The journey to obtaining a US Green Card through the EB-5 visa program has always been an adventurous one for Indian investors. While FY2024 has seen overall growth, there have been some interesting ups and downs. Let’s dive into the latest trends and what they mean for the Indian community in America.
The Numbers Game: A Dip and a Rise
From October 1, 2023, to May 31, 2024, there was a noticeable 22% decline in EB-5 visas issued to Indian investors, with only 512 visas granted during this period. Despite this dip, the overall yearly growth in FY2024 tells a different story of resilience and continued interest from Indian applicants.
Monthly Surges and Slumps
After a surge in visa processing in December 2023, the US Consulate in Mumbai experienced a slowdown, issuing only 50-60 visas per month. In May 2024, the consulate processed a mere four EB-5 visas, highlighting a significant dip in productivity.
The Bigger Picture
Data from the Department of State (DOS) indicates that 392 of the 512 EB-5 visas issued to Indian applicants were processed in Mumbai. This suggests that 120 Indian applicants (or 23%) who received their EB-5 visas in FY2024 did so while residing outside India.
Despite the decline, the EB-5 program remains a strategic pathway for Indian students and professionals aiming to study, work, and eventually settle in the United States. The estimated processing time for an EB-5 visa for Indian citizens is 5-6 years, including several months for gathering documents and submitting the application, 3-4 years for I-526E petition approval, and 6-12 months to receive a Conditional Green Card.
India’s Continued Influence
Despite the recent decline in visa issuances, India remains a key player in the EB-5 visa category. Alongside China, Vietnam, Taiwan, and South Korea, Indian applicants account for nearly 92% of all EB-5 visa issuances up to May 2024.
The Investment and Impact
The EB-5 program requires a minimum investment of $800,000 USD (approximately Rs 66,771,600) in a new commercial enterprise in the US. This investment aims to create or preserve 10 permanent full-time jobs for qualified US workers.
Interestingly, many Indian EB-5 investors secure their green cards through adjustment of status (AOS) with USCIS. This means the lower number of EB-5 visas issued via consular processing might not fully reflect the overall participation of Indian applicants due to the absence of AOS data.
A Look Ahead
Despite the fluctuations, May 2024 marked the second-highest monthly issuance rate so far in FY2024, with 1,222 EB-5 visas issued through consular processing in that month alone. Out of the total 7,173 EB-5 visas issued during the first eight months of FY2024, more than 1,990 were for adjustment of status applicants, all under the Unreserved category.
Conclusion
While the journey has its ups and downs, the Indian community’s interest and involvement in the EB-5 visa program remain strong. For those dreaming of a future in the United States, staying informed and prepared is key. Despite the challenges, the path to an American Green Card through the EB-5 program is still very much alive and promising for Indian investors.
