The US EB-5 visa program, designed for investors who can invest significantly in U.S. businesses, heavily favored Asians in 2023, with 90% of the visas going to investors from this region. Chinese nationals were the most numerous, receiving over 63% of the EB-5 visas issued, highlighting their continued dominance in the program despite long waiting periods due to consular backlogs.

In 2023, the US State Department issued 9,817 EB-5 visas, a slight decrease from 10,885 visas in 2022, indicating that embassy operations have normalized to pre-COVID levels. Other significant recipients included Indians, Vietnamese, South Koreans, and Taiwanese.

The program allows two investment routes: direct investments in personal businesses or through Regional Centers, with most investors opting for the latter. Notably, 96% of the visas were linked to investments in Regional Center projects located in Targeted Employment Areas, emphasizing the program's role in directing funds into economically needy regions.

Despite robust applications, the program faces a significant backlog, with 11,420 applicants waiting for their petitions to be reviewed by USCIS as of the start of 2024. This backlog includes a mix of investors waiting since as early as 2018/2019. The processing delays highlight ongoing challenges in managing demand within the established visa limits.

The EB-5 program remains a critical pathway for high-net-worth individuals seeking U.S. residency, though the visa cap and extensive backlogs underscore the need for streamlined processes and potentially increased quotas to better align with demand.