The EB-5 Immigrant Investor Program Reaches Cap for the First Time for Chinese FY -2014 Applications

As of August 23, 2014, the EB – 5 preference quota is “unavailable” to cases from China for the remainder of FY – 2014, which ends September 30th.  However, it would be wise for Chinese applicants to continue to apply.  Cases accepted by the USCIS will be placed in “pending status” until the new FY – 2015 allocation begins in October.

"Unavailable" means that no additional numbers are available for "comeback" cases originally scheduled for interview in an earlier month who are just now returning, or for those first requesting an interview. The only exception would be if a post had "otherwise unused" numbers available, because applicants either failed to appear or failed to overcome a refusal during the month (i.e., August or September) of originally scheduled interview.

The Chief of the Department of State Immigrant Visa Control and Reporting Division, Charles Oppenheim, recently announced that the EB – 5 category had been maximized, and this is significant for a few reasons.  (Liink to announcement) First, it marks the first time that a cap was reached, since the program was created 25 years ago. Secondly, it highlights the recent rise in Chinese applicants. 

The Immigrant Investor Program was created by Congress with a limit of 10,000 immigrant visas per year.  This number also includes green cards issued to a successful petitioners spouse and unmarried children under the age of 21, on a two-year conditional period.  According to a report compiled from government data by CNN-Money (link), “Chinese nationals account for more than 80% of visas issued, compared to just 13% a decade ago”.  Put another way, in 2004 only 16 visas were issued to Chinese, whereas in FY - 2013 nearly 6,900 Chinese nationals received visas.

Do not let time run out for your EB- 5 application submission.   Contact an IBLF attorney today (202) 296-1111, Toll Free (800) 844 - IBLF (800 - 844 - 4253) or Contact Us on the web.