The EB-5 program, officially known as the Employment-Based Fifth Preference Immigrant Investor Program, offers a compelling pathway for foreign investors to gain lawful permanent residency in the United States by investing in the U.S. economy. The EB-5 program is particularly attractive to individuals looking to immigrate to the U.S. and willing to make a substantial financial investment that benefits the U.S. economy by creating jobs.
In a recent announcement, the U.S. Department of State (DOS) confirmed that all legally available visas in the unreserved Employment-Based Fifth Preference (EB-5) categories for the fiscal year 2024 have been issued. The Immigration and Nationality Act (INA) sets the annual limit for employment-based immigrant visas, with 7.1 percent of the worldwide employment limit allocated to EB-5 visas. This development marks a significant milestone as DOS, in collaboration with U.S. Citizenship and Immigration Services (USCIS), continues its efforts to address the EB-5 backlog and enhance processing times.
What This Means for EB-5 Applicants
Despite the issuance of all available visas, DOS will continue to schedule interview appointments for EB-5 applicants throughout August and September. However, it's important to note that no new visa numbers will be available for issuance in these unreserved categories until the new fiscal year begins on October 1, 2024 and there is a possibility that these interviews may be subject to cancelations. This also means that if you have filed for adjustment of status (AOS) based on an EB-5 petition, no green cards will be issued until visa numbers become available in the new fiscal year.
This announcement underscores the importance of the EB-5 program in facilitating investment-driven immigration that fosters job creation across the United States. The swift allocation of these visas reflects the high demand and the government's commitment to processing applications efficiently.
Next Steps for EB-5 Stakeholders
EB-5 investors and stakeholders should be mindful of the current situation and use this time to strategically plan their next steps. With the issuance of all unreserved EB-5 visas for FY 2024, it's crucial to prepare for the upcoming fiscal year when visa issuance will resume.
During this period, investors are encouraged to consult with experienced immigration attorneys to discuss the best course of action for their specific circumstances. These consultations can provide valuable guidance on navigating the next steps in the EB-5 process, ensuring that all necessary documentation and filings are in order for the new fiscal year.
Additionally, this is an ideal time to engage in pre-immigration tax planning. By consulting with tax professionals, investors can optimize their financial situation and minimize tax liabilities before making a move to the United States. Proper tax planning can help investors understand the implications of their investments, structure their finances in a tax-efficient manner, and comply with U.S. tax laws.
Overall, this preparatory phase offers a valuable opportunity for EB-5 stakeholders to position themselves advantageously for the new fiscal year, ensuring a smoother transition and increasing the likelihood of success in their immigration journey.
Stay informed and plan your EB-5 journey with these developments in mind as we move towards the start of FY 2025.
