September-16-2024
How long is the EB-5 process?
Processing times for the EB-5 program (the U.S. Golden Visa) vary significantly based on several factors. One factor is the specific project and regional center selected for investment. Another factor is staffing levels and efficiency of the Immigrant Investor Program Office (IPO) of the United States Citizenship and Immigration Services (USCIS), the U.S. government agency in charge of administering the EB-5 program.
Promising News for Prospective EB-5 Investors
With the introduction of a new EB-5 program in March 2022 by virtue of passage of the EB-5 Reform and Integrity Act (RIA), there is promising news for prospective EB-5 investors regarding processing times. According to industry experts in the EB-5 field, there has been a noticeable improvement in the processing times for I-526E petitions. Previously, waiting periods for approval could stretch up to 18 to 24 months or even longer. However, recent reports indicate that USCIS has been expediting the adjudication of I-526E petitions, resulting in quicker approvals for many applicants. EB-5 industry experts are now observing that petitioners who filed their applications post-RIA are receiving their approvals in about 15 months. This acceleration in processing times is welcome news for investors seeking to navigate the EB-5 immigration pathway more efficiently.
What Is the EB-5 Program?
The EB-5 program is the Golden Visa equivalent for the United States, offering a direct route to permanent residency by virtue of an $800,000 investment in the country. Foreign investors can obtain the U.S. Green Card for themselves and their qualifying family members including spouse and children under the age of 21 with their investment. The investment amount is eligible for return to the investor after approximately five to six years from the date of investment completion.
Choice of Regional Center and EB-5 Project
The new EB-5 laws created three new categories of EB-5 visas called reserved visa set-asides. 32% of the 10,000 EB-5 visas available each fiscal year are reserved for the visa set-aside categories, which are: (1) high unemployment areas, (2) rural areas, and (3) infrastructure projects. EB-5 applications filed under these new categories are faster in processing.
As one of the initial steps of the EB-5 process, an investor must conduct thorough research to select a suitable EB-5 project and regional center. Due diligence is crucial in ensuring the success of the investment and immigration application. Choosing an investment option that qualifies for one of the visa set-aside categories allows investors to benefit from faster processing times. The most recent Visa Bulletin for October 2024 shows that the new visa set-aside categories remain current for all nationalities including applications of Indian and Chinese nationality, meaning all I-526E petitions filed will not be subject to any extra wait times.
Staffing and Efficiency at IPO
Since the introduction of the RIA, IPO has been prioritizing the hiring of additional staff. According to new job postings on the USAjobs.gov website, IPO is hiring for job openings at its offices with the goal of achieving efficiency and speeding up EB-5 petition processing times.
During the Covid-19 pandemic, USCIS offices faced disruptions stemming from office closures and reduced revenue due to a decline in application numbers. According to the USCIS Fiscal Year (FY) 2022 progress report, the agency witnessed a significant revenue decrease of 40% in April and May 2020, leading to depleted cash reserves. Consequently, USCIS implemented a hiring freeze and issued furlough notices to 70% of its workforce. Therefore, the agency’s adjudication capacity remained severely hampered by the ongoing hiring freeze, workforce attrition, and budget cuts amounting to $500 million. These cuts included a reduction of over 1,000 contract worker positions at the National Benefits Center, crucial for preparing cases for USCIS adjudication.
Since the passage of RIA, IPO has prioritized enhancing operational efficiency through staff expansion. Recent job postings on the USAjobs.gov website demonstrate IPO’s dedication to this objective, covering a range of positions from adjudication officers to immigration services analysts. The aim is twofold: to expedite the adjudication process for EB-5 petitions and fortify program integrity by ensuring compliance among EB-5 industry stakeholders like regional centers. This development brings excellent news for prospective investors contemplating the EB-5 program, as it signifies expedited processing times for their applications.
Contact The American Legal Center
Collaborating with experienced EB-5 advisors is crucial for a successful EB-5 application, as they can streamline the process by presenting suitable investment options. Our team comprises U.S. licensed lawyers and professionals with over a decade of expertise in the EB-5 industry. We have aided numerous individuals and families in achieving their U.S. immigration objectives through the EB-5 program. We can guide you in assessing EB-5 projects eligible for reserved visa categories, expediting your application processing. For further details on qualifying projects, feel free to contact our team of experts.