FY2026 Q1 EB-5 Receipt and Processing Data

Finally, more information about what’s been happening in EB-5 since September last year! Today the USCIS Immigration and Citizenship Data page published quarterly data covering petition receipts, approvals, and denials from October to December 2025 (FY2026 Q1). I-485 reports have now been published up to April 3, 2026. The following table is an excerpt of EB-5 data from the latest All Form Types report.

Processing Volume Trend

EB-5 processing volumes fell overall in FY2026 Q1, unfortunately. The previous two quarters had me hoping for a good trend, but no.

I-526E Processing Volume and Receipts by TEA Category and Country

Total I-526E receipts in FY2026 Q1 were right in line with the average for the previous three quarters — not much higher or much lower than expected. Q1 shows a significant denial rate for the first time (19% of I-526E processed in Q1). The low volume of I-526E approvals helps to explain why the Visa Bulletin still has no movement for set-aside visas, and why the backlog of pending I-526E keeps growing (exceeding 10,000 by December).

Once again, USCIS thankfully published a report specific to I-526/I-526E filings by country and TEA category. The report shows increasing shift toward demand from India-born investors and for Rural projects. The USCIS report still records no Infrastructure receipts, though the industry reports I-526E filings for Infrastructure projects.

Placing the FY2026 Q1 report in context of previous I-526/I-526E reports shows that a total 16,321 EB-5 investors started their process by filing petitions from April 2022 to December 2025. That means over $13 billion contributed to the U.S. economy by immigrant investors under RIA. It also represents over 30,000 likely visa applicants, with the addition of spouses and children — a challenge considering future set-aside visa numbers and the few set-aside visas issued to date.

Post-RIA Direct EB-5

The standalone direct EB-5 data continues to be extremely concerning. I couldn’t even make a visible chart for the sad fact that USCIS processed only 10 I-526 in FY2026 Q1 — 5 approvals and 5 denials — while taking in 98 more receipts and ending the quarter with 736 direct I-526 pending. Is there currently only one guy left at IPO who works on direct EB-5 processing? Direct investors have an outsize individual economic impact, and deserve more attention.

Legacy I-526 and I-829 Processing

I-829 processing volumes fell a bit in Q1, but kept up with receipts at least. The I-829 approval rate remains high.

Meanwhile, legacy (pre-RIA) I-526 processing approached a near halt in Q1, with only 70 petitions processed. The 59% denial rate is hardly surprising considering the age of these unfortunate pre-RIA I-526 — a median 93.2 months old per the report.

Consular Processing

Department of State continues to maintain stony data silence as to activity with consular processing in FY2026. I tend to worry that no news means low visa issuance, and consequent risk of unused and wasted visas. But I was encouraged to hear this week that India Unreserved, at least, has already managed to receive a full quota of visas for FY2026. If only the government could also maximize EB-5 visa issuance for everyone else!