The latest data from USCIS is in, and suggests that the EB-5 Immigrant Investor Program is alive and growing healthier by the quarter.
U.S. Citizenship and Immigration Services (USCIS) recently released filing and processing statistics for the 4th quarter of the 2023 fiscal year, which included encouraging signs for the EB-5 Program. New filing numbers for I-526E Regional Center Investor petitions represent the highest quarterly filing total the program has had since Modernization Rules took effect in 2020, and are reflective of the strong filing activity in recent years.
In Q4 of FY 2023 (July 1-September 30), USCIS received a total of 888 I-526E Regional Center Investor petitions, This stands in comparison to 57 I-526 Standalone Investor filings, and is greater than the total of 829 regional center and standalone filings combined for the entire 2022 fiscal year.
USCIS also processed 1,291 pre-Reform Act I-526 petitions in Q4 of FY 2023, marking a backlog reduction of 356 petitions and significant uptick from the 888 petitions processed in the previous quarter. Further, 2023 saw USCIS process a staggering total of 3,253 I-526 petitioner, overall – the highest number since 2019, nearly 5 years ago. For all FY 2023, the EB-5 processing backlog was reduced by exactly 700 petitions, with 2,616 petitions received by USCIS and 3,316 processed.
Of the 1,291 legacy I-526 petitions processed in Q4, 814 were approved, resulting in an approval rate of 63%. This is largely in line with the overall rate for 2023, which saw 2,149 approvals and 1,104 denials for an overall approval rate of 66%. Q4 is also the first quarter in which the new I-526E petitions have begun to be processed, with a 100% approval rate of 63 approvals and zero denials!
These positive trends in filings and processing indicate increasing interest and trust in the EB-5 program as a viable path to a green card and suggest an improving outlook for its future. As stakeholders and prospective investors await further developments, including an upcoming fee increase, it will be important to continue monitoring these numbers in the upcoming quarters.
Stay tuned for the latest from the Moodys immigration team as we closely monitor these developments and for any other significant changes in US and Canadian immigration! If you are interested in the EB-5 Immigrant Investor Program, please contact us via email at usimmigration@moodystax.com for further information
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