TBM Staff - Mumbai
The U.S. State Department, in collaboration with U.S. Citizenship and Immigration Services (USCIS), announced that all legally available Employment-Based Fifth Preference (EB-5) unreserved visas for fiscal year 2024 have been issued. These visas are crucial for investors who establish commercial enterprises that generate employment opportunities across the United States. The Immigration and Nationality Act (INA) limits the number of employment-based preference immigrant visas issued annually, with the EB-5 category allocated 7.1% of the worldwide employment limit. For fiscal year 2024, this allocation has been fully utilised, and no further visas in these categories will be issued until the new fiscal year begins on October 1, 2024.
The EB-5 Immigrant Investor Program, administered by USCIS, was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. The programme also includes a Regional Center component, allowing investors to qualify for EB-5 classification by investing through USCIS-designated regional centers focused on promoting economic growth. The EB-5 Reform and Integrity Act of 2022 introduced new requirements for this visa category and the Regional Center Program, which is authorised to issue immigrant visas through September 30, 2027.
In addition to the EB-5 category, the U.S. State Department and USCIS also announced that all available visas in the Employment-Based Third Preference (EB-3) and Other Workers (EW) categories for fiscal year 2024 have been issued. These visas support the travel of essential workers who contribute significantly to various U.S. industries, especially the healthcare sector. Similar to the EB-5 category, the INA restricts the number of EB-3 visas issued each year, with a maximum of 10,000 allocated to the EW category.
As with the EB-5 category, embassies and consulates will not issue any more EB-3 and EW visas for the remainder of fiscal year 2024. However, the annual limits will reset on October 1, 2024, when the new fiscal year begins. At that time, qualified applicants may again apply for immigrant visas in these categories through U.S. embassies and consulates.
