highest number of EB5 visas issued in the program's history.
• 5:02
  SPEAKER_00: Due to the government's adjustments following COVID-19 and its impact on annual limits, the EB5 visa cap in 2024 was as high as 14,169 visas.
• 5:14
  SPEAKER_00: By the end of September 2024, U.S.
• 5:18
  SPEAKER_00: consulates had issued 12,055 EB5 visas.
• 5:22
  SPEAKER_00: The government will later disclose the number of adjustments of status for EB5 cases in 2024 to provide a complete picture.
• 5:31
  SPEAKER_00: However, this data will only be available by February or March 2025.
• 5:36
  SPEAKER_00: The EB5 visas the government issued in 2024 benefited investors who filed their petitions years ago and have already received approvals for their I-526 petitions.
• 5:48
  SPEAKER_00: Among the recipients, 69% were Chinese investors and their family members, 12% were Vietnamese, and 6% were Indian.
• 5:59
  SPEAKER_00: This episode first appeared as an article by Varvara Latintseva on IMIDAily.com.
• 6:05
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• 6:11
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