US State Department announces end of EB-5 Visa availability for FY 2024. Here's all you need to know

The US State Department and the United States Citizenship and Immigration Services (USCIS) have announced that all available EB-5 and EB-3 visas for fiscal year 2024 have been issued. The issuance of these visas will be paused until the new fiscal year begins on October 1, 2024.

The EB-5 visa program, which allows foreign investors to obtain U.S. residency by investing in U.S. businesses and contributing to job creation, has reached its annual cap. Under the Immigration and Nationality Act (INA), EB-5 visas are limited to 7.1 percent of the total employment-based visas available globally. This allocation includes various subcategories such as C5, T5, I5, R5, RU, and NU. The EB-5 Reform and Integrity Act of 2022 also permitted the inclusion of unused EB-5 reserved visas from fiscal year 2022 into the unreserved category for fiscal year 2024. With the current allocation exhausted, U.S. embassies and consulates will stop issuing EB-5 visas for the remainder of the fiscal year. Issuance will resume at the start of the new fiscal year.

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The EB-5 Immigrant Investor Program, established by Congress in 1990, aims to stimulate the U.S. economy by attracting foreign investment and creating jobs. The program includes the Regional Center Program, which was first introduced as a pilot program in 1992 and has been extended multiple times. The EB-5 Reform and Integrity Act of 2022, signed into law by President Biden, introduced new regulations and extended the Regional Center Program's authorization through September 30, 2027.

According to Rahul Menon, an Indian American visa podcaster, the EB-5 program is not easily accessible for many. Applicants must invest $800,000 and face a lengthy process, including a waiting period for an Employment Authorization Document (EAD).

In addition to the EB-5 visas, all Employment-Based Third Preference (EB-3) and Other Workers (EW) visas for fiscal year 2024 have also been issued. The INA stipulates that the EB-3 category, which includes skilled workers, professionals, and other workers, is limited to 28.6 percent of the total employment-based visas available globally, with the EW category capped at 10,000 visas annually.

With the exhaustion of these visa categories, the issuance will be paused until the start of the new fiscal year on October 1, 2024, when the annual limits will reset and visa issuance will recommence for qualified applicants.