The U.S. has hit its annual limit for the EB-5 unreserved visa category for the fiscal year 2024, according to an announcement from the U.S. State Department and U.S. Citizenship and Immigration Services.
These visas are regulated under the Immigration and Nationality Act (INA), which sets a cap on the number of employment-based immigrant visas issued each fiscal year. Specifically, INA 203(b)(5) allocates 7.1% of the global employment visa limit to EB-5 visas. Of this allocation, 68% is designated for unreserved categories, including C5, T5, I5, R5, RU, and NU.
Following the EB-5 Reform and Integrity Act of 2022, unused reserved visas from fiscal year 2022 were allowed to be reassigned to the unreserved categories for fiscal year 2024. However, all available EB-5 unreserved visas for FY 2024 have now been issued. As a result, U.S. embassies and consulates will no longer process visas in these categories for the remainder of the fiscal year.
The annual visa limits will reset on October 1, 2024, marking the beginning of the new fiscal year, when visa issuance for these categories will resume. The U.S. State Department's September Visa Bulletin highlighted that due to high demand for employment-based immigrant visas, limits for various visa categories and countries could be reached as early as September. This could impact the availability of visas in several categories before the fiscal year ends.
The State Department also expects that Final Action dates for these visas may advance with the new fiscal year’s start. However, the actual movement of these dates will depend on visa demand as the year progresses, emphasizing the need to stay updated on visa processing timelines.
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