The latest data from the United States Department of State reveals a significant advancement in processing EB-5 visa applications, with Indian applicants experiencing notable improvements. According to VisaGuide.World's report on the Visa Bulletin for January 2024, there has been a remarkable shift in the final action date for India, progressing two years forward from December 2018 to December 2020. This advancement signals a quicker processing timeline for Indian families and other applicants who have been part of the prolonged EB-5 backlog, awaiting their chance to obtain the U.S. Golden Visa.

What is the EB-5 Visa?

The EB-5 visa, commonly referred to as the U.S. Golden Visa, is a pathway for affluent international individuals to gain residency in the United States by investing in the economy. To qualify, applicants must invest a minimum of $800,000 in a U.S. government-approved real estate project. This investment must contribute to the creation of at least ten full-time jobs for American citizens. The recent shift in the Visa Bulletin's final action date to December 1, 2020, for Indian applicants reflects a significant leap in visa distribution efficiency for this group.

This development is not only a relief to those entangled in the EB-5 backlog but also serves as a beacon of hope, indicating swifter approval processes. The Visa Bulletin, a critical tool for applicants, provides insights into visa processing stages and helps estimate waiting periods. The substantial advancement of India's priority date from December 15, 2018, to December 1, 2020, underscores the progress made in managing the visa allocation for Indian EB-5 applicants.

The Role of the Visa Bulletin

The Visa Bulletin also informs applicants about the "Final Action Dates" and "Dates for Filing Applications," guiding them on when to submit necessary documents to the National Visa Center. As it stands, all applicants who filed their petitions before December 1, 2020, are now eligible for available EB-5 visas, making their applications ready for approval.

In the fiscal year 2024, the U.S. has set a limit of 226,000 visas for family-sponsored preference immigrants and at least 140,000 for employment-based preference immigrants globally. The per-country cap is fixed at seven per cent of the total annual family and employment preference limits, equating to 25,620 visas.

Green Card Backlog for EB-2 and EB-3 Categories

However, the backlog for Indian nationals in the EB-2 and EB-3 categories remains a significant challenge. Reports from September indicate that the employment green card backlog for these categories, encompassing approximately 1,070,000 Indians, would require an estimated 134 years to clear. This delay poses a risk of about 134,000 children ageing out of eligibility before obtaining a green card. The EB-2 visa caters to international professionals with advanced degrees or exceptional abilities, while the EB-3 visa allows skilled workers, professionals, and other workers to gain permanent residency in the U.S.

This information highlights the complexities and recent developments in the U.S. immigration system, particularly concerning the EB-5 visa programme and its impact on Indian applicants.

FAQs

What is the minimum investment required for the EB-5 visa?

The EB-5 visa requires a minimum investment of $800,000 in a U.S. government-approved project.

How has the EB-5 Reform and Integrity Act impacted the visa programme?

The Act has introduced reforms aimed at increasing transparency and protecting investors, ensuring that the programme meets its economic objectives.

What does the advancement in the Visa Bulletin mean for Indian EB-5 applicants?

The advancement signifies a faster processing timeline for Indian applicants, moving them closer to obtaining their U.S. residency.