Latest EB-5 News
Indian EB-5 Quota Update
There are 10,000 EB-5 visas annually. No country can take more than 7% per fiscal year. The State Department (“DOS”) has announced that by July, the approximately 700 Indian EB-5 visas will be nearly exhausted for this fiscal year and the Visa Bulletin will have a cut-off date “sometime in 2017.” That means only Indian EB-5 investors with an I-526 filing (priority) date before the cut-off date will be eligible for an immigrant visa (or adjustment of status).
In August, the cut-off date will probably be October 1, 2014 (the same as the China EB-5 cut-off date). In September, the quota will probably close as all 700 visas will be used for Fiscal Year 2019. On October 1st, the start of Fiscal Year 2020, a new Indian EB-5 cut-off date will be listed on the DOS Visa Bulletin with a cut-off date in the Fall of 2017. Thus, people with I-526 filing dates before the cut-off date in the Fall of 2017 may complete their immigration process, as they can be allocated a visa number.
The rate of advancement of the quota each month for the India EB-5 quota is unknown. We will have to wait and see.
Please note, the above only applies to people born in India. Similar quota backlogs apply to China which now has an EB-5 cut-off date of October 1, 2014, and Vietnam, which has a cut-off date of October 1, 2016.
People born in all other counties do not have a waiting time to obtain a visa number, and only need to wait the regular processing times. My next posting will address USCIS processing times.