John Burson  edited Monday, September 16, 2024

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October 2024 Visa Bulletin: EB-5 Program and Global Opportunities

KEY TAKEAWAYS

• The October 2024 Visa Bulletin shows that reserved EB-5 visa categories for rural and high unemployment areas will likely be available throughout FY2025.
• Investors from China and India can continue filing for adjustment of status with a reduced investment of $800,000.
• Significant progress in reducing waiting times for Chinese and Indian EB-5 applicants, improving their chances of obtaining green cards sooner.Updated quotas and priority dates for family-sponsored and employment-based visas indicate a slow but steady progression in addressing backlogs.

The latest Visa Bulletin for October 2024 from the Department of State has introduced encouraging updates for the EB-5 visa program under the Reform and Integrity Act. Notably, the reserved categories—rural, high unemployment, and infrastructure—are expected to remain available throughout most of FY2025. This means that investors from China, India, and other countries can continue to file for adjustment of status with a reduced investment of $800,000. This flexibility allows for concurrent filing and offers significant benefits such as five-year work and travel permits, which are not tied to employer-specific H-1Bs.

Moreover, the bulletin shows significant progress for Chinese and Indian applicants who joined the program under previous regulations. The waiting time for Chinese applicants has advanced by seven months to July 15, 2016. Indian applicants have seen an even greater leap, moving forward by over a year to January 1, 2022. This progression enables many to move closer to obtaining their conditional green cards. With these developments, the EB-5 program continues to attract substantial investment and create new jobs, signaling a robust year ahead in 2025.

In-Depth Analysis of the October 2024 Visa Bulletin: Implications for Family and Employment-Based Immigration

The October 2024 Visa Bulletin, recently released by the U.S. Department of State, outlines critical updates in the quotas and priority dates for both family-sponsored and employment-based visas. It offers a clearer pathway for many awaiting their turn in the often backlogged U.S. immigration system.

Here’s an in-depth analysis of the key components and what they signify for prospective immigrants, especially EB-5 investors:

Family-Sponsored Preferences

For the fiscal year 2025, the total limit for family-sponsored preference visas is set at 226,000. Specific categories within this segment have been allocated numbers as follows:

• F1 (Unmarried Sons and Daughters of U.S. Citizens): 23,400 visas
• F2A (Spouses and Children of Permanent Residents): 77% of the second preference limitation, exempt from the per-country limit
• F2B (Unmarried Sons and Daughters of Permanent Residents): 23% of the second preference limitation
• F3 (Married Sons and Daughters of U.S. Citizens): 23,400 visas
• F4 (Brothers and Sisters of Adult U.S. Citizens): 65,000 visas

The bulletin details cut-off dates, which are crucial for determining when applicants can move forward with their immigration process. For instance, the cut-off date for the F2A category for all countries except Mexico is now November 22, 2021, which shows a slight progression from previous months and indicates a moderate easing of backlogs in this highly sought-after category.

Employment-Based Preferences

The employment-based visa segment has been set a worldwide level of at least 140,000 visas, with several categories benefitting, particularly under the October 2024 bulletin:

1. EB-1 (Priority Workers)
   Remains current for most countries, facilitating quicker processing for top-tier talents.
2. EB-2 (Professionals Holding Advanced Degrees or Persons of Exceptional Ability)
   This category shows considerable advancement, especially for countries like India and China, reflecting ongoing efforts to clear backlogs.
3. EB-3 (Skilled Workers, Professionals, and Other Workers)
   Also shows movement, although slight, which is a positive sign for those in queue.
4. EB-5 (Investor Visa)
   Particularly significant for EB-5 investors, the bulletin indicates favourable conditions, with the Reform and Integrity Act EB-5 program maintaining open categories for rural, high unemployment, and infrastructure projects throughout most, if not all, of FY2025. This provides a substantial opportunity for investors from oversubscribed countries like China and India to not only invest at the reduced rate of $800,000 but also potentially move forward with their applications without the usual prolonged waits.

The substantial forward movement in the EB-5 category for Chinese and Indian nationals indicates a relieving trend for investors affected by previous surges in applications and program lapses. The shift from a Final Action Date of December 15, 2015, to July 15, 2016, for Chinese nationals under the old EB-5 program marks a notable progression, providing a pathway towards green card issuance for many who have been waiting in line for years.

Conclusion

The October 2024 Visa Bulletin presents a mixed bag of slow but steady progress in family-based visa categories and more pronounced advancements in employment-based categories, particularly the EB-5 investor visa. For many, this bulletin will serve as a crucial pivot point in their immigration journey, particularly for those from heavily backlogged countries looking to capitalize on less congested visa categories or those benefiting from specific legislative changes aimed at reducing the overall immigration backlog in the U.S.