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EB-5 INVESTOR MARKETS REPORT VOLUME 1

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Page 1: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 2: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 3: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

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Page 4: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 5: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 6: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 7: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 8: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 9: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 10: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 11: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 12: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 13: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 14: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 15: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 16: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 17: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 18: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 19: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 20: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 21: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 22: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 23: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 24: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 25: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 26: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 27: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 28: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 29: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 30: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 31: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 32: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 33: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 34: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 35: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 36: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

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

Page 37: EB-5 INVESTOR MARKETS REPORT - IIUSA · 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,

wwwiiusaorg