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Inside Scoop: Globevisa Highlights Hot Topics at IIUSA’s Cutting-Edge EB-5 Industry Forum

The EB-5 industry information exchange forum, organized by the Invest in the USA (IIUSA), was held on May 20-22, 2024, in Atlanta, USA. Globevisa was invited to attend.

 

 

IIUSA Association was established in 2005 as a national, membership-based, not-for-profit industry association focusing on “stimulating the United States economy for the benefit of American workers, American communities, and all those invested in sustainable, domestic job creation.” Its members consist of numerous leading regional centers and other organizations in the field. Since its inception, IIUSA has gathered over 200 regional center members and over 120 affiliated organization members, making it one of the leading industry associations in the EB-5 sector.

 

 

The IIUSA EB-5 industry forum, spanning a day and a half, focused on various situations, government initiatives, and changes in green card quotas currently affecting the EB-5 program.

 

As the sole RCBI firm from China exhibiting and speaking at the conference, Globevisa’s representative was invited to discuss the market trends of the EB-5 program post the Integrity Act.

 

Globevisa Group Head of Project Research and Development, Siren Chen (second left), was invited to participate in the discussion.

 

Focusing on the Post-RIA era, Globevisa brings you frontline information updates:

The following information is derived from data disclosed by the U.S. Department of State.

 

Public Disclosure of Green Card Issuance by Country, Chinese Market Leading the Way

Referring to green card issuance data from 2023 to 2024, the Chinese market has consistently ranked first, with increases observed in India and Vietnam. It is noteworthy that Vietnam has recently witnessed a rapid surge in applications, with a significant rise in approvals compared to previous years when Vietnamese applications were rejected in mass.

 

 

Current Real Approval Data of EB-5 New Legislation

Among global applications, there have been 355 successful cases to date, including:

– 339 applications under NVC review after I-526E approval, with 165 applications from China;

– 15 applications undergoing adjustment of status (i.e., I-485 approval) in the U.S., comprising 12 rural project applications and 3 urban high-unemployment applications;

– Only 1 application undergoing consular interview process at the Guangzhou consulate after I-526E approval.

 

 

From NVC Approval to Interview Notification, Global Embassies Speed Up in 2024

Statistically, it is evident that from 2024 onwards, the time taken for applicants from various countries to receive interview notifications after NVC approval has significantly shortened. For Chinese applicants, the average wait time decreased from approximately 400 days in 2022 to less than 100 days in 2024.

 

 

Implementation Details of the New Legislation, Multiple Measures Favorable

1.Applicants can flexibly choose visa categories after I-526 approval.

2.All new EB-5 applications are processed online, including department transfers, eliminating the need for offline mailing. A case can be set up for system handover within 4 working days.

3.The USCIS will prioritize the use of the remaining green card quotas of the previous year before utilizing the current year’s quotas, maximizing EB-5 quota usage.

 

 

Predictions for EB-5 Green Card Quotas in the Next Two Years and Queue Forecast for Chinese and Indian Applicants

Refer to the attached figures for forecasts based on congressional green card issuance rules. Despite an initial allocation of 787 green cards for Chinese and Indian applicants under the 7% country cap rule, both countries are expected to utilize surplus quotas from other countries, particularly prioritizing China due to its earlier priority date. However, a continuous high volume of applications from China and India may lead to EB-5 retrogression in 2025.

 

 

Queue Forecast for the Next 2 Years, Significant Advances Expected under the Old Policy, Difficult to Predict under the New Policy

For non-reserved quotas (old policy), there will not be significant changes in the queue for Chinese and Indian applicants in the fiscal year 2024, but major advancements are expected after October of this year. For reserved quotas (new policy), queue predictions are challenging, and it’s necessary to continuously observe various factors such as approval rates, applicant document preparation speed, application volume, and quotas.

 

 

In summary, based on the information provided by the U.S. Department of State during this seminar:

– It’s unlikely for retrogression to occur in 2024, but there’s a certain risk in 2025.

– Chinese applicants have historically accounted for the highest number of green cards issued, and as long as they apply early, they can obtain a significant number of unused quotas from other countries.

– The new legislation introduces multiple flexible measures, redistributes green card allocations, shortens government handover processes, and reduces waiting times for interviews, providing EB-5 applicants with more convenience and rights.

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