EB-5 Visa Statistics for Forms I-526, I-526E, and I-829 for Quarter 2 of Fiscal Year 2023

EB-5 Visa Statistics for Forms I-526, I-526E, and I-829 for quarter 2 of fiscal year 2023 continue to reflect the increased demand for the Immigrant Investor Program owing to the reauthorization of the Regional Center Program and the implementation of the 2022 Reform and Integrity Act (RIA). The EB-5 Visa Statistics for Quarter 2 of fiscal year 2023 also show the number of approved, denied, and pending petitions. Of significance for quarter 2 EB5 Statistics for fiscal year 2023 are the increased denial rates for I-526 petitions. While I-526 forms saw an increased number of approvals for quarter 2 of fiscal year 2023, factors such as the source of funds and inexperience of some EB 5 investors have led to the increased number of petition denials. 

In this article, we’ll take you through the changes in EB 5 Statistics in the past years to the current data published by the U.S. Citizenship and Immigration Services (USCIS). We also included data on the new regional center forms and the separate numbers for Forms I-526 and I-52E which were released for the first time in the agency’s report. Our personalized approach and collaboration with EB-5 industry experts have already helped two of our investors gain I-526E approval in just a year. Keep reading to learn more about the EB5 Program trends and how we can help you obtain your US Green Card through investment. 

What are the EB-5 Visa Statistics for USCIS Forms I-526, I-526E, and I-829 for Quarter 2 of Fiscal Year 2023?

The new EB-5 Visa Statistics for Forms I-526, I-526E, and I-829 released by the U.S. Citizenship and Immigration Services (USCIS) reflect the number of petitions received, approved, and denied for quarter 2 of fiscal year 2023. The report, which covers the period from January to March 2023, also shows the number of remaining pending EB-5 Visa petitions as well as statistics on forms related to regional centers. 

These forms correspond to the different stages of the EB5 Visa application process. Form I-526 (Immigrant Petition by Standalone Investor) is used to initiate the immigration process through EB5 Project investment which is now used solely by direct project investors after the passing of the Reform and Integrity Act (RIA) in 2022. A new document, Form I-526E (Immigrant Petition by Regional Center Investor), is used by regional center investors under the EB-5 Reform and Integrity Act. Form I-829 (Petition by Investor to Remove Conditions on Permanent Resident Status) is filed during the final stage of the EB 5 process to gain Lawful Permanent Residency (LPR) in the United States.  

The U.S. Citizenship and Immigration Services (USCIS) is the agency in charge of receiving and adjudicating these petitions. USICS previously published EB5 Statistics for Forms I-526 and I-829 for Quarter 1 of the Fiscal Year 2023 which showed the regained interest of immigrant investors due to the improvements brought on by the Reform and Integrity Act (RIA) and the reauthorization of the Regional Center Program. 

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What are the EB-5 Visa Statistics for Forms I-526 and I-526E for Quarter 2 of Fiscal Year 2023?

EB5 Statistics for the receipt of Forms I-526 and I-526E remain steadily higher than the fiscal years affected by the COVID-19 pandemic. The number of I526 and I526E petitions adjudicated was also noted to have increased from quarter 1 but is considered low when compared to the total number of pending petitions left. 

I-526 Petitions by Quarter for FY 2019 to FY 2023 Q2

Quarter 1 FY 2019 Quarter 2 FY 2019 Quarter 3 FY 2019 Quarter 4 FY 2019 Quarter 1 FY 2020 Quarter 2 FY 2020 Quarter 3 FY 2020 Quarter 4 FY 2020 Quarter 1 FY 2021 Quarter 2 FY 2021 Quarter 3 FY 2021 Quarter 4 FY 2021 Quarter 1 FY 2022 Quarter 2 FY 2022 Quarter 3 FY 2022 Quarter 4 FY 2022 Quarter 1 FY 2023 Quarter 2 FY 2023
I-526 Petitions Received 1, 808 580 615 1, 191 4, 264 21 40 53 91 98 169 456 189 420 32 189 556 535
Quarterly Change for I-526 Petitions Received (%) 35 -68 6 94 258 -100 90 33 72 8 72 170 -59 122 -92 488 196 -4
I-526 Petitions Approved 2, 175 795 333 356 383 714 576 904 1, 004 752 592 50 16 50 264 259 273 406
Approval Rate (%) 85 82 58 65 84 79 62 79 89 85 81 16 26 33 58 48 68 44.9
I-526 Denied 398 180 246 190 72 190 346 236 119 130 135 266 45 102 191 276 207 498
Denial Rate (%) 15 18 42 35 16 21 38 21 11 15 19 84 74 67 42 52 43 55
I-526 Petitions Pending 13, 508 13, 105 13, 070 13, 763 17, 468 16, 633 15, 955 15, 063 13, 746 13, 044 12, 798 13, 008 13, 132 12, 385 12, 988 13, 062 13, 232 12, 819
Quarterly Change for I-526 Petitions Pending (%) -6 -3 0 5 27 -5 -4 -6 -9 -5 -2 2 1 2 -3 1 1 -12

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

For the fiscal year (FY) 2023 quarter 2 report, USCIS separated the statistics for Form I526 and Form I526E for the first time.

I-526 and I-526E Petitions Received by Q2 of FY 2023

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

During the lapse of the EB5 Regional Center Program from 2021-2022, only direct project investors were able to submit their applications which also influenced the decline in the total number of  EB 5 filings. Since the Regional Center Program was reauthorized after the EB-5 RIA implementation, there has been renewed interest in the program which shows that regional centers remain the popular investment route for foreign investors. Regional centers are economic units accredited by USCIS to collect capital from immigrant investors to und EB-5 Visa Projects.

I-526 and I-526E Petitions Approved and Denied

Both the approval and denial rates for I 526 and I 526E petitions for fiscal year (FY) 2023 quarter 2 have increased. 

I-526 Petition Processing by Quarter for FY 2019 to FY 2023 Q2

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

Based on the USCIS report, most of the 904 petitions adjudicated are “legacy” I-526 forms that have been filed before the RIA enactment.

What Caused the High Form I-526 and I-526E Denials for Quarter 2 of Fiscal Year 2023?

EB-5 industry experts noted that the exact reasons for the high denial rates for I526 petitions would be difficult to pinpoint considering that USCIS does not track the specific reasons for application denials as reported by the US Government Accountability Office (GAO). The Government Accountability Office (GAO) report on the EB-5 Program also found that the denial rate from FY 2016 and FY 2021 was only 13% in contrast to the 55% denial rate for I 526 for quarter 2 of FY 2023. 

Our CEO and Founder, Vivek Tandon, mentions that the legacy I-526s have always received higher denial rates. “We believe this is driven in part by direct EB-5 visa petitions as those generally carry more risk from an immigration perspective as well as regional center applications filed through inexperienced participants in the program and what I call marginal investors filing although there may be gaps in documenting their source of funds. Furthermore, more and more applicants come from non-traditional filing countries and perhaps their source of funds may be not fully understood and approved by USCIS,” says Vivek.

What are the EB-5 Visa Statistics for Form I-829 for Quarter 2 of Fiscal Year 2023?

EB 5 Statistics for Form I-829 filings for quarter 2 of FY 2023 show increased filing to remove conditions on permanent residency compared to quarter 1 of the same fiscal year. 

I-829 Petitions by Quarter for FY 2019 to FY 2023 Q2

Quarter 1 FY 2019 Quarter 2 FY 2019 Quarter 3 FY 2019 Quarter 4 FY 2019 Quarter 1 FY 2020 Quarter 2 FY 2020 Quarter 3 FY 2020 Quarter 4 FY 2020 Quarter 1 FY 2021 Quarter 2 FY 2021 Quarter 3 FY 2021 Quarter 4 FY 2021 Quarter 1 FY 2022 Quarter 2 FY 2022 Quarter 3 FY 2022 Quarter 4 FY 2022 Quarter 1 FY 2023 Quarter 2 FY 2023
I-829 Petitions Received 797 921 1, 171 867 1, 013 604 739 740 205 1, 053 1, 249 794 618 383 200 69 81 352
Quarterly Change for I-829 Petitions Received (%) 71 16 27 -26 17 -40 22 0 -72 414 19 -36 -22 -38 -48 -66 17 335
I-829 Petitions Approved 443 270 574 349 436 730 725 732 641 566 402 404 299 396 340 418 307 362
Approval Rate (%) 93 95 94 97 99 93 97 92 94 94 90 82 92 89 87 91 91 80
I-829 Denied 31 15 39 12 6 57 23 62 41 37 46 87 27 51 49 41 29 85
Denial Rate (%) 7 5 6 3 1 7 3 8 6 6 10 18 8 11 13 9 9 15
I-829 Petitions Pending 8, 119 8, 821 9, 925 9, 799 10, 373 10, 309 10, 332 10, 304 9, 894 10, 356 11, 160 11, 448 11, 731 11, 690 11, 523 11, 150 10, 906 10, 542
Quarterly Change for I-829 Petitions Pending (%) 6 9 5 5 6 -1 0 0 -4 5 8 3 2 0 -1 -3 -2 -3

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

I-829 Petitions Approved and Denied

Similar to I-526 petitions, EB 5 Statistics for I-829 reflect higher approval and denial numbers, with minimal progress towards adjudicating the remaining pending petitions. 

I-829 Petition Processing by Quarter for FY 2019 to FY 2023 Q2

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

What are the EB-5 Visa Statistics for Regional Center Forms for Quarter 2 of Fiscal Year 2023?

Both the old and new regional center forms were included in the USCIS report for quarter 2 of FY 2023. The old forms used before the EB-5 RIA are Form I-924 (Application for Regional Center Designation Under the Immigrant Investor Program) and Form I-924A (Annual Certification of Regional Center). These forms have been replaced by Form I-956 (Application for Regional Center Designation) and Form I-956G (Regional Center Annual Statement) respectively. Other regional center forms implemented under the 2022 RIA are below.

  • Form I-956F (Application for Approval of Investment in a Commercial Enterprise).
  • Form I-956H (Bona Fides of Person Involved in Regional Center Program).
  • Form I-956K (Registration for Direct and Third-Part Promoters).
USCIS Form Received Approved Denied Total Processed Pending
I-924 0 0 0 0 84
I-924A 0 0 0 0 1, 734
I-956 176 18 0 D 280
I-956F 50 D D D 132
I-956G 287 0 0 0 282
I-956H 1, 007 0 0 0 2, 147

D (Disclosure standards not met).

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

Based on the statistics for Form I-956G, 287 regional centers are considered active under the EB-5 Visa Program, despite the 640 regional centers published on USCIS’ website. Another observation is that while 50 new EB5 Projects filed for accreditation in quarter 2 of FY 2023, there is no data on how many of the 132 investment projects that filed since the start of the RIA have been approved. Finally, only 38 international promoters submitted Form I-956K, which USCIS released on January 2023 and are still awaiting adjudication.   

What are the Implications of the EB-5 Visa Statistics for Quarter 2 of Fiscal Year 2023?

The EB-5 Visa Statistics for quarter 2 of FY 2023 continue to show the rising demand for the Immigrant Investor Visa Program despite the number not being at par with pre-COVID data. For the first half of FY 2023, at least $833,600,000 has already been raised due to the new I-526 and I-526E petition filings. The EB-5 Capital Raised for the First Half of Fiscal Year 2023 accounts for 1,091 new foreign investor applicants and counts towards the total of $50.2 billion injected into the U.S. economy since 1990. 

Processed I-526 and I-829 Petitions for FY 2013 to FY 2023 Q2

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

Processed and Pending I-526 and I-829 Petitions by Fiscal Year 2023 to Date

Data from the Department of Homeland Security, U.S. Citizenship and Immigration Services.

With the current EB5 Statistics, USCIS will have to put in more effort to improve its overall processing and adjudication volumes. The agency previously announced filing fee increases for 2023 to aid with operational costs and improve EB 5 Visa processing times. However, the proposed USCIS filing fee increase has been postponed to early 2024. The EB-5 Statistics for FY 2024 will probably show whether or not the fee increase and the immigration advantages of the RIA will have a major impact on EB-5 petition processing timelines.

We’re Committed to Helping You 

We work with EB-5 industry professionals to help you choose the right investment projects. We conduct careful due diligence on EB5 Projects and use a personalized approach to achieve both your immigration and financial goals. We are pleased to report that two of our investors have already been granted I-526E approvals in less than a year. 

EB5 BRICS CEO and Founder Vivek Tandon is a US-licensed attorney and investment banker with Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) securities licenses. Schedule a meeting with us today to discuss how you and your family can obtain a US Green Card with an EB-5 Visa.