October 1 st marks the beginning of a new federal fiscal year for USCIS, but for EB-5 investors, it also represents an important reset in the availability of immigrant visa numbers. Each fiscal year brings a new allocation of employment-based immigrant visas, including visas available to the EB-5 program.
A New Fiscal Year Brings New Visa Numbers
The EB-5 program receives a new allocation of immigrant visa numbers at the beginning of each fiscal year. Those numbers are divided between the unreserved EB-5 category and the reserved categories created by the EB-5 Reform and Integrity Act (RIA).
This annual reset is particularly important when a country’s available visa numbers have been exhausted during the prior fiscal year. Once the new fiscal year begins, the Department of State can once again issue visas against the new allocation, subject to the applicable per-country limits and the demand for visas.
The effect can be seen in the Visa Bulletin. When a category has reached its available allocation late in one fiscal year, the beginning of the next fiscal year can bring new visa availability and, in some circumstances, movement in the applicable Final Action Date.
India’s Unreserved Category Reopens
India provides a good example of why the beginning of the fiscal year matters. During FY 2026, the available EB-5 unreserved visa numbers for India were exhausted. The State Department announced that it had reached the annual limit for Indian applicants in the unreserved category, meaning additional visas could not be issued during the remainder of the fiscal year.
That situation changed with the beginning of FY 2027. The October 2026 Visa Bulletin reopened the Indian unreserved category with a December 1, 2023, Final Action Date.
The reopening does not mean that India’s entire unreserved backlog has been eliminated. Rather, it means that a new supply of visa numbers is available to address the existing demand. The important question for investors is how quickly those numbers will be consumed and whether the Final Action Date can advance during the early months of FY 2027.
The pace of movement will depend on several factors, including the number of Indian investors with priority dates that are eligible for final action, the rate at which USCIS processes adjustment-of-status cases, and the number of Indian cases being processed through consular channels. As those numbers become clearer, the State Department can adjust the Visa Bulletin accordingly.
For Indian investors, therefore, the first several months of FY 2027 will be particularly important. Movement in the Final Action Date will provide an indication of how quickly the new supply of visa numbers is being consumed and when the backlog might be cleared.
Rural EB-5 May Have More Room Before Retrogression
The new fiscal year could also affect the timing of retrogression in the EB-5 rural category.
As of the October 2026 Visa Bulletin, the rural set-aside category remains Current for investors from all countries, including India and China.
The beginning of FY 2027 provides a new allocation of those reserved visa numbers as well. If demand for rural visas does not immediately exceed the available supply, the additional numbers could allow the rural category to remain Current for longer than it otherwise would.
This could be particularly important for Indian and Chinese investors. Both countries have experienced significant EB-5 demand in the unreserved category, and the possibility of future retrogression in the rural category is an issue many investors are watching closely.
Why Retrogression May Still Come Eventually
The fact that the rural category begins FY 2027 as Current does not mean it will necessarily remain that way throughout the fiscal year. The reserved categories are becoming increasingly popular, and more investors are specifically selecting rural projects because of the potential visa-availability advantages associated with the set-aside.
If demand for rural visas eventually exceeds the available supply, the State Department could establish a Final Action Date for the category. If demand continues to increase, that date could subsequently retrogress.
However, the new fiscal-year allocation gives the government additional visa numbers before that point is reached. In other words, the influx of new FY 2027 visas could delay the need for retrogression even as demand for rural EB-5 continues to grow.
The First Few Visa Bulletins of FY 2027 Will Be Important
The Visa Bulletins issued during the first several months of FY 2027 should provide a clearer picture of how the new allocation is affecting EB-5 availability.
For Indian investors in the unreserved category, the key question will be whether the December 1, 2023, Final Action Date can move forward as the new allocation is used. For Indian and Chinese investors in the rural category, the focus will be on whether the category can remain Current as more investors become eligible for visa issuance.
It is also important to remember that Visa Bulletin movement is not necessarily linear. Cutoff dates can advance, remain unchanged, or move backward depending on the level of demand and the government’s assessment of the remaining visa supply.
The above article is intended for informational purposes only. Anyone with specific questions regarding the EB-5 program and the impact of visa availability should consult with an experienced immigration attorney.
