The total of 512 visas issued to Indian applicants from October 1, 2023, to May 31, 2024, only includes those processed through consular channels and does not account for a significant number of Indian investors who obtain their green cards through adjustment of status (AOS)
The US EB-5 program has long been a popular pathway to American Green Cards, especially for investors from countries like India. This visa program, which offers permanent residence in exchange for significant investment in a US commercial enterprise and the creation or preservation of at least 10 full-time jobs for US workers, has seen rising participation from Indian nationals. In fact, India, along with China, Vietnam, Taiwan, and South Korea, accounted for nearly 92% of all EB-5 visa issuances in the current fiscal year up to May.
However, despite an overall increase in EB-5 visa issuances, Indian applicants experienced a notable 22% decline in productivity. According to the Department of State, 512 EB-5 visas were issued to Indian applicants in FY24 thus far, marking a significant decrease compared to previous years.
Out of the total 7,173 EB-5 visas issued during the first eight months of FY24, more than 1,990 were through adjustment of status, reflecting the program’s overall growth despite the challenges faced by Indian applicants.
The data reveals a broader context of growth within the EB-5 program. Between October 1, 2023, and May 31, 2024, a total of 7,173 EB-5 visas were issued through consular processing, representing a 42% increase compared to the same period in FY2023. Nevertheless, the monthly issuance rates for Indian applicants, particularly at the US Consulate in Mumbai, have shown a downward trend. For instance, only four EB-5 visas were processed in May, despite the overall increase in issuance rates.
Further analysis indicates that while 392 EB-5 visas were processed at the Mumbai Consular Office, 120 Indian applicants received their visas from consulates outside of India.
The total of 512 visas issued to Indian applicants from October 1, 2023, to May 31, 2024, only includes those processed through consular channels and does not account for a significant number of Indian investors who obtain their green cards through adjustment of status (AOS).
Interestingly, May 2024 marked the second-highest month for EB-5 visa issuances in FY2024, with 1,222 visas issued that month alone. Out of the total 7,173 EB-5 visas issued during the first eight months of FY24, more than 1,990 were through adjustment of status, reflecting the program’s overall growth despite the challenges faced by Indian applicants.
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