The United States Citizenship and Immigration Services (USCIS) has recently unveiled crucial statistics for immigration forms processed in fiscal Q3 2023, offering us a glimpse into the promising trajectory of the EB-5 program.
In Q3 2023, a significant surge in application volume, reaching its highest levels since Q1 2020 was observed. During this quarter, USCIS received an impressive 699 new applications for the I-526 petition, indicating a steady growth compared to the 556 and 535 applications received in the preceding first and second quarters of the fiscal year.
A staggering 93% of applicants chose the route of Regional Center Projects, showcasing their popularity and effectiveness. With the minimum investment set at $800,000, this surge in applications translates to a remarkable inflow of over US$1.43 billion into the US economy in this fiscal year alone, underlining the program’s substantial financial contribution.
Efforts to streamline the application process are reflected in a gradual reduction of backlogs for I-526 petitions. In Q3, USCIS adjudicated 888 petitions, a figure in close alignment with the 904 petitions reviewed in the previous quarter (Q2 2023). Additionally, the denial rate for I-526 petitions saw a decrease to 28%, reflecting an encouraging trend in approvals for fiscal year 2023.
The I-829 petition, aimed at removing conditions, experienced a reduced denial rate of 6% in Q3 2023. A total of 474 petitions were reviewed, indicating a smoother process for investors progressing through the EB-5 program. The average processing time for I-829 petitions is now 48.6 months, providing assurance and predictability for prospective investors.
In a stride towards increased transparency and oversight, the enactment of the Regulation Integrity Act (RIA) in 2022 mandated the registration of all companies promoting EB-5 projects outside of the US. The first half of 2023 witnessed a total of 412 third-party promoters and migration agencies registering with USCIS. This regulatory step ensures a more structured and accountable environment for both investors and promoters.
The Q3 2023 portrays an encouraging outlook for the EB-5 program. The surge in application volumes, streamlining of approval processes, and a substantial inflow of investments into the US economy depict the program’s resilience and attractiveness. These favourable trends present a golden opportunity for prospective investors looking to partake in the EB-5 program and significantly contribute to the economic growth of the United States.
