The 2019 fiscal year marked new trends in the EB-5 market. Based on data from FY2019 Q1 and Q3, India surpassed Mainland China as the top EB-5 market. As Mainland China faced long wait times and visa retrogression, potential investors began rethinking the EB-5 program.
India, on the other hand, is the fastest-growing EB-5 market, with a reported 726 filings in FY2019. Mainland China filed 351 petitions, while Vietnam filed 240. Those three countries comprise 56% of all petition filings for FY2019 Q1 and Q3.
Other countries with top numbers of filing include South Korea, Taiwan, South Africa, Venezuela, Hong Kong, and Canada. Some of the fastest-growing EB-5 markets include Nigeria, Egypt, Argentina, and Mexico.
As US consulates and embassies were forced to close in light of COVID-19, there was a drastic decrease in I-526 petitions in the second quarter of 2020, in addition to rough economic conditions and new EB-5 regulations. The United States Center of Immigration Services reported only 21 forms, starkly contrasted by the 4,262 forms received in the previous quarter.
As the global economy begins to rebound, and US consulates and embassies begin to reopen, the US is likely to remain a top destination for foreign nationals through the EB-5 program.
It is expected that filings will begin to increase again, particularly with an influx of filings from India. The country has been made “current”, enabling all qualified EB-5 investors to immediately move forward in filing for a US visa. Indian investors currently residing in the US under a different visa also have the opportunity to apply for a change of visa status, rather than waiting on the US consulate to resume operations.
While the closure of US consulates on account of COVID-19 has delayed many EB-5 investors from immediately proceeding with the immigration process, any unused visas will roll over into next year’s allotment. The EB-5 Program can anticipate several thousand more visas for investors in FY2021 that will go unused in the current fiscal year.
With the expected increase of visas in FY2021, now is an ideal time for investors interested in the EB-5 Program to begin considering filing a petition. The US economy is eager to receive the boost EB-5 investments provide, helping ensure the EB-5 process remains secure.
If you are seeking to obtain a green card, the EB-5 Investor Program may be a great fit for you and your family. For more information about the process, or to answer any questions you may have, please contact us at firstname.lastname@example.org