The United States Department of State has recently shared encouraging data regarding the progress made in the processing of pending EB-5 applications, particularly those submitted by Indian citizens. According to the January 2024 Visa Bulletin, the final action date for India has advanced by two years, moving from December 2018 to December 2020.
For Indian families and individuals anxiously awaiting the review of their US Golden visa applications in the EB-5 backlog, this development signals the possibility of an early approval. The latest data from the January 2024 Visa Bulletin reflects positive advancements for existing EB-5 applicants from India, offering a glimmer of hope to those who have patiently waited in the EB-5 backlog.
The Visa Bulletin, serving as a guide, helps applicants track visa processing progress and estimate potential wait times. The significant jump in India’s priority date from December 15, 2018, to December 1, 2020, indicates notable progress in visa distribution for Indian EB-5 applicants.
The terms “Final Action Dates” and “Dates for Filing Applications” specify when immigrant visa applicants should be notified to assemble and submit the necessary documentation to the National Visa Center. Consequently, all applicants who submitted their petitions before December 1, 2020, now have access to available EB-5 visas, making their applications eligible for approval.
For the fiscal year 2024, the limit for family-sponsored preference immigrants is set at 226,000, while the worldwide annual employment-based preference immigrants are at least 140,000. The per-country limit for preference immigrants stands at 7% of the total annual family-sponsored and employment-based preference limits, equating to 25,620.
The EB-5 program, also known as the US golden visa, offers a unique pathway for foreign investors and their families to attain permanent residency and Green Cards in the United States. To qualify for the EB-5 program, applicants must invest a minimum of $800,000 in a government-approved real estate project in the United States that would generate at least ten full-time jobs for US citizens.