eb-5 investor markets report - iiusa · ing eb-5 investor market demand around the globe. the first...
TRANSCRIPT
EB-5 INVESTOR MARKETS REPORT
VOLUME 1
EB-5 INVESTOR MARKET REPORT
4 bull 5 bull IIUSAORG IIUSAORG
Special Thank You to the IIUSA Investor Markets Committee
A Letter fromIIUSArsquos Executive DirectorWe at IIUSA are proud to announce the publication of the first ever Investor Markets Report The report comes at a critically important time for the EB-5 industry and we hope that it provides insightful quantita-tive and qualitative analysis of established and emerging EB-5 investor markets
With the new reality that investors from Mainland China will have to wait a minimum of six years before a visa number will be available for
them to use an approved I-526 petition to immigrate to the United States it becomes advantageous to analysis emerging and established EB-5 Markets elsewhere in the world
A successful and strong EB-5 Program of the future will not only feature more visas but an increas-ingly diversified investor market place To this end IIUSA has taken steps to formulate and promote relationships with thought leaders from investor markets with the highest potential and industry leaders with expertise on these markets to facilitate the flow of information on emerging EB-5 In-vestor Markets
Over the last few years IIUSA has realized the intrinsic need for an infrastructure through which the EB-5 industry can gain unique market insights about markets with the most growth potential IIUSA continued efforts are evident by the formation of the Investor Markets Committee in July of 2014 the regular investor market articles in the Regional Center Business Journal as well as in newslet-ters to the membership and industry
The first volume of the Investor Markets Report includes both on-the-ground insights and compre-hensive quantitate analysis of EB-5 investor trends and is the first report of its kind for the EB-5 industry By crunching the numbers on comprehensive data-sets of both USCIS petition data as well as Department of State visa statistics we can now visualize the influx of investment from around the world and extrapolate where growth may yet come The annual report will help EB-5 stakehold-ers draw important conclusion that can lead to actionable steps by project sponsors to bring new investors through the Program
The following report is the culmination of months of hard work and is a primer for what is to come in the years ahead As the EB-5 industry continues to evolve IIUSA will continue to be an educational leader in EB-5 investor markets and the untapped potential that they may hold
Sincerel y
Peter D JosephExecutive Director
Peter D Joseph IIUSA Executive Director
This publication is intended for your information only Unless you receive IIUSAs prior written consent you may not modify translate create derivative works of copy distribute market or display any content from the IIUSA Investor Market Report
The Invest in the USA (IIUSA) logo is a registered trademark and sole property of IIUSA It therefore may NOT be used without the express written consent of the Board of Directors
IIUSA Policy Analyst Lee Li for the data analysis and visualization Without his valubable contributions this
report would not have been possible
amp
Copyright copy 2016
6 bull 7 bull INTRODUCTIONIIUSAORG IIUSAORG
AS THE EB-5 PROGRAM CONTINUES TO GROWAs the EB-5 Program continues to grow in popular-ity it is important to analyze the immigrant inves-tor markets that are fueling this growth and with visa retrogression and increasing costs of investor recruitment hindering market growth in Mainland-China it is more important than ever to analyze both established and newly emergent markets that will prove to be reliable sources of investors over the coming years
It has been the mission of IIUSArsquos Investor Markets Committee which I have had the honor to chair since its founding in 2014 to track how world events are driv-ing EB-5 investor market demand around the globe The first step of this explora-tion has culminated in this report The Investor Markets Report Vol 1 a first of its kind study illustrating where EB-5 investors are coming from and the impact of macro political and socio-economic conditions that would lead to greater uti-lization of the EB-5 Program in the years to come
It has been an edifying process to explore the opportunities in emerging mar-kets and develop tools to better leverage these opportunities As an industry we must be cognizant that immigration practitioners in certain countries and regions that have been exposed to the EB-5 Program for many years such as Mainland China and South Korea are familiar with the Programrsquos nuances while others may have a steeper learning curve With the introduction of this report and the soon to be published ldquoEB-5 Investor Toolkitrdquo a document to help inves-tors and intermediaries understand the fundamentals of EB-5 Program we are hopeful that information important to investors and the public at large are dis-seminated far and wide
We hope you enjoy reviewing the data charts and analysis contained within this report and please note that the second volume will be published as soon as the next round of data becomes available
Lily Wang New City Advisors
Chair of IIUSA Investor Markets Committee
9 bull CONTENTSIIUSAORG
IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners Support IIUSArsquos yearly data driven analysis of investor markets and purchase your sponsorship today
SPONSORSHIP BENEFITS COST
FULL REPORT SPONSOR
bull Premium ad placement in reportbull Logo on front cover of report logo and link on
IIUSA Websitebull Receive 5 hard copies of reportbull Option to write an introduction to report
$5000
MAINLAND CHINA SPONSOR
bull Full Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$2000
REGION SPECIFIC SPONSOR
bull Half Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$1000 REGION OPTIONS ASIA-PACIFIC SOUTH CENTRAL ASIA MIDDLE EAST LATIN AMERICA EUROPE NORTH AMERICA AFRICA
CONTENTS
SECTION 1 General growth pattern of the demand for the program
SECTION 2 Geographical comparison of EB‐5 demands by continentregion (Africa Asia‐Pacific Europe Latin America Middle East North America and SouthCentral Asia)
SECTION 3 Top 15 EB‐5 Investor Markets (FY1992 ndash FY2014)
SECTION 4 In‐depth analyses of EB‐5 investor markets within each continentregion
MAINLAND CHINA
ASIA‐PACIFIC Hong Kong Japan South Korea Taiwan Vietnam
SOUTHCENTRAL ASIA India Kazakhstan
MIDDLE EAST Egypt Iran
LATIN AMERICA Brazil Venezuela
EUROPE Russia United Kingdom
NORTH AMERICA Canada Mexico
AFRICANigeria South Africa
7
8
10
18
1214
26
32
40
46
53
58
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
EB-5 INVESTOR MARKET REPORT
4 bull 5 bull IIUSAORG IIUSAORG
Special Thank You to the IIUSA Investor Markets Committee
A Letter fromIIUSArsquos Executive DirectorWe at IIUSA are proud to announce the publication of the first ever Investor Markets Report The report comes at a critically important time for the EB-5 industry and we hope that it provides insightful quantita-tive and qualitative analysis of established and emerging EB-5 investor markets
With the new reality that investors from Mainland China will have to wait a minimum of six years before a visa number will be available for
them to use an approved I-526 petition to immigrate to the United States it becomes advantageous to analysis emerging and established EB-5 Markets elsewhere in the world
A successful and strong EB-5 Program of the future will not only feature more visas but an increas-ingly diversified investor market place To this end IIUSA has taken steps to formulate and promote relationships with thought leaders from investor markets with the highest potential and industry leaders with expertise on these markets to facilitate the flow of information on emerging EB-5 In-vestor Markets
Over the last few years IIUSA has realized the intrinsic need for an infrastructure through which the EB-5 industry can gain unique market insights about markets with the most growth potential IIUSA continued efforts are evident by the formation of the Investor Markets Committee in July of 2014 the regular investor market articles in the Regional Center Business Journal as well as in newslet-ters to the membership and industry
The first volume of the Investor Markets Report includes both on-the-ground insights and compre-hensive quantitate analysis of EB-5 investor trends and is the first report of its kind for the EB-5 industry By crunching the numbers on comprehensive data-sets of both USCIS petition data as well as Department of State visa statistics we can now visualize the influx of investment from around the world and extrapolate where growth may yet come The annual report will help EB-5 stakehold-ers draw important conclusion that can lead to actionable steps by project sponsors to bring new investors through the Program
The following report is the culmination of months of hard work and is a primer for what is to come in the years ahead As the EB-5 industry continues to evolve IIUSA will continue to be an educational leader in EB-5 investor markets and the untapped potential that they may hold
Sincerel y
Peter D JosephExecutive Director
Peter D Joseph IIUSA Executive Director
This publication is intended for your information only Unless you receive IIUSAs prior written consent you may not modify translate create derivative works of copy distribute market or display any content from the IIUSA Investor Market Report
The Invest in the USA (IIUSA) logo is a registered trademark and sole property of IIUSA It therefore may NOT be used without the express written consent of the Board of Directors
IIUSA Policy Analyst Lee Li for the data analysis and visualization Without his valubable contributions this
report would not have been possible
amp
Copyright copy 2016
6 bull 7 bull INTRODUCTIONIIUSAORG IIUSAORG
AS THE EB-5 PROGRAM CONTINUES TO GROWAs the EB-5 Program continues to grow in popular-ity it is important to analyze the immigrant inves-tor markets that are fueling this growth and with visa retrogression and increasing costs of investor recruitment hindering market growth in Mainland-China it is more important than ever to analyze both established and newly emergent markets that will prove to be reliable sources of investors over the coming years
It has been the mission of IIUSArsquos Investor Markets Committee which I have had the honor to chair since its founding in 2014 to track how world events are driv-ing EB-5 investor market demand around the globe The first step of this explora-tion has culminated in this report The Investor Markets Report Vol 1 a first of its kind study illustrating where EB-5 investors are coming from and the impact of macro political and socio-economic conditions that would lead to greater uti-lization of the EB-5 Program in the years to come
It has been an edifying process to explore the opportunities in emerging mar-kets and develop tools to better leverage these opportunities As an industry we must be cognizant that immigration practitioners in certain countries and regions that have been exposed to the EB-5 Program for many years such as Mainland China and South Korea are familiar with the Programrsquos nuances while others may have a steeper learning curve With the introduction of this report and the soon to be published ldquoEB-5 Investor Toolkitrdquo a document to help inves-tors and intermediaries understand the fundamentals of EB-5 Program we are hopeful that information important to investors and the public at large are dis-seminated far and wide
We hope you enjoy reviewing the data charts and analysis contained within this report and please note that the second volume will be published as soon as the next round of data becomes available
Lily Wang New City Advisors
Chair of IIUSA Investor Markets Committee
9 bull CONTENTSIIUSAORG
IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners Support IIUSArsquos yearly data driven analysis of investor markets and purchase your sponsorship today
SPONSORSHIP BENEFITS COST
FULL REPORT SPONSOR
bull Premium ad placement in reportbull Logo on front cover of report logo and link on
IIUSA Websitebull Receive 5 hard copies of reportbull Option to write an introduction to report
$5000
MAINLAND CHINA SPONSOR
bull Full Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$2000
REGION SPECIFIC SPONSOR
bull Half Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$1000 REGION OPTIONS ASIA-PACIFIC SOUTH CENTRAL ASIA MIDDLE EAST LATIN AMERICA EUROPE NORTH AMERICA AFRICA
CONTENTS
SECTION 1 General growth pattern of the demand for the program
SECTION 2 Geographical comparison of EB‐5 demands by continentregion (Africa Asia‐Pacific Europe Latin America Middle East North America and SouthCentral Asia)
SECTION 3 Top 15 EB‐5 Investor Markets (FY1992 ndash FY2014)
SECTION 4 In‐depth analyses of EB‐5 investor markets within each continentregion
MAINLAND CHINA
ASIA‐PACIFIC Hong Kong Japan South Korea Taiwan Vietnam
SOUTHCENTRAL ASIA India Kazakhstan
MIDDLE EAST Egypt Iran
LATIN AMERICA Brazil Venezuela
EUROPE Russia United Kingdom
NORTH AMERICA Canada Mexico
AFRICANigeria South Africa
7
8
10
18
1214
26
32
40
46
53
58
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
4 bull 5 bull IIUSAORG IIUSAORG
Special Thank You to the IIUSA Investor Markets Committee
A Letter fromIIUSArsquos Executive DirectorWe at IIUSA are proud to announce the publication of the first ever Investor Markets Report The report comes at a critically important time for the EB-5 industry and we hope that it provides insightful quantita-tive and qualitative analysis of established and emerging EB-5 investor markets
With the new reality that investors from Mainland China will have to wait a minimum of six years before a visa number will be available for
them to use an approved I-526 petition to immigrate to the United States it becomes advantageous to analysis emerging and established EB-5 Markets elsewhere in the world
A successful and strong EB-5 Program of the future will not only feature more visas but an increas-ingly diversified investor market place To this end IIUSA has taken steps to formulate and promote relationships with thought leaders from investor markets with the highest potential and industry leaders with expertise on these markets to facilitate the flow of information on emerging EB-5 In-vestor Markets
Over the last few years IIUSA has realized the intrinsic need for an infrastructure through which the EB-5 industry can gain unique market insights about markets with the most growth potential IIUSA continued efforts are evident by the formation of the Investor Markets Committee in July of 2014 the regular investor market articles in the Regional Center Business Journal as well as in newslet-ters to the membership and industry
The first volume of the Investor Markets Report includes both on-the-ground insights and compre-hensive quantitate analysis of EB-5 investor trends and is the first report of its kind for the EB-5 industry By crunching the numbers on comprehensive data-sets of both USCIS petition data as well as Department of State visa statistics we can now visualize the influx of investment from around the world and extrapolate where growth may yet come The annual report will help EB-5 stakehold-ers draw important conclusion that can lead to actionable steps by project sponsors to bring new investors through the Program
The following report is the culmination of months of hard work and is a primer for what is to come in the years ahead As the EB-5 industry continues to evolve IIUSA will continue to be an educational leader in EB-5 investor markets and the untapped potential that they may hold
Sincerel y
Peter D JosephExecutive Director
Peter D Joseph IIUSA Executive Director
This publication is intended for your information only Unless you receive IIUSAs prior written consent you may not modify translate create derivative works of copy distribute market or display any content from the IIUSA Investor Market Report
The Invest in the USA (IIUSA) logo is a registered trademark and sole property of IIUSA It therefore may NOT be used without the express written consent of the Board of Directors
IIUSA Policy Analyst Lee Li for the data analysis and visualization Without his valubable contributions this
report would not have been possible
amp
Copyright copy 2016
6 bull 7 bull INTRODUCTIONIIUSAORG IIUSAORG
AS THE EB-5 PROGRAM CONTINUES TO GROWAs the EB-5 Program continues to grow in popular-ity it is important to analyze the immigrant inves-tor markets that are fueling this growth and with visa retrogression and increasing costs of investor recruitment hindering market growth in Mainland-China it is more important than ever to analyze both established and newly emergent markets that will prove to be reliable sources of investors over the coming years
It has been the mission of IIUSArsquos Investor Markets Committee which I have had the honor to chair since its founding in 2014 to track how world events are driv-ing EB-5 investor market demand around the globe The first step of this explora-tion has culminated in this report The Investor Markets Report Vol 1 a first of its kind study illustrating where EB-5 investors are coming from and the impact of macro political and socio-economic conditions that would lead to greater uti-lization of the EB-5 Program in the years to come
It has been an edifying process to explore the opportunities in emerging mar-kets and develop tools to better leverage these opportunities As an industry we must be cognizant that immigration practitioners in certain countries and regions that have been exposed to the EB-5 Program for many years such as Mainland China and South Korea are familiar with the Programrsquos nuances while others may have a steeper learning curve With the introduction of this report and the soon to be published ldquoEB-5 Investor Toolkitrdquo a document to help inves-tors and intermediaries understand the fundamentals of EB-5 Program we are hopeful that information important to investors and the public at large are dis-seminated far and wide
We hope you enjoy reviewing the data charts and analysis contained within this report and please note that the second volume will be published as soon as the next round of data becomes available
Lily Wang New City Advisors
Chair of IIUSA Investor Markets Committee
9 bull CONTENTSIIUSAORG
IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners Support IIUSArsquos yearly data driven analysis of investor markets and purchase your sponsorship today
SPONSORSHIP BENEFITS COST
FULL REPORT SPONSOR
bull Premium ad placement in reportbull Logo on front cover of report logo and link on
IIUSA Websitebull Receive 5 hard copies of reportbull Option to write an introduction to report
$5000
MAINLAND CHINA SPONSOR
bull Full Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$2000
REGION SPECIFIC SPONSOR
bull Half Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$1000 REGION OPTIONS ASIA-PACIFIC SOUTH CENTRAL ASIA MIDDLE EAST LATIN AMERICA EUROPE NORTH AMERICA AFRICA
CONTENTS
SECTION 1 General growth pattern of the demand for the program
SECTION 2 Geographical comparison of EB‐5 demands by continentregion (Africa Asia‐Pacific Europe Latin America Middle East North America and SouthCentral Asia)
SECTION 3 Top 15 EB‐5 Investor Markets (FY1992 ndash FY2014)
SECTION 4 In‐depth analyses of EB‐5 investor markets within each continentregion
MAINLAND CHINA
ASIA‐PACIFIC Hong Kong Japan South Korea Taiwan Vietnam
SOUTHCENTRAL ASIA India Kazakhstan
MIDDLE EAST Egypt Iran
LATIN AMERICA Brazil Venezuela
EUROPE Russia United Kingdom
NORTH AMERICA Canada Mexico
AFRICANigeria South Africa
7
8
10
18
1214
26
32
40
46
53
58
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
6 bull 7 bull INTRODUCTIONIIUSAORG IIUSAORG
AS THE EB-5 PROGRAM CONTINUES TO GROWAs the EB-5 Program continues to grow in popular-ity it is important to analyze the immigrant inves-tor markets that are fueling this growth and with visa retrogression and increasing costs of investor recruitment hindering market growth in Mainland-China it is more important than ever to analyze both established and newly emergent markets that will prove to be reliable sources of investors over the coming years
It has been the mission of IIUSArsquos Investor Markets Committee which I have had the honor to chair since its founding in 2014 to track how world events are driv-ing EB-5 investor market demand around the globe The first step of this explora-tion has culminated in this report The Investor Markets Report Vol 1 a first of its kind study illustrating where EB-5 investors are coming from and the impact of macro political and socio-economic conditions that would lead to greater uti-lization of the EB-5 Program in the years to come
It has been an edifying process to explore the opportunities in emerging mar-kets and develop tools to better leverage these opportunities As an industry we must be cognizant that immigration practitioners in certain countries and regions that have been exposed to the EB-5 Program for many years such as Mainland China and South Korea are familiar with the Programrsquos nuances while others may have a steeper learning curve With the introduction of this report and the soon to be published ldquoEB-5 Investor Toolkitrdquo a document to help inves-tors and intermediaries understand the fundamentals of EB-5 Program we are hopeful that information important to investors and the public at large are dis-seminated far and wide
We hope you enjoy reviewing the data charts and analysis contained within this report and please note that the second volume will be published as soon as the next round of data becomes available
Lily Wang New City Advisors
Chair of IIUSA Investor Markets Committee
9 bull CONTENTSIIUSAORG
IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners Support IIUSArsquos yearly data driven analysis of investor markets and purchase your sponsorship today
SPONSORSHIP BENEFITS COST
FULL REPORT SPONSOR
bull Premium ad placement in reportbull Logo on front cover of report logo and link on
IIUSA Websitebull Receive 5 hard copies of reportbull Option to write an introduction to report
$5000
MAINLAND CHINA SPONSOR
bull Full Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$2000
REGION SPECIFIC SPONSOR
bull Half Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$1000 REGION OPTIONS ASIA-PACIFIC SOUTH CENTRAL ASIA MIDDLE EAST LATIN AMERICA EUROPE NORTH AMERICA AFRICA
CONTENTS
SECTION 1 General growth pattern of the demand for the program
SECTION 2 Geographical comparison of EB‐5 demands by continentregion (Africa Asia‐Pacific Europe Latin America Middle East North America and SouthCentral Asia)
SECTION 3 Top 15 EB‐5 Investor Markets (FY1992 ndash FY2014)
SECTION 4 In‐depth analyses of EB‐5 investor markets within each continentregion
MAINLAND CHINA
ASIA‐PACIFIC Hong Kong Japan South Korea Taiwan Vietnam
SOUTHCENTRAL ASIA India Kazakhstan
MIDDLE EAST Egypt Iran
LATIN AMERICA Brazil Venezuela
EUROPE Russia United Kingdom
NORTH AMERICA Canada Mexico
AFRICANigeria South Africa
7
8
10
18
1214
26
32
40
46
53
58
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
9 bull CONTENTSIIUSAORG
IIUSA is excited to announce that for the second edition of the Investor Market Report we will be accepting sponsors for the report Sponsors will enable IIUSA to deliver not only a digital but also hard copy version of the report to all IIUSA members as well as key strategic partners Support IIUSArsquos yearly data driven analysis of investor markets and purchase your sponsorship today
SPONSORSHIP BENEFITS COST
FULL REPORT SPONSOR
bull Premium ad placement in reportbull Logo on front cover of report logo and link on
IIUSA Websitebull Receive 5 hard copies of reportbull Option to write an introduction to report
$5000
MAINLAND CHINA SPONSOR
bull Full Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$2000
REGION SPECIFIC SPONSOR
bull Half Page ad in reportbull Placement of logo throughout sponsored
sectionbull Receive 2 hard copies of report
$1000 REGION OPTIONS ASIA-PACIFIC SOUTH CENTRAL ASIA MIDDLE EAST LATIN AMERICA EUROPE NORTH AMERICA AFRICA
CONTENTS
SECTION 1 General growth pattern of the demand for the program
SECTION 2 Geographical comparison of EB‐5 demands by continentregion (Africa Asia‐Pacific Europe Latin America Middle East North America and SouthCentral Asia)
SECTION 3 Top 15 EB‐5 Investor Markets (FY1992 ndash FY2014)
SECTION 4 In‐depth analyses of EB‐5 investor markets within each continentregion
MAINLAND CHINA
ASIA‐PACIFIC Hong Kong Japan South Korea Taiwan Vietnam
SOUTHCENTRAL ASIA India Kazakhstan
MIDDLE EAST Egypt Iran
LATIN AMERICA Brazil Venezuela
EUROPE Russia United Kingdom
NORTH AMERICA Canada Mexico
AFRICANigeria South Africa
7
8
10
18
1214
26
32
40
46
53
58
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
10 bull WORLD OVERVIEW 11 bull WORLD OVERVIEWIIUSAORG IIUSAORG
THE METHODOLOGY Through Freedom of Informa-tion Act (FOIA) disclosures of I-526 approval data by investor origin IIUSA has accumulated a complete historical dataset for
the years FY1992 through FY2014 (and will obtain FY2015 data when it becomes available)
This treasure-trove of data allows us to analyze I-526 approvals in aggre-
gate and helps us trace the remarkable growth of the EB-5 Program since its creation over two decades ago
As FIGURE 1 illustrates the EB-5 Pro-gram experienced its most significant growth year-over-year since FY2008 (ie post great recession) From the data we can ascertain that 7706 of all I-526 approvals occurred within the past seven year This 7706 is our
FIGURE 1 A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 APPROVALS BY FISCAL YEAR (1992-1994)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
FY1992 -2007 2294
6233Since FY2008 7706
0
SinceFY2011
I-526 Approvals
HOW TO CALCULATE THE ldquoGROWTH SCORESrdquo
EQUATION EXAMPLE
Sinc
e 20
08Si
nce
2011
Growth Score since FY2008 =
TOTAL NO OF I-526 APPROVALS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
Growth Score since FY2011 =
TOTAL NO OF I-526 APPROVALS (FY2011 - FY2014)
TOTAL NO OF I-526 APPROVALS (FY1992 - FY2014)
first benchmark by which we compare country and regional growth since FY2008 A second significant increase can be observed between FY2011 and FY2014 where 6233 of all I-526 ap-provals took place With these bench-mark growth scores in toe (77 since 2008 and 62 since 2011) there is now a barometer by which one can de-termine whether a country or region is truly on the rise
22254
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF EB-5 PROGRAM (FY1992 - FY2014)
= =17148 7706
13392
Growth Score of the EB-5 Industry
Since FY2008=
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY2008 - FY2014)
TOTAL NO OF I-526 APPROVALS OF MAINLAND CHINA EB-5 INVESTORS (FY1992 - FY2014)
= =11094 8284
SECTION 1
THE PROS AND CONS OF THE ldquoGROWTH SCORErdquo CALCULATIONPROS Multi-year amp Repeatable ndash This methodology can be easily duplicated year-over-year and produce consistent results The benchmark growth score will reflect the overall trends of the Program and emphasizes the most recent fiscal year data
Regional amp Country-specific analysis ndash Using the growth score model we can now compare demand trends for indi-vidual countries across the world By analyzing these growth scores in seg-ments (ie since FY2008 or FY2011) we can also pinpoint exactly when in time certain countries or regions have seen a change in overall demand For instance since 2008 Latin America has a growth score of just over 68 which is less than the 77 overall Pro-gram benchmark average However a more granular focus on the region re-veals that individual countries such as
Venezuela (93) Columbia (71) or Brazil (82) have exceed both the re-gional and global benchmark averages and thus are countries that should be paid extra attention by those seeking EB-5 capital
CONS Petition Volume When ldquoscor-ingrdquo countries and regions based on their growth we have no control for volume which is also a critical de-terminant for whether a market has a healthy share of potential inves-tors For example Taiwan ranks third among all countries globally in FY2014 in terms of overall market share yet its growth score lags significantly behind the rest of the top 10 markets at just over 25 This is because the num-ber of I-526 approvals from Taiwan pre-FY2008 was so high (reaching a highwater mark of 233 investors in FY1997) that Taiwanrsquos growth score
over the past seven years does not compare favorably with its popularity in the early years of the EB-5 Program
Benchmark Averages Includes Main-land China ndash We know that EB-5 de-mand over the past seven years has been driven largely by Mainland Chi-nese investors In fact the EB-5 inves-tor market in Mainland China made up 8634 of the total market share in FY2014 with the next nine highest vol-ume markets combined sharing only 875 (as Table 1 indicates) Remov-ing Mainland China from the equation the overall growth score benchmark average since FY2008 for the rest of the world is actually just over 56 This is a far more conservative figure when compared to the 77 growth score benchmark average that includes all EB-5 investor markets
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
Ranking EB‐5 Investor Market Number Of I‐526 Approvals Market Share Growth Score Since FY2008
1 Mainland China 4153 8561 9530
2 Vietnam 67 138 9574
3 Taiwan 59 122 2564
4 India 57 118 7337
5 South Korea 56 115 5423
6 Iran 49 101 8462
7 Venezuela 44 091 9364
8 Mexico 35 072 8558
9 Russia 29 060 8050
10 United Kingdom 25 052 6880
Top 10 Total 4574 9429 8589
TABLE 1 TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
IIUSA EB‐5 Investor Markets ReportData Source Office of Performance and Quality US Citizenship and Immigration Services
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
12 bull WORLD OVERVIEW 13 bull WORLD OVERVIEWIIUSAORG IIUSAORG
NORTH AMERICA
LATIN AMERICA
EUROPE
ASIA PACIFIC
AFRICA
I-526 APPROVALS
397
I-526 APPROVALS
433
I-526 APPROVALS
1093
I-526 APPROVALS
199 I-526 APPROVALS
3400
$199MEB-5 FDI
$217MEB-5 FDI
$547MEB-5 FDI
SOUTHCENTRALASIA
I-526 APPROVALS
444 $222MEB-5 FDI
$100MEB-5 FDI
MAINLAND CHINA
I-526 APPROVALS
13392 $6696MEB-5 FDI
$1700MEB-5 FDI
MIDDLE EAST
I-526 APPROVALS
468$234M
EB-5 FDI
IIUSA EB‐5 Investor Markets ReportData Source for map on right Office of Performance and Quality US Citizenship and Immigration Services IIUSA obtained via Freedom of Information Act (FOIA)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Programrsquos inception in 1992 and is the
only region to have grown over time however
the market shares for Africa Latin America and
SouthCentral Asia remained the same during
the three detailed time periods When consid-
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see
that while these markets market shares have re-
mained the same the total volume of I-526 ap-
provals has actually increased
INVESTOR MARKETS BY CONTINENT AND REGION
SECTION 2
879
783
831
792
820815
1000
795
739
854
702
830
838
830
776
765
612497
313
310
199
136
137
0
100
200
300
400
500
600
700
800
FY1992 - 2007 4362 Since FY2008 5638
Since FY2011
3544
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share
GROWTH PATTERN DEMANDNUMBER OF I -526 APPROVALS BY CONTINENTREGION
RegionTotal
(Since 1992)
Total Market Share
(Since 1990)Total
(Since 2008)
Total Market Share
(Since 2008)Total
(Since 2011)
Total Market Share
(Since 2011)
Africa 199 10 140 09 99 07
Asia-Pacific 3400 171 1521 93 888 66
Europe 1085 55 704 43 379 28
Latin America 441 22 308 19 251 19
Mainland China 13392 675 12762 779 11094 829
Middle East 468 24 336 21 232 17
North America 397 20 305 19 209 16
SouthCentral Asia 444 22 314 19 223 17
Grand Total 19826 1000 16390 1000 13375 1000
MAP WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM EB-5 FOREIGN DIRECT INVESTMENT amp I-526 APPROVALS BY REGION (FY1992-FY2014)
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
14 bull WORLD OVERVIEW 15 bull WORLD OVERVIEWIIUSAORG IIUSAORG
FIGURE 22 PERCENTAGE OF I‐526 APPROVALS INVESTOR ORIGINS (GEOGRAPHICAL REGIONS) FY1992‐FY2014
68Mainland China
1Africa
17
Europe6
Asia- Paciic
2Latin America
2Middle East 2
2
North America
SouthCentral Asia
Africa
Asia-PaciicEurope SouthCentral Asia
Middle EastNorth America
21 30 43
670
470
389
136
241
166
47 42
110
4777 102
3371 92
4668
98
Market Share (After FY2011)Market Share (Before 2008) Market Share (2008-2010)
I‐526 APPROVAL ldquoMARKET SHARErdquo BY INVESTOR ORIGINS (GEO‐REGIONS)(OTHER THAN MAINLAND CHINA)
Investors form Mainland China have accounted for 68 of all I-526 ap-
provals since the Program started in FY1992
The Asia-Pacific region ranks as the second largest investor origin market accounting for 17 of all EB-5 inves-tors since FY 1992 6 of all I-526 ap-provals from FY1992 to FY2014 were issued to EB-5 investors from Europe-an countries making Europe the third largest regioncontinent for EB-5 in-vestors
The graphic underneath Figure 22 shows the EB-5 investor market shares of these continentregions (other than Mainland China) overtime The mar-ket share of the Asia-Pacific region the second largest EB-5 investor re-gion has declined from 67 before FY2008 to 40 after FY2011 Europes market share from FY2008-2010 was 24 however it has fallen to 16 after FY2011
Mainland China678
South Korea
5
Germany
United Kingdom2
India
Taiwan
2
Iran1
Mexico1
Japan1
1Hong Kong
1 Canada1
VenezuelaRussia
11
Vietnam
06
Other 120+ Countries
8
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS (FY1992 - FY2014)
Taiwan
Taiwan
Vietnam
Taiwan
Taiwan
Taiwan
India
India
India
South Korea
South Korea
South Korea
South Korea
Iran
South Korea
Iran
Iran
Mexico
Mexico
Mexico
Russia
Venezuela
0 5
Venezuela
10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 145140 150
FY2014
FY2013
FY2012
FY2011
FY2010
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
SECTION 3
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
16 bull WORLD OVERVIEW 17 bull CHINAIIUSAORG IIUSAORG
MAINLAND CHINA
SECTION 41
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
18 bull CHINA 19 bull CHINAIIUSAORG IIUSAORG
IMMIGRANTS TO THE US (FY 2013)4
68410
UHNWI POPULATION2
13013
1990‐2007 2008‐2010 2011‐2014
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
World 3436 $172Billion 100 3015 $15
Billion 100 13375 $672 Billion 100
Mainland China 630 $315
Million - 1668 $834Million - 11094 $555
Billion -
EB-5 FDI
$6380+ MillionUSD
(2008‐2014)
+1652EB-5 FDI(2008‐2014)
GROWTH
Prior to the 2008 global financial crisis Mainland China was a
relatively small player in the EB-5 space with just 630 Investors
However mirroring the growth of the EB-5 market over the past sev-
en years China has become the central market for EB-5 investment
worldwide - and itrsquos not even close
Since 2008 Mainland China has accounted for 12762 I-526 approvals
or just over 82 percent of the total world market share since 2011
Chinese participation in the program has continued to increase year-
over-year since 2008 So much so that are not enough EB-5 visas to go
around
Since May 1 2015 Chinese investors have been subject to a ldquocutoff
daterdquo when they are eligible to apply for an adjustment of status and
emigrate to the US With over 22000 I-526 petitions pending at the
US Citizenship and Immigration Services (USCIS) as of January 1
2016 the reality for Chinese investors is that they may have to wait
CHINA
CONSULATE LOCATIONS6
bull Beijingbull Chengdubull Guanzhou
bull Shanghaibull Shenyangbull Wuhan
LARGEST URBAN AREAS5
bull Shanghaibull Beijingbull Chongqing
bull Guangdongbull Tianjinbull Shenzhen
GDP GROWTH 20153
68
Reference 1
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
953
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
4153
121
217
169
208
180
185
00
205261 146
298
170
163
170224
235
388
503
687
690
801864
863
00
100
200
300
400
500
600
700
800
900
0
500
1000
1000
1500
2000
2500
3000
3500
4000
4500
FY1992 ‐ 2007 47 Since FY2008 9538284
Since FY2011 FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MAINLAND CHINA
I-526 Approvals Market Share (Worldwide)
at a minimum six years until a visa number becomes available for them to use
an approved I-526 petition to actually immigrate to the United States Since the
Programrsquos inception China has accounted for $67 billion in EB-5 Foreign Direct
Investment and as of yet a lack of visa numbers has not slowed interested from
Chinese investors in the Program However if retrogression continues Chinese
participation in the Program could be see a slowdown
However for the time being China continues to dominate the EB-5 investor mar-
ket But with wait times becoming a real issue for investors EB-5 project spon-
sors would be wise to hedge their bets by looking into alternative investor mar-
kets in the months and years ahead
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
20 bull ASIA PACIFIC 21 bull ASIA PACIFICIIUSAORG IIUSAORG
SECTION 42
ASIA PACIFICbull Australiabull Burmabull Cambodiabull Fijibull Hong Kongbull Indonesia
bull Japanbull Laosbull Malaysiabull New Zealandbull North Koreabull Philippines
bull Singaporebull South Koreabull Taiwanbull Thailandbull Vietnam
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Australia 13 10 769 6 462Burma 9 4 444 3 333
Cambodia 6 3 500 2 333 Fiji 2 1 500 0 00
Hong Kong 175 34 194 25 143Indonesia 39 14 359 8 205
Japan 188 102 543 66 351 Laos 1 1 1000 0 00 Malaysia 23 13 565 9 391 New Zealand 18 10 556 4 222
North Korea 1 0 00 0 00Philippines 44 10 227 8 182
Singapore 23 18 783 13 565 South Korea 1608 872 542 412 256
Taiwan 1092 280 256 195 179 Thailand 17 14 824 11 647 Vietnam 141 135 957 126 894
Total 3400 1521 447 888 261
As a whole investors from the Asia Pacific region accounted
for more than 67 of all I-526 ap-provals (excluding Mainland China) from the beginning of the Program in 1990 to FY2007 However since FY2007 the Asia Pacific market share has be consistently declining after hitting its peak of 749 mar-ket share in 2007 The Asia Pacific region still remains the second larg-est investor market behind mainland china but as of FY2014 the regionrsquos market share had declined to 374
The Programrsquos overall growth score since FY2008 has been 7706 but only two countries in Asia Pacific Thailand and Vietnam have grown faster than the Programrsquos overall growth Thailand and Vietnam had 824 and 957 growth scores re-spectively however only 14 EB-5 in-vestors from Thailand have received I-526 approvals in the past seven years so the market growth numbers there can be misleading Vietnam on the other hand has experienced astronomical growth over the past seven years and is the country in the Asia Pacific region most primed to emerge as a dominate EB-5 market
and will be discussed in greater de-tail below
Australia Japan Malaysia New Zea-land Singapore and South Korea have all outpaced the regional aver-age growth score with South Korea remaining the second largest inves-tor market in the world behind Main-land China These countries growth scores illustrate that EB-5 demand
is stronger in these markets than the rest of the South Asia Region Among these investor markets Taiwan and South Korea will be discussed in de-tail not only because of their relative-ly high growth scores but because they represent the two largest inves-tor markets in the region Hong Kong and Japan will also be discussed as they have strong growth and are his-torically important markets
Investor Market Trends - Asia Pacific
43
118
79
128
296
438
114
19 20 23 2053
88
165
259
226
256
151179
262
219 228
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
538
728
572
660765
717
458
613
588
657
500
364
620
671749
604431
398
432
367
441
347
791
I-526 Approvals of I-526 Approvals (except Mainland China investors)
AVERAGE 220+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
22 bull ASIA PACIFIC 23 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
HONG KONG
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Hong Kong 141 $705
Million 502 9 $45Million 067 25 $125
Million 110
Excluding China
In the early days of the EB-5 Program Hong Kong was considered a vi-
able investor market but in recent years that has not been the case In
fact much of the demand from Hong Kong investors took place nearly two
decades ago with the all-time I-526 approval high reached in 1997 Much
of the early interest in EB-5 from Hong Kong might have been sparked by
anxieties related to the British handover of Hong Kong to the Peoplersquos Re-
public of China in 1997 However those concerns about political and eco-
nomic autonomy have been mostly unfounded as Hong Kong has operated
as a Special Administrative Region (SAR) with a ldquoone country two systemrdquo
policy firmly in place
Hong Kong remains a major hub for foreign direct and capital market in-
vestment A prominent center for wealth with over 120000 millionaires
Hong Kong continues to grow as one of Asiarsquos primary financial centers7
Interest in EB-5 investment among Hong Kong investors is likely to remain
low But if China perceived as meddling with the SAR arrangement the
resulting political tensions could provoke Hong Kong citizens to look to
the emigrate
UHNWI POPULATION
3854
LARGEST URBAN AREASbull Hong Kong
GDP GROWTH 2015
25
CONSULATE LOCATIONSbull Hong Kong(2008‐2014)
IMMIGRANTS TO THE US (FY 2013)2226
EB-5 FDI$17Million
USD
300EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS HONG KONG
116
186
190172
8462
105
00
100130
100
00
0023
18
04
09
20
13
22
42
09
35
0
5
10
15
20
25
30
FY1992 ‐2007 806 Since FY2008 194
143Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
194
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
8
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
24 bull ASIA PACIFIC 25 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EB‐5 investment from Japan has been consistent but slow generated
about 5 of the total EB-5 investors from the Asia-Pacific region over
the last decade and 86 total EB-5 investors since the start of the Program
While the Japanese economy has stagnated in recent years posting just
06 GDP growth in 20151 it remains a powerful economic force in the
region Japan is home to nearly 6500 Ultra High Net Worth Individuals
(UHNWI)8
However a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately
equates to slow EB-5 investor growth in the years to come
JAPAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Japan 86 $43Million 306 36 $18
Million 267 66 $33Million 289
Excluding China
UHNWI POPULATION6448
LARGEST URBAN AREASbull Tokyobull Osaka-Kobebull Shizouka-Hamamtsbull Kitakyushu-Fukuoka
bull Nagoya
GDP GROWTH 2015
06
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)5925
EB-5 FDI$51 Million
USD(2008‐2014)
bull Tokyobull Fukukoabull Nagoyabull Osaka-Kobe
bull Sapporobull Nahabull Okinawa
+7EB-5 FDI(2008‐2014)
GROWTH
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS JAPAN
23
25
38
00
3455
123
53 00
00
00
00
38
45
61
54
66
6333
6134
137
70
0
5
10
15
20
25
30
FY1992 ‐2007 457 Since FY2008 543351
Since FY2011
35
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
543
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
26 bull ASIA PACIFIC 27 bull ASIA PACIFICIIUSAORG IIUSAORG
UHNWI POPULATION
2143
1990‐2007 2008‐2010 2011‐2014
South Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals conceding its top market status in
2008 In FY2007 South Korea accounted for over 85 of all I-526 approv-
als in the Asia-Pacific region (excluding mainland China) However since
this high-water mark relative declines have been readily apparent
In FY2014 Korea saw a 45 decline in I-526 approvals from the previous
year While nearly 50 of all EB-5 investors in the Asia-Pacific Region (ex-
cluding Mainland China) hailed from South Korea in FY2013 that number
plummeted to just 30 in FY2014 Furthermore since 2008 South Korea
has only seen a modest increase of 18 in I-526 approvals
South Korea is currently home to over 2000 ultra high net worth indvidu-
als and that number is projected to grow by over 50 in the coming de-
cade9 While welathy indivdiausl will likely continune to drive interest in
EB-5 declining interest in the Program will see South Korea position as a
top investor market will likely be supplanted by emerging markets in the
coming years
SOUTH KOREA
LARGEST URBAN AREASbull Seoulbull Busanbull Incheon
bull Daegubull Daejon
GDP GROWTH 2015
27
CONSULATE LOCATIONSbull Seoul (IVC)bull Busan
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
South Korea 736 $368
Million 2623 460 $230 3415 412 $206Million 1806
EB-5 FDI$436 Million
USD(2008‐2014)
‐69EB-5 FDI(2008‐2014)
GROWTH
Excluding China
IMMIGRANTS TO THE US (FY 2013)23166
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH KOREA
116
119
152
250
182
301
219
263
250
304250
188
415
739782
853
792715
649
626
542466
246
0
50
100
150
200
250
FY1992 ‐2007 458 Since FY2008 542256
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
542
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
56
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
28 bull ASIA PACIFIC 29 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
TAIWAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165Million 4699 888 $444
Million 3893
Taiwan 812 $406Million 2891 85 $425
Million 682 195 $975Million 855
Investor market demand from Taiwan has been and will continue to be
a key driver of global demand in the Asia-Pacific region From FY1992
through FY2007 Taiwan accounted for nearly 29 of all EB-5 investors in
the region when excluding China However from FY2011 to FY2014 Tai-
wanrsquos regional market share excluding China fell to just over 8
Over the past six years EB-5 demand in Taiwan has rebounded growing
year over year In fact Taiwan was the third largest investor market in the
world based on I-526 approvals in FY2014 While the market growth in
Taiwan has been strong over the past six years initial program demand
in the mid to late 90rsquos diminishes Taiwanrsquos growth score over the past six
years with just over 25 growth in the market since FY2008
While EB-5 demand is low when compared to initial demand in the 1990rsquos
Taiwan has shown signs of growth and more importantly stability over
the past decade Taiwan is currently home to almost 2000 Ultra High Net
Worth Individuals and with that number expected to increase by 50 in
the coming decade Taiwan will continue to be a potential source of wealthy
EB-5 investorrsquos10
EB-5 FDI$140 Million
USD(2008‐2014)
+168
EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
22
IMMIGRANTS TO THE US (FY 2013)5385
UHNWI POPULATION1951
LARGEST URBAN AREASbull Taipeibull Kaohsiung
bull TaichungCONSULATE LOCATIONS
The US maintains unofficial relations with the people of Taiwan through the American Insti-tute of Taiwan (AIT) a private non-profit cor-poration which performs citizen and consular services similar to those at diplomatic posts
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS TAIWAN
I-526 Approvals Market Share (Regional)
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
651
593557
508
669
532456
579
550522
400
750
491
136
115
42
97137
185
173
240
192
259
0
50
100
150
200
250
FY1992 ‐2007 744 Since FY2008 256
179Since FY2011
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
256
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
59
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
30 bull ASIA PACIFIC 31 bull ASIA PACIFICIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Over the past two decades an influx of foreign investment has fueled
improving living standards and produced a rapidly emerging Viet-
namese wealthy class benefiting from the countryrsquos economic growth This
growth has in turn led to increased participation in the EB-5 Program
Although Vietnam only had a total of 141 investors from FY1990-FY2014
nearly 96 of those I-526 approvals have taken place since 2008 with an
astounding 89 of all I-526 approvals taking place since 2010
Participation in the EB-5 Program has been complicated by decades old
government restrictions on money transfers and government regulation
of the economy However more options for transferring funds out of the
country and the governmentrsquos recent commitment to economic modern-
ization and a more open economy will increase the EB-5 Programs acces-
sibility11
Yet these woes have not necessarily impacted the inbound foreign invest-
ment market they have driven the emergent class of wealthy Vietnamese
to seek residence in other countries With over 12 million Vietnamese ex-
VIETNAM
LARGEST URBAN AREASbull Ho Chi Minh Citybull Hanoi
bull Can Tho bull Haiphong
GDP GROWTH 2015
65
IMMIGRANTS TO THE US (FY 2013)26578
CONSULATE LOCATIONSbull Ho Chi Minh Citybull Hanoi
UHNWI POPULATION168
EB-5 FDI$675 Million
USD(2008‐2014)
+6600EB-5 FDI(2008‐2014)
GROWTH
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Asia-Pacific Region 1879 $9395
Million 6696 633 $3165 Million 4699 888 $444
Million 3893
Vietnam 6 $3 Million 021 9 $45
Million 067 126 $63 Million 552
Excluding China
patriates moving to the United States since 1980 and with Vietnamese students
forming the one of the largest groups of international students studying at US
institutions the US is an attractive destination for these individuals12
In FY2014 nearly 30 of the EB-5 investors from the Asia-Pacific region ex-
cluding China were from Vietnam With a growing economy an emergent wealth
class an established Vietnamese expatriate community and a large number of
Vietnamese students studying in US institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VIETNAM
23
08
00
00
00
00
09
00
00
00
50
00
00
00
00
08
04
08
4067
92
105
294
0
10
20
30
40
50
60
70
80
FY1992 ‐2007 43 Since FY2008 957894
Since FY2011
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
957
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
67
32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
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32 bull SOUTHCENTRAL ASIA 33 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
SECTION 43
SOUTHCENTRAL ASIAbull Afghanistanbull Bangladeshbull India
bull Kazakhstanbull Mongoliabull Nepal
bull Pakistanbull Sri Lankabull Turkmenistan
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score(Since 2011)
Program Average
Region Average
Afghanistan 9 4 444 3 333 Bangladesh 16 14 875 13 813
India 323 237 734 169 523 Kazakhstan 23 20 870 15 652 Mongolia 3 3 1000 1 333 Nepal 2 2 1000 2 1000
Pakistan 62 29 468 18 290 Sri Lanka 5 4 800 2 400
Turkmenistan 1 1 1000 0 00
Total 444 314 707 223 502
50
0
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
29 4525 28
80
4174
88
25
65
5741
47
64
00
29
00
50136
15
56
4129
56
76
66
68112
83113
I-526 Approvals of I-526 Approvals (except Mainland China investors)
Investor Market Trends - SouthCentral Asia
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
AVERAGE 55+ PER FISCAL YEAR
I‐526 APPROVALS(Since FY2011)
The SouthCentral Region is poised for significant growth in
the coming years As we have begun to see India may be on the brink of emerging as a top five immigrant investor market and other regional countries have increasing levels of EB-5 participation
Both Kazakhstan and Bangladesh grew at faster rates than the Pro-gramrsquos average growth score with Kazakhstan a 87 growth score since FY2008 and Bangladesh seeing an 88 average growth score How-ever due to the small volume of Ban-gladeshi I-526 approvals it will not be focused on here
Based on I-526 approvals the three largest immigrant investor markets in the SouthCentral region are In-
dia Kazakhstan and Pakistan re-spectively India currently account for a majority of I-526 approvals from the region with 323 approvals since FY2008 while EB-5 Foreign Direct Investment from Kazakhstan has increased 200 over the past six years
Pakistan was the regionrsquos second largest market prior to FY2010 but has since ceded that position to Ka-zakhstan and will not be focused on here Over the past four years India and Kazakhstan have accounted for over 80 of all I-526 approvals and will be highlighted below
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
34 bull SOUTHCENTRAL ASIA 35 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
In FY 2014 India ranked as the worldrsquos 4th largest EB-5 investor
market in terms of its I-526 approval volume and there is opti-
mism that the India will continue this upward trajectory over the
coming years Since 2008 India has seen an average of nearly 34
I-526 approvals per year with FY2014 reaching 57 approvals the
most approvals in a single year on record There has been a 7377
increase in I-526 approvals since 2008 with a 2467 increase in
EB-5 visa usage between 2012 and 2014
With Indiarsquos central bank significantly reducing capital controls over
the past few years13 there is tangible interest among upwardly mo-
bile Indians to seek investment opportunities abroad In 2015 the
Reserve Bank of India (RBI) increased the limit under its Liberalized
Remittance Scheme (LRS) to $250000 per person per year that may
further drive interest in foreign investment14
INDIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
India 86 $43Million 306 68 $34
Million 545 169 $845Million 741
EB-5 FDI$1185 Million
USD(2008‐2014)
+217EB-5 FDI
(2008‐2014)GROWTH
Excluding China
UHNWI POPULATION5020
LARGEST URBAN AREASbull New Dehlibull Mumbaibull Kolkata
bullBangalorebull Chennal
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)68458
bull New Dehli (IVC)bull Chennal (IVC)bull Hyderbad (IVC)bull Kolkata (IVC)
bull Mumbai (IVC)bull Bengaluru
GDP GROWTH 2015
73
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS INDIA
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
857
1000
333
636
500
690563
00
1000
00
1000
833
1000875
600
700857
711
720821
688
829
770
0
10
20
30
40
50
60
FY1992 ‐2007 266 Since FY2008 734523
Since FY2011
Excluding China India makes up 741 of the worldrsquos total market share of
I-526 approvals since 2011 generating $84 million in US Foreign Direct Invest-
ment (FDI) Indiarsquos vibrant and increasingly stable economy combined with the
central governmentrsquos investment promotion has it primed for growth in the im-
migrant investor sphere for years to come
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
734
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
57
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
36 bull SOUTHCENTRAL ASIA 37 bull SOUTHCENTRAL ASIAIIUSAORG IIUSAORG
Excluding Russia Kazakhstan is the largest of the former Soviet re-
publics and has made considerable strides in developing a market
economy since it gained independence in 199115 Over the past two de-
cades Kazakhstan has been successful in attracting foreign direct invest-
ment however the Kazakh economy is heavily dependent on the extraction
of fossil fuels and other minerals and metals While Kazakhstan has made
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16
While Kazakhstan remains a small market for EB-5 investment with an av-
erage of just five I-526 approvals per year the market has shown signifi-
cant signs of growth potential with 90 of all I-526 approvals occurring
since FY2008 accounting for around 10 of all EB-5 investors from the
SouthCentral Region from FY2011-FY2014
Kazakhstan leads central Asian countries in the number of high net worth
individuals17 and that number could rise if FDI continue to increase and
1990‐2007 2008‐2010 2011‐2014
KAZAKHSTAN
Excluding China
EB-5 FDI$10 Million
USD(2008‐2014)
+200
EB-5 FDI(2008‐2014)
GROWTH
UHNWI POPULATION
207
LARGEST URBAN AREASbull Almaty bull Astana
GDP GROWTH 2015
15
CONSULATE LOCATIONSbull Astana
IMMIGRANTS TO THE US (FY 2013)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
SouthCentral Asia 130 $65
Million 463 91 $455Million 676 223 $1115
Million 978
Kazakhstan 3 $15Million 011 5 $25
Million 037 15 $75Million 06t6
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS KAZAKHSTAN
00
91
6334 48
22
120
36
113
49
41
0
1
2
3
4
5
6
7
8
9
10
FY1992 ‐2007 130 SinceFY 2008 870
SinceFY 2011 652
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00 00
00
00
00
00
00
00
00
00
00
I-526 Approvals Market Share (Regional)
market diversification takes place With EB-5 investment from neighboring Rus-
sia on the rise look for the numbers of investor from Kazakhstan to continue to
climb the charts regionally and potentially even globally
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
870
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
3
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
38 bull MIDDLE EAST 39 bull MIDDLE EASTIIUSAORG IIUSAORG
SECTION 44
MIDDLE EASTbull Egyptbull Iranbull Iraqbull Israelbull Jordanbull Kuwaitbull Lenanon
bull Moroccobull Saudi Arabiabull Syriabull Tunisiabull United Arab Emiratesbull Algeriabull Bahrain
bull Libyabull Omanbull Palestinebull Qatarbull Yemen
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Egypt 53 45 849 39 736 Iran 260 220 846 143 550
Iraq 17 11 647 8 471Israel 33 12 364 9 273Jordan 14 6 429 6 429Kuwait 7 3 429 3 429
Lebanon 30 11 367 7 233Morocco 8 2 250 0 00
Saudi Arabia 9 6 667 5 556Syria 10 2 200 2 200
United Arab Emirates 8 8 1000 2 250
Other eight countries 19 10 526 8 420
Total 468 336 718 232 496
Investor Market Trends - Middle EastI-526 Approvals of I-526 Approvals (except Mainland China investors)
50
0
100
150
200
250
300
350
400
450
500
32 41 49 4567
35
85
100
68
72
5231
52
56
00
29
29
75114
3056
28
23
3769
129
10994
71
129
Other eight countries include Algeria Bahrain Libya Oman Palestine Qatar Tunisa Yemen
AVERAGE 55+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
In the Middle East region Egypt Iran and United Arab Emirates are
the investor markets that grew fast-er than the the Programrsquos average growth worldwide since FY2008
Based on I-526 approval volume Iran and Egypt are the two largest inves-tor markets in the region with Iran accounting for 237 approvals and Egypt generating 42 approvals since 1992 Since the Programrsquos incep-tion Egypt and Iran have accounted for over 55 of all EB-5 investors from the Middle East region Their market share increases to 76 since FY2011 in fact the Egyptian and Iranian markets are the only two in-vestor markets that have generated double digit approvals over the time period
Prior to FY2008 the investor mar-kets in Israel in Lebanon were the second and third largest markets in the region but each have accounted
for only 7 I-526 approvals in the last five years The investor market in the United Arab Emirates (UAE) has emerged in recent years with 100 of all I-526 approvals occurring since FY2008
However even with the emergence of new investor markets in the region the market will continue to be domi-nated by investors from Iran and Egypt to a lesser degree
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
40 bull MIDDLE EAST 41 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
EGYPT
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Egypt 8 $4Million 28 6 $3
Million 44 39 $195Million 170
Egyptrsquos investor market is the second largest in the Middle East re-
gion and has shown signs of emerging as one of the larger EB-5
market in the world With over 84 of all I-526 approvals occurring be-
tween FY2008 and FY2014 Egypt has an impressive growth score that is
greater than the regional and worldwide average Yet it just shows that
EB-5 investment from the Middle East still remains low when compared
to the rest of the world
Historically Egypt has had a centralized economy that has just begun to
open up over the past decade From 2004 to 2008 Egypt pursued busi-
ness climate reforms in an attempt to facilitate growth and attract For-
eign Direct Investment18 However poor living conditions and limited
economic opportunities continued to persist leading to the 2011 revolu-
tion that destabilized the country leading to political economic and se-
curity concerns that have wealthy Egyptians eager to leave the country
Excluding China
EB-5 FDI$225 Million
USD(2008‐2014)
+1700
EB-5 FDI(2007‐2014)
GROWTH
GDP GROWTH 2015
42
IMMIGRANTS TO THE US (FY 2013)10294
UHNWI POPULATION483
LARGEST URBAN AREASbull Cairo bull Alexandria
CONSULATE LOCATIONSbull Cairo bull Alexandria (AAP)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS EGYPT
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
0091
100
10000
94
00
00 00
00
00
00
500
00
00125
00
98
41
178
134
114212
0
2
4
6
8
10
12
14
16
18
20
FY1992 ‐2007 151 Since FY2008 849
736Since FY2011
I-526 Approvals Market Share (Regional)
However with only six I-526 approvals in FY2014 it remains to be seen wheth-
er Egyptrsquos High Net Worth Individual population will continue to turn to the
EB-5 Program While Egypt is likely to remain a small EB-5 investor market for
the foreseeable future there is no denying that wealth preservation in tandem
with the internal political and social malaise is driving capital flight out of the
country and region
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
849
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
18
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
42 bull MIDDLE EAST 43 bull MIDDLE EASTIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
IRAN
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Middle East 132 $66 Million 469 104 $52
Million 771 232 $116Million 1014
Iran 40 $20Million 142 77 $385
Million 571 143 $715Million 625
Iran is the largest EB-5 investor market in the Middle East with de-
mand significantly increasing between FY2008 to FY2012 From
FY2011-FY2014 more than 143 Iranian investors have received I-526
approvals
However considerable obstacles still persist such as capital export re-
strictions lingering trade sanctions and a banking system that makes
sourcing of funds exceedingly difficult19 Moreover Iran has long been
designated as a state sponsor of terrorism leading a vast majority of
banks refusing to handle transactions with Iranian funds
To be sure the Iranian market presents unique obstacles however the
large wealthy population of Iran and potential for long-term sanctions
relief with the US will both likely drive increased interest in the Pro-
gram in the coming years
EB-5 FDI$110 Million
USD(2008‐2014)
+7167EB-5 FDI(2008‐2014)
GROWTH
Excluding China
GDP GROWTH 2015
08
UHNWI POPULATION410
LARGEST URBAN AREASbull Tehranbull Mashadbull Esfahan
bull Karajbull Shiraz
CONSULATE LOCATIONSbull Tehran (Virtual Embassy)
IMMIGRANTS TO THE US
12863(FY 2013)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS IRAN
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
250
182100
100
167
375
286
00
00
00
667
400
00
875
571
125
429 707
857
689642
571
576
0
10
20
30
40
50
60
FY1992 ‐2007 154 Since FY2008 846
550Since FY2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
846
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
49
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
44 bull LATIN AMERICA 45 bull LATIN AMERICAIIUSAORG IIUSAORG
SECTION 45
LATIN AMERICAbull Argentinabull Boliviabull Brazilbull Chile
bull Colombiabull Costa Ricabull Ecuadorbull Guyana
bull Panamabull Perubull Venezuela
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Argentina 28 20 714 17 607 Bolivia 4 4 1000 4 1000 Brazil 79 65 823 49 620
Chile 78 3 38 3 38 Colombia 41 30 732 21 512
Costa Rica 3 2 667 2 667Ecuador 11 7 636 6 545Guyana 3 2 667 1 333
Panama 1 1 1000 0 00Paraguay 3 2 667 2 667
Peru 12 6 500 4 333Uruguay 5 4 800 3 600
Venezuela 173 162 936 139 803
Total 441 308 698 251 569
I‐526 APPROVALS(Since FY2011)
AVERAGE 60+ PER FISCAL YEAR
Investor Market Trends - Latin AmericaI-526 Approvals of I-526 Approvals (except Mainland China investors)
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
77
2545
7950
77
25
19
36
26
1329
309
6500
29
25
23
30
00
16
20
35
42
50109
111
101
117
0
50
100
150
200
250
300
350
400
450
500GROWTH SCORE
(Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
The Latin America region is the only region analyzed that has two inves-tor markets that not only have expe-rienced growth scores greater than the Program average since FY2008 while simultaneously generating over 10 I-526 approvals each year those being Brazil and Venezuela
Over the past six years Venezuela has been far and away the largest investor market in the region with Brazil emerging as a powerful mar-ket in its own right Based on I-526 approvals Columbia and Argentina are a distant fourth While Chile was the largest market at Programrsquos out-set it has seen a significant decline over the past seven years
The four largest investor markets in the region have accounted for over
70 of total I-526 approvals since the start of the program and this per-centage has increased to over 90 in the past four years
With Venezuela and Brazil leading the way Latin America is ready to emerge as an important and dynamic investor market in the years to come
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
46 bull LATIN AMERICA 47 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Despite having the largest economy and population in Latin America
Brazilrsquos participation in the EB-5 program has been relatively low
when compared to other growth markets in Asia Yet when compared to
other Latin American markets over the past seven years the Brazilrsquos inves-
tor market has experienced an uptick as its Latin American market share
reached almost 29 in FY2014 Moreover 823 of all I-526 approvals in
the Brazilian market have taken place since FY2008 with a historic high of
17 I-526 petitions processed in FY2014
Despite its potential to become an elite EB-5 investor market High Net
Worth Individuals (HNWI) in Brazil have thus far been reluctant to commit
to EB-5 likely due to the fact of limited on the ground knowledge of EB-5
However Brazilian nationals are not eligible to apply for the E-2 Treaty In-
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market20
Brazil is currently home to over 198000 millionaires with an estimated
3908 ultra-high net worth individuals21 With economic conditions stag-
BRAZIL
bull San Paulobull Rio de Janeirobull Belo Horizonte
bull Brasilliabull Fortaleza
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean133 $665
Million 474 57 $285 Million 423 251 $1255
Million 11
Brazil 14 $7Million 050 16 $8
Million 119 49 $245Million 214
bull Rio de Janeiro (IVC)bull Brasillia
bull Recifebull Sao Paulo
Excluding China
UHNWI POPULATION
3908
LARGEST URBAN AREAS
GDP GROWTH 2015
‐3
CONSULATE LOCATIONS EB-5 FDI$325 Million
USD(2008‐2014)
+1600EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)11033
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS BRAZIL
nating due to a growing trade deficit high inflation rates and negative GDP
growth over the past two years22 Brazilian investors may indeed be looking for
a way out and EB-5 investment would help them realize this opportunity
I-526 Approvals Market Share (Regional)1000
333
400
200 167 00
1000
00
500
00
250143
00
440
263 156
190
200
221
0
2
4
6
8
10
12
14
16
18
FY1992 ‐2007 177 SinceFY 2008 823
Since FY2011 620
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
200
00
00
00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
823
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
48 bull LATIN AMERICA 49 bull LATIN AMERICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Venezuela has emerged as one of the largest EB-5 investor market in
Latin America consistently generating the most I-526 approvals year
over-year Between 1992 and 2008 Venezuela had a grand total of 11 I-526
approvals However between 2008 and 2014 Venezuela accounted for a
booming 139 I-526 petitions which is over 6 of the world market share (ex-
cluding Mainland China)
What is the cause for this steep increase in outward investment One might
blame political economic and social unrest in Venezuela With worldwide oil
prices slumping and Venezuelan production faltering socio-economic con-
cerns in Venezuela have been cause for serious concern among the countryrsquos
elite and have prompted some of the countryrsquos 8000 millionaires to High Net
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
tion23
Venezuela is dealing with a dramatic increase in crime extreme shortages of
food and other consumer goods and rampant inflation Venezuela struggled
with a 275 inflation rate and the worldrsquos largest GDP contraction in 2015
VENEZUELA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
South America
Caribbean131 $655
Million 465 56 $28 Million 415 246 $123
Million 1075
Venezuela 11 $55Million 039 23 $115
Million 170 139 $695Million 607
Excluding China
EB-5 FDI$81 Million
USD(2008‐2014)
+1000EB-5 FDI
(2008‐2014)GROWTH
UHNWI POPULATION101
LARGEST URBAN AREASbull Caracasbull Maracaibobull Valencia
bull Maracaybull Barquisimeto
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9572
bull Caracas (IVC)
GDP GROWTH 2015
-10
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS VENEZUELA
The immediate outlook does not look promising with the International Monetary
Fund (IMF) projecting a 720 inflation rate on the horizon for 201624
With a destabilized economy tightening social and economic freedoms a tense polit-
ical environment and rampant corruption it is even more likely that the Venezuelan
elite will look to emigrate With over one million Venezuelans estimated to have emi-
grated during the Chavez regime and almost 200000 Venezuelans living in the US
there are strong established ties in both the United States and Europe bolstering the
hopes of EB-5 project sponsors looking to Latin America for increased investment25
I-526 Approvals Market Share (Regional)
00
200
00
278
13
00
1000
00
500
143
308
360 526
578
582 460571
0
5
10
15
20
25
30
35
40
45
50
FY1992 ‐2007 64 Since FY2008 936
Since FY2011 803
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00 00 00
00
00 00
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
936
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
44
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
50 bull EUROPE 51 bull EUROPEIIUSAORG IIUSAORG
SECTION 46
EUROPEbull Armeniabull Belgiumbull Francebull Germanybull Greecebull Irelandbull Italybull Netherlandsbull Polandbull Portugal
bull Russiabull Spainbull Switzerlandbull Turkeybull Ukrainebull United Kingdombull Austriabull Azerbaijanbull Bulgariabull Croatia
bull Cyprusbull Czech Republicbull Denmarkbull Finlandbull Georgiabull Hungarybull Icelandbull Latviabull Lithuaniabull Luxembourg
bull Maltabull Mecedoniabull Moldovabull Norwaybull Romaniabull Serbiabull Slovenia bull Sweden
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Belgium 17 13 765 7 412 Denmark 8 8 1000 3 375
France 51 35 686 22 431Germany 110 44 400 23 209Ireland 12 7 583 3 250
Italy 37 21 568 12 324Netherlands 93 45 484 24 258
Poland 11 4 364 3 273Portugal 16 7 438 5 313
Romania 10 8 800 5 500 Russia 159 128 805 100 629
Spain 25 16 640 15 600Switzerland 30 45 500 5 167
Turkey 23 16 696 6 261 Ukraine 21 17 810 11 524
United Kingdom 391 269 688 107 274
Other 24 Countries 71 51 718 28 394t
Total 1085 704 649 384 349
EB-5 demand among European countries is diversified with a to-
tal of 40 countries generating at least one EB-5 investor since the Programrsquos inception and four countries generat-ing over 95 I-526 approvals each The four largest markets in the European region are the United Kingdom Rus-sia Germany and the Netherlands with the top three markets account-ing for over 67 of I-526 approvals since FY2011
The largest market is the United Kingdom and while EB-5 demand remains high since 2011 Russia has generated nearly as many I-526 ap-provals as the UK In fact Russia and Greece are the only two countries in the region to grow faster than the Programrsquos worldwide growth score however Greece has a small volume of investors and will not be discussed in detail here
The European region will continue to be an important source of EB-5 in-vestment in the years to come and we will likely see the emergence of Rus-sia as the largest market in the region
Investor Market Trends - Europe
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY201418
4268
520246 54
78
163
84 75
11787 100
150
111
174
113
109
11180
226235
286
200
250
90
176
187156
209
274
222181
164
175
152
Other 26 Countries includeAustria Azerbaijan Belarus Bulgaria Croatia Cyprus Czech Re‐public Finland Georgia Greece Hungary Iceland Latvia Lithuania Luxembourg Malta Mece‐donia Moldova Monaco Norway Serbia Slovakia Slovenia and Sweden
AVERAGE 95+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
52 bull EUROPE 53 bull EUROPEIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Russia currently ranks as the second largest EB-5 investor market in
Europe a statistic that is surprising given that Russia only accounted
for only 25 of the European Market share in FY2008 but that number
has since exponentially increased to 29 in FY2014
Many factors have contributed to the recent growth of EB-5 market de-
mand not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3926 and the increase
of market understanding both on the part of potential investors and EB-5
developers
Russia is an appealing source of EB-5 investors and a market that has yet
to fully realize its potential Misperceptions about source of funds compli-
cations personal safety and Russian wealth have clouded the markets per-
ception on Russia27 However these misperceptions are gradually giving
way and the Russian market has begun to show its potential
RUSSIA
bull Moscowbull Nizhnybull Saint Petersburg
bull Novosibirskbull Yekaterinburg
bull Moscow (IVS)bull St Petersburg
bull Vladivostokbull Yekaterinburg
Excluding China
EB-5 FDI64 Million
USD(2008‐2014)
+1350EB-5 FDI
(2008‐2014)GROWTH
LARGEST URBAN AREAS CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)9753
UNWI POPULATION
5343
GDP GROWTH 2015
‐39
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 381 $1905Million 1359 325 $1625
Million 2413 379 $1895Million 1662
Russia 31 $155Million 109 28 $14
Million 204 100 $50Million 431
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS RUSSIA
0042 91
238
176
00
100
22
74
26
117
83
160239
356
290
0
5
10
15
20
25
30
35
FY1992 ‐2007 195 Since FY2008 805
Since FY2011 629
FFY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 Y1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
00
00
00 00 00
00 00
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
805
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
29
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
54 bull EUROPE 55 bull EUROPEIIUSAORG IIUSAORG
UNITED KINGDOM
Since the EB-5 Programrsquos inception the United Kingdom (UK)
has generated the majority of investors from the Europe ranging
from between 15 to 57 of the regional total over the time period
From FY2003 to FY2009 the UK has experienced consistent mar-
ket growth reaching its historical high in 2009 However since then
demand from the UK has dropped precipitously only rebounding in
2014 with 25 I-526 approvals Even with declining participation the
UK market has generated four times as many investors than any other
market in the region
Strong business and cultural ties between the two nations has been
manifested by the number of total individuals emigrating from the UK
to the US reaching over 15000 in 201328 The EB-5 Visa also has con-
siderably less restrains for UK citizens looking to emigrate to the US
to retire than the E-2 Visa category In addition the present strength
of the pound versus the dollar in addition to the lower cost of prop-
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$1345 Million
USD(2008‐2014)
‐444
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
25
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
12984t
UHNWI POPULATION9968
bull Londonbull Manchesterbull Birmingham
bull Glasgowbull Southhampton Portsmouth
bull London (IVC)bull Belfastbull Edinburgh
bull Cardiff (Virtual Presence Post)
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Europe 383 $1915Million 1350 326 $163
Million 2374 384 $192Million 1654
United Kingdom 122 $61
Million 430 162 $81Million 1180 107 $535
Million 461
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS UNITED KINGDOM
167208
364
167250
350
00
250300
250
182
333400
478556
577
540
345
400
274230
250
0
10
20
30
40
50
60
70
80
90
100
FY1992 ‐2007 312 Since FY2008 688
Since FY2011 274
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
167
I-526 Approvals Market Share (Regional)
erty in the US makes the EB-5 Visa all the more attractive for individuals
looking for a changed in lifestyle29
The emergence of new European investor markets primarily Russia as well
as continued importance of markets such as Germany and the Netherlands
will be contributing factors to loss of the UKrsquos market share
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
688
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
25
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
56 bull NORTH AMERICA 57 bull NORTH AMERICAIIUSAORG IIUSAORG
SECTION 47
NORTH AMERICAbull Canadabull Dominican Republicbull El Salvador
bull Guatemalabull Hondurasbull Jamaica
bull Mexicobull Trinidad amp Tobago
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Canada 163 105 644 55 337
Dominican Republic 4 4 1000 3 750
El Salvador 2 2 1000 1 500Guatemala 7 4 571 4 571
Honduras 4 4 1000 3 750 Jamaica 3 3 1000 1 333 Mexico 208 178 856 140 673
Trinidad amp Tobago 6 5 833 2 333
Total 397 305 768 209 526
The North America investor re-gion is the only region to experi-
ence overall growth closed to that of the worldwide average The regionrsquos growth is supported by strong well established markets in Canada and Mexico as well as the emergence of new market s in the Dominican Re-public El Salvador Honduras and Jamaica all of which produced their first I-526 approvals after FY2008 In 2014 the region achieved 8 of the worldwide market share when ex-cluding Mainland China
Prior to 2011 Canada was the most important and dominant investor market in the region generating 108 I-526 approvals from 1992 to 2010 While the Canadian market remains strong with 105 approvals since
2011 its top market status has been taken by Mexico
Mexico has not only had the most I-526 approvals since FY2008 but its market growth has been greater than Program growth as a whole Canada and Mexico have accounted for over
90 of all I-526 approvals for EB-5 investors from North America since the Program begin in 1992 and it is not likely that either market share or importance to the industry will di-minish in coming years
Investor Market Trends - North America
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
3 5603 1 2 0 56 3 8 4 40 39 27
8047 55
50
31
65
52
23
21
12
32
59
00
150
11445
7033
12
4567
103
65
112
95
84
-800
-600
600
800
AVERAGE 50+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
58 bull NORTH AMERICA 59 bull NORTH AMERICAIIUSAORG IIUSAORG
CANADA
Prior to FY2009 rsquos EB-5 investor market was the largest in North
America accounting for over 60 of all North American EB-5 in-
vestors every year (except FY1992 FY1996 and FY2001) While in re-
cent years it has ceded its to top spot to Mexico Canada still remains a
market that EB-5 project sponsors must pay attention to
As a neighbor to the United States it is no surprise that Canada had a
total of over 120000 immigrants to the US in FY201330 The proximity
of the US a similar lifestyle and the opportunity to further business
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program Yet considering Canadarsquos stable
economy and political environment desire to emigrate is likely to be a
matter of preference and lifestyle choice for the investor
1990‐2007 2008‐2010 2011‐2014
Excluding China
EB-5 FDI$525 Million
USD(2008‐2014)
+60EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
1
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)13181
UHNWI POPULATION3570
bull Torontobull Montrealbull Vancouver
bull Calgarybull Ottawa
bull Ottawabull Calgarybull Halifaxbull Quebec
bull Toronto (IVC)bull Vancouver (IVC)bull Winnipeg
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $127
Million 900
Canada 58 $29Million 204 50 $25
Million 364 55 $275Million 237
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS CANADA
250600
667600
444
615
1000
1000
1000
00
833
600
667
600
750
500
588
625 385259
238
277291
0
5
10
15
20
25
30
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 356 Since FY2008 644337
Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
LOWER THAN THE REGIONAL AVERAGE
644
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
60 bull NORTH AMERICA 61 bull NORTH AMERICAIIUSAORG IIUSAORG
MEXICO
Historically Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
nificantly surpassing Canada in 2013 as the largest investor market in
North America Mexico saw over 85 of all I-526 approvals occur from
FY2008-FY2014 with an impressive 67 of approvals taking place since
FY2011
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the
United States third largest trading partner31 With over 2500 ultra-high
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32 With the US
boasting the second largest Hispanic population in the world it will be
continue to be a destination for wealthy Mexicans considering immigra-
tion by investment in the years to come
1990‐2007 2008‐2010 2011‐2014
Excluding China
(2011‐2014)
EB-5 FDI$89 Million
+600EB-5 FDI(2008‐2014)
GROWTH
GDP GROWTH 2015
23
UHNWI POPULATION2524
LARGEST URBAN AREAS
IMMIGRANTS TO THE US
135028(FY 2013)
USD(2008‐2014)
bull Mexico Citybull Guadalajarabull Monterrey
bull Pueblabull Toluca de Lerdo
CONSULATE LOCATIONSbull Mexico Citybull Guadalajarabull Hermosillobull Matamorosbull Meridabull Monterrey
bull Ciudad Juarez (IVC)bull Nogalesbull Nuevo Laredobull Puerto Vallertabull Tijuana
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
North America 92 $46
Million 324 96 $48Million 699 209 $1045
Million 900
Mexico 30 $15Million 106 38 $19
Million 277 140 $70Million 603
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS MEXICO
750
400333
400
556
231 00
00
00
00
167
200
333
300250
500
294
325 513
667
688
681
636
0
10
20
30
40
50
60
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 144 SinceFY 2008 856673
SinceFY 2011
I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
856
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
35
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
62 bull AFRICA 63 bull AFRICAIIUSAORG IIUSAORG
SECTION 48
AFRICAbull Ethiopiabull Kenyabull Malawibull Nigeriabull South Africabull Tanzaniabull Uganda
bull Zambiabull Zimbabwebull Armeniabull Angolabull Burundibull Cameronbull Republic of Congo
bull Democratic Republic of the Congobull Cote Drsquoivoirebull Ghanabull Liberiabull Nigerbull Rwanda
Growth Greater Than
Investor Market
Total I‐526
Approvals (Since 1992)
Total I‐526
Approvals (Since 2008)
Growth Score
(Since 2008)
Total I‐526
Approvals (Since 2011)
Growth Score
(Since 2011)Program Average
Region Average
Ethiopia 5 4 800 3 600Kenya 8 3 375 2 250Malawi 3 1 333 0 00
Nigeria 49 42 857 38 776 South Africa 86 64 744 44 512
Tanzania 6 3 500 1 167Uganda 8 1 125 0 00Zambia 4 2 500 0 00
Zimbabwe 14 11 786 5 357Other 10 Countries 16 9 563 6 375
Total 199 140 704 99 497
The African region is the smallest of the worldwide EB-5 investor
markets and also the newest with over 70 of all I-526 approvals tak-ing place since FY2008 The two larg-est markets in the region are South Africa and Nigeria South Africa is the largest market accounting for over 55 of all I-526 approvals for the re-gion since the Programrsquos inception
Both the Nigerian and South African markets experienced rapid growth af-ter FY2008 accounting for over 74 of all I-526 approvals since FY2008 While South African demand has di-minished in recent years it remains the largest investor market in the re-gion and has experienced consistent growth that has exceeded the regionrsquos average growth
Nigeria is the only African market
Investor Market Trends - Africa
I-526 Approvals of I-526 Approvals (except Mainland China investors)
0
50
100
150
200
250
300
350
400
450
500
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY20140000225 46 24 28 18
38
50
19 14
41
18
21
20
65 59
00
00
00
0021
2412
13
40
32
3639
3658
that has not only grew faster than the worldwide Program average and simultaneously generated over 10 in-vestors per fiscal year since 2011 For
the time being Nigeria will remain the second largest market in the region but it is a market that is primed for further growth
AVERAGE 25+ PER FISCAL YEAR
GROWTH SCORE (Since FY2008)
LOWER THAN THE PROGRAM AVERAGE
I‐526 APPROVALS(Since FY2011)
Other 10 countries include Armenia Angola Burundi Cameroon Congo (Republic of Congo amp Democratic Republic of the Congo) Cote Drsquoivoire Ghana Liberia Niger and Rwanda
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
64 bull AFRICA 65 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
NIGERIA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
Nigeria 7 $35Thousand 025 4 $2
Million 29 38 $19Million 163
In 2014 Nigeria became the largest economy in Africa33 and is
home to the African regions second most ultra-high net worth in-
dividuals (behind only South Africa)
While Nigeria has generated just 49 I-526 approvals it is the sec-
ond largest investor market in the Africa region Furthermore the
reason for optimism for EB-5 interest in the Nigeria is that 38 of
those approvals occurred between FY200 and FY2014 representing
a 3000 percent increase
Internal threats to security and stability coupled with a rapidly
growing wealthy class could drive interest in EB-5 over the coming
years But for the time being expect Nigeriarsquos total market share
(excluding Mainland China) to continue to hover around 1 of the
world total
Excluding China
EB-5 FDI$21 Million
USD(2008‐2014)
+1500
EB-5 FDI(2008‐2014)
GROWTH
LARGEST URBAN AREAS
GDP GROWTH 2015
4
CONSULATE LOCATIONS
IMMIGRANTS TO THE US (FY 2013)
13840
UHNWI POPULATION209
bull Lagosbull Kanobull Ibaden
bull Abujabull Port Harcourt
bull Abujabull Lagos (IVC)
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS NIGERIA
0
0
0
25
140
20
0
0
0
0
0
0
67
0
25
2013
0
40
32
39 42
0
2
4
6
8
10
12
14
16
-FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 143 Since FY2008 857776
Since FY2011
18I-526 Approvals Market Share (Regional)
HIGHER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
857
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
16
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
66 bull AFRICA 67 bull AFRICAIIUSAORG IIUSAORG
1990‐2007 2008‐2010 2011‐2014
Africarsquos wealthiest country with a GDP of $724 billion in 201534
South Africa has accounted for more than half of all I-526 ap-
provals since FY2009 Prior to FY2008 there were only 22 I-526 ap-
provals issued for South African EB-5 investors but that number in-
creased to 64 between FY2008 and FY2014 representing over a 200
increase
South African GDP slowed to 15 percent in FY2014 as a result of per-
vasive issues such as corruption and intensive labor market regula-
tion leading to high rates of unemployment35 Despite recent set-
backs South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continentrsquos largest econo-
mies The growth of both UHNWIrsquos and HNWIrsquos can be attributed to
the successful South African financial sectors which are a large part of
the South African economy South Africa has long been one of the most
stable economies in Africa but high inflation and increasing government
debt among other factors have stalled South Africarsquos GDP growth36
SOUTH AFRICA
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
I-526 Approvals
FDI Connected Through
EB-5
Total Market Share
Africa 59 $295Million 207 41 $205
Million 298 99 $495Million 425
South Africa 22 $11
Million 077 20 $10Million 145 44 $22
Million 189
Excluding China
bull Johannesburgbull Cape Townbull Durban
bull Pretoriabull Port Elizabeth
bull Pretoriabull Johannesburg (IVC)
UHNWI POPULATION
639
LARGEST URBAN AREAS
GDP GROWTH 2015
14
CONSULATE LOCATIONS EB-5 FDI$32 Million
USD(2008‐2014)
+750EB-5 FDI(2008‐2014)
GROWTH
IMMIGRANTS TO THE US (FY 2013)2629
GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY NUMBER I-526 APPROVALS SOUTH AFRICA
With South Africa continuing to struggle with government inefficiencies
and economic growth slow we are likely to see interest in the EB-5 Pro-
gram continue to rise
2533 0
13
4354 20 50
100
0
0
0
0
0
67
25
4046
58
6039
39
45
0
2
4
6
8
10
12
14
16
18
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
FY1992 ‐2007 253 Since FY2008 744
512Since FY2011
I-526 Approvals Market Share (Regional)
LOWER THAN THE PROGRAM AVERAGE
HIGHER THAN THE REGIONAL AVERAGE
744
GROWTH SCORE
(Since FY2008)
I‐526 PETITIONS APPROVED (FY 2014)
17
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
INVESTOR MARKET MAP IS NOW LIVE ON IIUSAORGIn conjunction with the Investor Market Report IIUSA is excited to launch our new Investor Market Map on IIUSAorg Through Freedom of Information Act (FOIA) data IIUSA was able to produce the interactive map which highlights country regional and worldwide investor market data trends from FY1992 to FY2014
Using the interactive functions of the Investor Market Map users can now analyze historical I-526 approval data trends with the ability to sort the data year countries geographic region snd market size
As the EB-5 Program continues to grow in popularity it is now more important than ever to analyze historical data trends to determine what EB-5 markets either established or emergent will be the most important in the coming years
China
EB-5 Foreign Direct Investment Market Share
- 2014 $2076500000- Market Share 8637- Ranking 1
- 1992 - 2014 $6696000000
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
REFERENCES1 Office of Performance and Quality US Citizenship and
Immigration Services (IIUSA Obtained via Freedom ofInformation Act (FOIA)
2 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March1 2016 httpcontentknightfrankcomresearch83documentsenwealth-report-2016-3579pdf
3 ldquoThe World Factbookrdquo The Central Intelligence AgencyAccessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbook
4 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics August2014 Accessed March 2 2016 httpswwwdhsgovsitesdefaultfilespublicationsois_yb_2013_0pdf
5 ldquoThe World Factbookrdquo The Central Intelligence Agency
6 ldquoUSEmbassygovrdquo US Department of State Accessed March10 2015 httpwwwusembassygov
7 ldquoThe Wealth Report 2016rdquo Knight Frank Accessed March 12016
8 ldquoThe World Factbook Japanrdquo The Central Intelligence AgencyMarch 16 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosjahtml
9 ldquoThe Wealth Report 2016rdquo Knight Frank
10 ldquoThe Wealth Report 2016rdquo Knight Frank
11 ldquoThe Wealth Report 2016rdquo Knight Frank
12 Rkasnuam Hataipreuk and Jeanne Batalove ldquoVietnameseImmigrants in the United Statesrdquo Migration Policy InstituteAugust 25 2014 Accessed March 10 2016 httpwwwmigrationpolicyorgarticlevietnamese-immigrants-united-states
13 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
14 ldquoRBI Ups Limit Under Liberalised Remittance Schemeto $250000Person in a Yearrdquo The Economic TimesFebruary 3 2015 Accessed March 14 2016 httparticleseconomictimesindiatimescom2015-02-03news58751799_1_rbi-ups-remittance-scheme-crr
15 Mallet Victor and Avantika Chilkoti ldquoIndia RejectsNew Capital Controls in Effort to Calm InvestorsrdquoFinancial Times August 22 2013 Accessed February28 2016 httpwwwftcomcmssfb326790-0ae0-11e3-aeab-00144feabdc0Authorised=falsehtml_i_location=http3A2F2Fwwwftcom2Fcms2Fs2F02Ffb326790-0ae0-11e3-aeab-00144feabdc0htmlamp_i_referer=ampclassification=conditional_standardampiab=barrier-appaxzz42sy8oyoo
16 Satpayev Dossym ldquoCorruption in Kazakhstan and the Quality ofGovernancerdquo Institute of Developing Economies-Japan ExternalTrade Organization August 2014 Accessed March 5 2016 httpwwwidegojpEnglishPublishDownloadDppdf475pdf
17 ldquoThe Wealth Report 2016rdquo Knight Frank
18 ldquo2007 Assessment Arab Republic of Egyptrdquo InternationalMonetary Fund December 2007 Accessed March 6 2016httpwwwimforgexternalpubsftscr2007cr07380pdf
19 ldquoThe Iran Primerrdquo United States Institute of Peace August2015 Accessed March 1 2016 httpiranprimerusiporgresourceus-sanctions
20 ldquoTreaty Countriesrdquo US Department of State-Bureau ofConsular Affairs Accessed March 14 2016 httpstravelstategovcontentvisasenfeestreatyhtml
21 BIller David ldquoBrazilrsquos Highs and Lowsrdquo Bloomberg Quick TakeMarch 17 2016 Accessed March 17 2016 httpwwwbloombergviewcomquicktakebrazils-highs-lows
22 ldquoThe Wealth Report 2016rdquo Knight Frank
23 ldquoThe Wealth Report 2016rdquo Knight Frank
24 Dreier Hannah ldquoIMF Venezuela Inflation to Surpass 700Percentrdquo Business Insider January 22 2016 AccessedJanuary 30 2016 httpwwwbusinessinsidercomap-imf-venezuela-inflation-to-surpass-700-percent-2016-1
25 ldquoThe World Factbook Venezuelardquo The Central IntelligenceAgency March 15 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosvehtml
26 ldquoThe World Factbook Russiardquo The Central IntelligenceAgency March 14 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosrshtml
27 Raether Charles ldquoEmerging Markets Spotlight RussiaRegional Center Business Journal January 2016Accessed January 20 2016 httpsissuucomiiusadocsrcbj_2015-q3_final_web1e=1028257530700988
28 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
29 Parnell Stephen and Andrew Bartlett ldquoEB-5 InvestorVisardquo BritishExpatscom Accessed March 13 2016 httpbritishexpatscomarticlesusainvestor-visa
30 ldquo2013 Yearbook of Immigration Statisticsrdquo Department ofHomeland Security-Office of Immigration Statistics
31 ldquoTop Trading Partners-January 2016rdquo US Census BureauJanuary 2016 Accessed February 10 2016 httpswwwcensusgovforeign-tradestatisticshighlightstoptop1601yrhtml
32 ldquoThe Wealth Report 2016rdquo Knight Frank
33 ldquoThe World Factbook Nigeriardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeosnihtml
34 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency March 01 2016 Accessed March 15 2016 httpswwwciagovlibrarypublicationsresourcesthe-world-factbookgeossfhtml
35 ldquoThe World Factbook South Africardquo The Central IntelligenceAgency
36 ldquoSouth Africa Concluding Statement of an IMF Staff VisitrdquoInternational Monetary Fund June 23 2015 Accessed March 15 2016 httpswwwimforgexternalnpms2015062315htm
Founded in 2005 Invest in the USA (IIUSA) is the national
membership-based 501(c)(6) not-for-profit industry
trade association for the EB-5 Regional Center Program
(the ldquoProgramrdquo) Our members account for well over 95
of capital formation and job creation in the US resulting
IIUSA advocates for policies that will maximize economic
benefit to the US from the Program through advocacy
education industry development and research
wwwiiusaorg
infoiiusaorg
Copyright copy 2016
wwwiiusaorg
wwwiiusaorg