EB-5 Investment Momentum Continues Despite 2024 Challenges: $4 Billion Invested Since Reform
EB-5 raised $4+ billion since 2022 Reform Act despite fee lawsuits, policy disputes, and reauthorization uncertainty. FY2024 saw record 14,000+ visa issuances.
Despite fee increase lawsuits and regulatory turbulence, EB-5 investment and visa issuance reached record levels. Over $4 billion has flowed into the U.S. economy since the Reform Act passed.
The Investment Numbers
Since the Reform and Integrity Act took effect in March 2022, the EB-5 program has raised over $4 billion in total capital through mid-2024. FY2023 alone accounted for more than $2 billion of that total, representing a 215% year-over-year increase that signaled the program's robust recovery. The distribution of capital reflects the RIA's policy goals. Rural areas attracted $874 million, while high-unemployment areas drew $1.7 billion. The balance went to unreserved and infrastructure projects, with infrastructure uptake remaining modest.
Record Visa Issuance
FY2024 saw more than 14,000 EB-5 visas issued—the highest in the program's entire history. For context, the pre-RIA peak in FY2014 reached approximately 10,600 visas. During the 2021 program lapse, issuance dropped to essentially zero. The jump to 14,000 or more represents not just a recovery but a new high-water mark. By September 2025, the unreserved category exhausted its annual allocation for the first time ever—a milestone achievement that demonstrated full program utilization and validated the reforms' effectiveness in driving demand.
Why Momentum Continues
The U.S. green card value proposition remains strong. For wealthy families in China, India, Vietnam, South Korea, and dozens of other countries, U.S. permanent residence offers world-class education, business opportunities, and political stability that few other destinations can match. EB-5 also competes favorably against alternatives. Employment-based categories face 10 to 20-plus year backlogs for India and 5 to 10 or more years for China, while EB-5 reserved categories offer "current" visa availability. The RIA's reforms have increased confidence by reducing fraud concerns through enhanced transparency, and the 580 approved regional centers now include increasingly institutional-grade operators with proven track records.