Investor Market Report 2016 DIGITAL PDF

EB-5 INVESTOR MARKETS REPORT
VOLUME 1
EB-5 INVESTOR MARKET REPORT
A Letter from
IIUSA’s Executive Director
We 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.
Peter D. Joseph, With the new reality that investors from Mainland China will have to
IIUSA Executive Director
wait a minimum of six years, before a visa number will be available for
Special Thank You to the them to use an approved I-526 petition to immigrate to the United States it becomes advantageous
IIUSA Investor Markets Committee 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
IIUSA Policy Analyst Lee Li for the data analysis and relationships with thought leaders from investor markets with the highest potential and industry
visualization. Without his valubable contributions this leaders with expertise on these markets to facilitate the flow of information on emerging EB-5 In-
report would not have been possible. 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.
This publication is intended for your information only. Unless you receive IIUSA's prior written
consent, you may not modify, translate, create derivative works of, copy, distribute, market, or The following report is the culmination of months of hard work and is a primer for what is to come
display any content from the IIUSA Investor Market Report. 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.
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. Sincerel y,
Copyright © 2016
Peter D. Joseph
Executive Director
4• IIUSA.ORG IIUSA.ORG 5•
AS THE EB-5 PROGRAM
CONTINUES TO GROW...
As 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-
Lily Wang, China it is more important than ever to analyze both
New City Advisors; established and newly emergent markets that will
Chair of IIUSA Investor
Markets Committee prove to be reliable sources of investors over the
coming years.
It has been the mission of IIUSA’s 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 Program’s nuances while
others may have a steeper learning curve. With the introduction of this report,
and the soon to be published “EB-5 Investor Toolkit”, 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.
6• IIUSA.ORG IIUSA.ORG 7 • INTRODUCTION

CONTENTS
IIUSA is excited to announce that for the second edition of the Investor 7 SECTION 1:
General growth pattern of the demand for the program
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 8 SECTION 2:
Geographical comparison of EB‐5 demands by continent/region
of the report to all IIUSA members as well as key strategic partners. (Africa, Asia‐Pacific, Europe, Latin America, Middle East, North America,
Support IIUSA’s yearly data driven analysis of investor markets and and South/Central Asia)
purchase your sponsorship today! SECTION 3:
10 Top 15 EB‐5 Investor Markets (FY1992 – FY2014)
18 SECTION 4:
In‐depth analyses of EB-5 investor markets within each continent/region
SPONSORSHIP BENEFITS COST 12 MAINLAND CHINA

• Premium ad placement in report ASIA‐PACIFIC:
• Logo on front cover of report, logo and link on
14
FULL REPORT
$5,000
Hong Kong, Japan, South Korea, Taiwan, Vietnam
IIUSA Website
SPONSOR • Receive 5 hard copies of report 26 SOUTH/CENTRAL ASIA:
India, Kazakhstan
• Option to write an introduction to report
32 MIDDLE EAST:
• Full Page ad in report Egypt, Iran
MAINLAND CHINA
SPONSOR
• Placement of logo throughout sponsored
section $2,000 40 LATIN AMERICA:
Brazil, Venezuela
• Receive 2 hard copies of report
46 EUROPE:
Russia, United Kingdom
• Half Page ad in report
REGION SPECIFIC
SPONSOR*
• Placement of logo throughout sponsored
section $1,000 53 NORTH AMERICA:
Canada, Mexico
• Receive 2 hard copies of report AFRICA:
58
Nigeria, South Africa
* REGION OPTIONS: ASIA-PACIFIC, SOUTH CENTRAL ASIA, MIDDLE EAST, LATIN AMERICA, EUROPE, NORTH AMERICA, AFRICA
IIUSA.ORG 9 • CONTENTS
SECTION 1
THE METHODOLOGY THE PROS AND CONS OF THE “GROWTH SCORE” CALCULATION
Through Freedom of Informa- gate and helps us trace the remarkable first benchmark by which we compare PROS: Multi-year & Repeatable – This Venezuela (93%) Columbia (71%) or over the past seven years does not
tion Act (FOIA) disclosures of growth of the EB-5 Program since its country and regional growth since methodology can be easily duplicated Brazil (82%) have exceed both the re- compare favorably with its popularity
I‐526 approval data by investor creation over two decades ago. FY2008. A second significant increase year-over-year and produce gional and global benchmark averages in the early years of the EB-5 Program.
origin, IIUSA has accumulated a can be observed between FY2011 and consistent results. The benchmark and thus are countries that should be
As FIGURE 1 illustrates, the EB-5 Pro- Benchmark Averages Includes Main-
complete historical dataset for FY2014 where 62.33% of all I-526 ap- growth score will reflect the overall paid extra attention by those seeking
gram experienced its most significant land China – We know that EB-5 de-
the years FY1992 through FY2014 provals took place. With these bench- trends of the Program and emphasizes EB-5 capital.
growth year-over-year since FY2008 mand over the past seven years has
(and will obtain FY2015 data when it mark growth scores in toe (77% since the most recent fiscal year data.
(i.e., post great recession). From the CONS: Petition Volume: When “scor- been driven largely by Mainland Chi-
becomes available). 2008 and 62% since 2011) there is
data, we can ascertain that 77.06% of Regional & Country-specific analysis – ing” countries and regions based on nese investors. In fact, the EB-5 inves-
now a barometer by which one can de-
This treasure-trove of data allows us all I-526 approvals occurred within Using the growth score model, we can their growth, we have no control for tor market in Mainland China made up
termine whether a country or region is
to analyze I-526 approvals in aggre- the past seven year. This 77.06% is our now compare demand trends for indi- volume, which is also a critical de- 86.34% of the total market share in
truly on the rise.
vidual countries across the world. By terminant for whether a market has FY2014 with the next nine highest vol-
FIGURE 1: A HISTORICAL LOOK AT EB-5 PROGRAM DEMAND NUMBER I-526 analyzing these growth scores in seg- a healthy share of potential inves- ume markets combined sharing only
APPROVALS
5000 BY FISCAL YEAR (1992-1994) I-526 Approvals ments (i.e. since FY2008 or FY2011), tors. For example, Taiwan ranks third 8.75% (as Table 1 indicates). Remov-
4500 we can also pinpoint exactly when in among all countries globally in FY2014 ing Mainland China from the equation,
4000 time certain countries or regions have in terms of overall market share, yet its the overall growth score benchmark
3500 seen a change in overall demand. For growth score lags significantly behind average since FY2008 for the rest of
3000
instance, since 2008, Latin America the rest of the top 10 markets at just the world is actually just over 56%.
has a growth score of just over 68% over 25%. This is because the num- This is a far more conservative figure
2500
which is less than the 77% overall Pro- ber of I-526 approvals from Taiwan when compared to the 77% growth
2000
gram benchmark average. However, a pre-FY2008 was so high (reaching a score benchmark average that includes
1500
more granular focus on the region re- highwater mark of 233 investors in all EB-5 investor markets.
1000
veals that individual countries such as FY1997) that Taiwan’s growth score
500
0 IIUSA EB‐5 Investor Markets Report

FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 Data Source: Office of Performance and Quality, U.S. Citizenship and Immigration Services
SinceFY2011:
62.33%*
FY1992 -2007: 22.94%* Since FY2008: 77.06%* TABLE 1: TOP EB-5 INVESTOR MARKETS BY MARKET SHARE (FY2014)
Ranking EB-5 Investor Market Number Of I-526 Approvals Market Share Growth Score Since FY2008
HOW TO CALCULATE THE “GROWTH SCORES”:
1 Mainland China 4,153 85.61% 95.30%
EQUATION EXAMPLE 2 Vietnam 67 1.38% 95.74%
TOTAL NO. OF I-526 APPROVALS OF EB-5 3 Taiwan 59 1.22% 25.64%

TOTAL NO. OF I-526 APPROVALS
Growth Score of PROGRAM (FY2008 - FY2014)
(FY2008 - FY2014)
= 4 India 57 1.18% 73.37%
Since 2008
the EB-5 Industry

Growth Score TOTAL NO. OF I-526 APPROVALS OF EB-5
since FY2008 = Since FY2008
PROGRAM (FY1992 - FY2014)
5 South Korea 56 1.15% 54.23%
TOTAL NO. OF I-526 APPROVALS 6 Iran 49 1.01% 84.62%
(FY1992 - FY2014) 17,148
= = 77.06% 7 Venezuela 44 0.91% 93.64%
22,254
8 Mexico 35 0.72% 85.58%
TOTAL NO. OF I-526 APPROVALS OF MAINLAND
TOTAL NO. OF I-526 APPROVALS 9 Russia 29 0.60% 80.50%
Growth Score of CHINA EB-5 INVESTORS (FY2008 - FY2014)
(FY2011 - FY2014)
=
Since 2011
the EB-5 Industry

Growth Score TOTAL NO. OF I-526 APPROVALS OF MAINLAND 10 United Kingdom 25 0.52% 68.80%
since FY2011 = Since FY2008
CHINA EB-5 INVESTORS (FY1992 - FY2014)
Top 10 Total 4,574 94.29% 85.89%
TOTAL NO. OF I-526 APPROVALS
11,094
(FY1992 - FY2014) = = 82.84% IIUSA EB‐5 Investor Markets Report
13,392
Data Source: Office of Performance and Quality, U.S. Citizenship and Immigration Services
10 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 11 • WORLD OVERVIEW

SECTION 2
INVESTOR MARKETS BY CONTINENT AND REGION MAP: WHERE IN THE WORLD DO EB-5 INVESTORS COME FROM? EB-5 FOREIGN DIRECT
INVESTMENT & I-526 APPROVALS BY REGION (FY1992-FY2014)
Mainland China has experienced the
most significant growth in aggregate
number of I-526 approvals since the
Program’s inception in 1992 and is the
only region to have grown over time, however I-526 I-526

I-526
$199M
APPROVALS
$547M APPROVALS
$222M
1,093
APPROVALS
the market shares for Africa, Latin America and
397 EB-5 FDI
EB-5 FDI 444 EB-5 FDI
South/Central Asia remained the same during EUROPE
NORTH AMERICA SOUTH/CENTRAL
the three detailed time periods. When consid- ASIA
ering the total number of I-526 approvals has
increased significantly since FY2008 we can see

I-526
APPROVALS $234M
that while these markets market shares have re- 468 EB-5 FDI I-526
APPROVALS
mained the same the total volume of I-526 ap-

MIDDLE EAST
13,392 $6,696M
EB-5 FDI
provals has actually increased.
MAINLAND CHINA
I-526
APPROVALS $100M
IIUSA EB‐5 Investor Markets Report I-526 199 EB-5 FDI I-526
$1,700M
Data Source for map on right: Office of Performance and APPROVALS
$217M AFRICA APPROVALS
3,400
433
Quality, U.S. Citizenship and Immigration Services; IIUSA
obtained via Freedom of Information Act (FOIA) EB-5 FDI
EB-5 FDI
LATIN AMERICA ASIA PACIFIC
GROWTH PATTERN DEMAND:
800
I-526 Approvals Market Share NUMBER OF I-526 APPROVALS BY CONTINENT/REGION:
700 100.0% Total Market Total Market Total Market
Total Share Total Share Total Share
87.9% Region (Since 1992) (Since 1990) (Since 2008) (Since 2008) (Since 2011) (Since 2011)
600
83.1% 85.4% 83.0% 83.0%
82.0%
79.5% 76.5% Africa 199 1.0% 140 0.9% 99 0.7%
81.5%
83.8%
500 79.2%
78.3% 77.6% Asia-Pacific 3,400 17.1% 1,521 9.3% 888 6.6%
73.9%
70.2%
400 61.2%
49.7%
Europe 1,085 5.5% 704 4.3% 379 2.8%
300 Latin America 441 2.2% 308 1.9% 251 1.9%

31.0%
200 Mainland China 13,392 67.5% 12,762 77.9% 11,094 82.9%
31.3% 19.9%
13.7% Middle East 468 2.4% 336 2.1% 232 1.7%
100
13.6%
North America 397 2.0% 305 1.9% 209 1.6%
0
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
South/Central Asia 444 2.2% 314 1.9% 223 1.7%
Since FY2011:
35.44%
FY1992 - 2007: 43.62% Since FY2008: 56.38% Grand Total 19,826 100.0% 16,390 100.0% 13,375 100.0%

SECTION 3
I nvestors form Mainland China have
accounted for 68% of all I-526 ap-
provals since the Program started in
FIGURE 2.2: PERCENTAGE OF I‐526 APPROVALS
INVESTOR ORIGINS (GEOGRAPHICAL REGIONS)
FY1992‐FY2014
TOP 15 EB-5 INVESTOR MARKETS BY TOTAL NUMBER OF I-526 APPROVALS
(FY1992 - FY2014)
FY1992. Vietnam
Russia 1%
Venezuela 1%
The Asia-Pacific region ranks as the North America 1% Germany
Middle East 2% Hong Kong Canada
0.6%
South/Central Asia 1%
second largest investor origin market, 2% 1%
2% Japan Other 120+
accounting for 17% of all EB-5 inves- Latin America Mexico 1%
1% Countries
tors since FY 1992. 6% of all I-526 ap- 2% Iran
8%
provals from FY1992 to FY2014 were 1%
India
issued to EB-5 investors from Europe- Europe 2%
6% United Kingdom
an countries, making Europe the third
2%
largest region/continent for EB-5 in- Taiwan
5%
vestors.
Asia
- Paci�ic Mainland China
South Korea 67%
The graphic underneath Figure 2.2 17% 8%
shows the EB-5 investor market shares Mainland China
of these continent/regions (other than 68%
Mainland China) overtime. The mar-
Africa
ket share of the Asia-Pacific region, 1%
the second largest EB-5 investor re-
gion, has declined from 67% before
FY2008 to 40% after FY2011. Europes
NUMBER OF I‐526 APPROVALS BY INVESTORS ORIGIN ‐ TOP FIVE IN THE PAST
market share from FY2008-2010 was
24% however, it has fallen to 16% after
FIVE FISAL YEARS OTHER THAN MAINLAND CHINA (FY2010 ‐ FY2014)
FY2011. 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 135 140 145 150
Vietnam
Taiwan
India
FY2014 South Korea
Iran
I‐526 APPROVAL “MARKET SHARE” BY INVESTOR ORIGINS (GEO‐REGIONS)

(OTHER THAN MAINLAND CHINA) Taiwan
India
South Korea
67.0% FY2013
Mexico
Africa Middle East Russia
Asia - Paci�ic North America

Taiwan
47.0% Europe South/Central Asia India
South Korea
FY2012
38.9% Mexico
Venezuela
Taiwan
24.1%
FY2011 South Korea
16.6% Iran
13.6%
11.0%
7.7% 7.1% 6.8% 10.2% 9.2% 9.8% Venezuela
4.7% 4.7% 3.3% 4.6% 4.2% 4.3%
2.1% 3.0% Taiwan
South Korea
FY2010
Market Share (Before 2008) Market Share (2008-2010) Market Share (After FY2011) Iran
Mexico

SECTION 4.1
MAINLAND CHINA
16 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 17 • CHINA

CHINA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM
BY NUMBER I-526 APPROVALS: MAINLAND CHINA
1990-2007 2008-2010 2011-2014 I-526 Approvals Market Share (Worldwide)
FDI Total FDI Total FDI Total 4500 100.0%
I-526 Connected Market I-526 Connected Market I-526 Connected Market
Approvals Through Approvals Through Approvals Through 86.3%
EB-5 Share EB-5 Share EB-5 Share 4000 90.0%
80.1%
86.4% 80.0%
$1.72 $1.5 $6.72 3500
World 3,436 100% 3,015 100% 13,375 100% 68.7%
Billion Billion Billion 3000
70.0%
69.0%
Mainland $315 $834 $5.55 60.0%
630 - 1,668 - 11,094 - 2500 50.3%
China Million Million Billion
50.0%
Reference 1 2000 38.8%
40.0%
29.8%
P
1500
23.5% 30.0%
21.7% 20.8% 20.5%
rior to the 2008 global financial crisis, Mainland China was a 18.5% 17.0% 17.0%
26.1% 14.6%
1000
20.0%
22.4%
500 16.9% 18.0% 16.3%
relatively small player in the EB-5 space with just 630 Investors. 12.1% 0.0% 10.0%
0 0.0%
UHNWI POPULATION: 2 However, mirroring the growth of the EB-5 market over the past sev- FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
13,013 en years, China has become the central market for EB-5 investment

Since FY2011:
82.84%
FY1992 ‐ 2007: 4.7%
Since FY2008: 95.3%

worldwide - and it’s not even close.
Since 2008 Mainland China has accounted for 12,762 I-526 approvals at a minimum six years until a visa number becomes available for them to use
GDP GROWTH 2015: 3 or just over 82 percent of the total world market share since 2011. GROWTH an approved I-526 petition to actually immigrate to the United States. Since the
6.8% Chinese participation in the program has continued to increase year- SCORE: Program’s inception China has accounted for $6.7 billion in EB-5 Foreign Direct
(Since FY2008) Investment and as of yet, a lack of visa numbers has not slowed interested from
over-year since 2008. So much so that are not enough EB-5 visas to go
95.3%
around. Chinese investors in the Program. However, if retrogression continues, Chinese
participation in the Program could be see a slowdown.

Since May 1, 2015 Chinese investors have been subject to a “cutoff
IMMIGRANTS TO THE U.S.
(FY 2013):4 date” when they are eligible to apply for an adjustment of status and However, for the time being, China continues to dominate the EB-5 investor mar-
68,410 ket. But with wait times becoming a real issue for investors, EB-5 project spon-
emigrate to the U.S. With over 22,000 I-526 petitions pending at the HIGHER THAN THE
U.S. Citizenship and Immigration Services (USCIS) as of January 1, PROGRAM AVERAGE sors would be wise to hedge their bets by looking into alternative investor mar-
2016, the reality for Chinese investors is that they may have to wait kets in the months and years ahead.
HIGHER THAN THE
LARGEST URBAN AREAS: 5 REGIONAL AVERAGE
• Shanghai • Guangdong
• Beijing • Tianjin
• Chongqing • Shenzhen
+1652%
CONSULATE LOCATIONS: 6
EB-5 FDI
$6,380+ Million
USD
EB-5 FDI
GROWTH
(2008-2014)
4,153
I-526 PETITIONS APPROVED
• Beijing • Shanghai (FY 2014)
• Chengdu • Shenyang (2008-2014)
• Guanzhou • Wuhan
18 • CHINA IIUSA.ORG IIUSA.ORG 19 • CHINA
SECTION 4.2
A s a whole investors from the
Asia Pacific region accounted
for more than 67% of all I-526 ap-
Growth Greater Than:
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since 2011)
provals (excluding Mainland China) * Australia 13 10 76.9% 6 46.2%
from the beginning of the Program Burma 9 4 44.4% 3 33.3%

* Cambodia 6 3 50.0% 2 33.3%
in 1990 to FY2007. However, since
* Fiji 2 1 50.0% 0 0.0%
FY2007, the Asia Pacific market
Hong Kong 175 34 19.4% 25 14.3%
share, has be consistently declining
Indonesia 39 14 35.9% 8 20.5%
after hitting its peak of 74.9% mar-
* Japan 188 102 54.3% 66 35.1%
ket share in 2007. The Asia Pacific
* Laos 1 1 100.0% 0 0.0%
region still remains the second larg- * Malaysia 23 13 56.5% 9 39.1%
est investor market behind mainland * New Zealand 18 10 55.6% 4 22.2%
china but as of FY2014 the region’s North Korea 1 0 0.0% 0 0.0%
market share had declined to 37.4%. Philippines 44 10 22.7% 8 18.2%
* Singapore 23 18 78.3% 13 56.5%
The Program’s overall growth score
* South Korea 1,608 872 54.2% 412 25.6%
since FY2008 has been 77.06% but
Taiwan 1,092 280 25.6% 195 17.9%
only two countries in Asia Pacific,
* * Thailand 17 14 82.4% 11 64.7%
Thailand and Vietnam, have grown * * Vietnam 141 135 95.7% 126 89.4%
faster than the Program’s overall Total 3,400 1,521 44.7% 888 26.1%
growth. Thailand and Vietnam had
82.4% and 95.7% growth scores re- and will be discussed in greater de- is stronger in these markets than the
spectively however, only 14 EB-5 in- tail below. rest of the South Asia Region. Among
vestors from Thailand have received these investor markets Taiwan and
Australia, Japan, Malaysia, New Zea-
I-526 approvals in the past seven South Korea will be discussed in de-
land, Singapore and South Korea
years so the market growth numbers tail not only because of their relative-
have all outpaced the regional aver-
there can be misleading. Vietnam ly high growth scores but because
age growth score with South Korea
on the other hand has experienced they represent the two largest inves-
remaining the second largest inves-
astronomical growth over the past tor markets in the region. Hong Kong
tor market in the world behind Main-
seven years and is the country in the and Japan will also be discussed as
land China. These countries growth
Asia Pacific region most primed to they have strong growth and are his-
scores illustrate that EB-5 demand
emerge as a dominate EB-5 market torically important markets.
Investor Market Trends - Asia Pacific

GROWTH SCORE: I-526 Approvals % of I-526 Approvals (except Mainland China investors)
(Since FY2008)
ASIA PACIFIC
79.1%
500 72.8% 71.7% 74.9%
66.0% 65.7% 67.1%
LOWER THAN THE 450 76.5%
438
61.3%
50.0% 62.0% 60.4%
57.2% 58.8% 44.1%
PROGRAM AVERAGE 400 53.8% 43.1% 43.2%
• Australia • Japan • Singapore 350

45.8%
36.4%
39.8%
36.7% 34.7%
• Burma • Laos • South Korea 300
I-526 APPROVALS:
296
250 262
• Cambodia • Malaysia • Taiwan
259 256
226 228
(Since FY2011) 200 219
• Fiji • New Zealand • Thailand 150 165

179
AVERAGE 220+ PER 128

151
• Hong Kong • North Korea • Vietnam 100 118 114
FISCAL YEAR
88
79
50
• Indonesia • Philippines 0
43
19 20 23 20
53
FY1992 FY1994 FY1996 FY1998 FY2000 FY2002 FY2004 FY2006 FY2008 FY2010 FY2012 FY2014
20 • ASIA PACIFIC IIUSA.ORG FY1992 FY1993 FY1994

IIUSA.ORG
FY1995
FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010
21FY2011
• ASIA PACIFIC
FY2012 FY2013 FY2014
HONG KONG GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: HONG KONG
1990-2007 2008-2010 2011-2014 I-526 Approvals Market Share (Regional)
30
FDI Total FDI Total FDI Total 18.6%
I-526 Connected Market I-526 Connected Market I-526 Connected Market 17.2%
Approvals Through Share* Approvals Through Share* Approvals Through Share* 19.0% 10.5% 10.0% 10.0%
EB-5 EB-5 EB-5 25
6.2% 13.0% 4.2%
Asia-Pacific $939.5 $316.5 $444 11.6% 1.8% 3.5%
1,879 66.96% 633 46.99% 888 38.93% 8.4% 0.0% 0.9% 1.3%
Region* Million Million Million 20
2.3% 0.4% 2.0% 2.2% 0.9%
0.0% 0.0%
Hong $70.5 $4.5 $12.5
141 5.02% 9 0.67% 25 1.10%
Kong* Million Million Million 15
*Excluding China
10
UHNWI
POPULATION: I n 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
5
3,854
fact, much of the demand from Hong Kong investors took place nearly two 0
decades ago with the all-time I-526 approval high reached in 1997. Much Since FY2011:
14.3%
of the early interest in EB-5 from Hong Kong might have been sparked by
FY1992 ‐2007: 80.6% Since FY2008: 19.4%
anxieties related to the British handover of Hong Kong to the People’s 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 (S.A.R) with a “one country two system” GROWTH
GDP GROWTH 2015:
policy firmly in place. SCORE:
(Since FY2008)
2.5%
19.4%
Hong Kong remains a major hub for foreign direct and capital market in-
vestment. A prominent center for wealth, with over 120,000 millionaires,
Hong Kong continues to grow as one of Asia’s primary financial centers7.
Interest in EB-5 investment among Hong Kong investors is likely to remain

LOWER THAN THE
IMMIGRANTS TO THE U.S. low. But if China perceived as meddling with the S.A.R. arrangement, the
(FY 2013):
PROGRAM AVERAGE
resulting political tensions could provoke Hong Kong citizens to look to
2,226
the emigrate. LOWER THAN THE
REGIONAL AVERAGE
8
300%
EB-5 FDI EB-5 FDI
GROWTH
$17Million (2008-2014) LARGEST URBAN AREAS: CONSULATE LOCATIONS:
USD
• Hong Kong • Hong Kong I-526 PETITIONS APPROVED
(2008-2014)
(FY 2014)
22 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 23 • ASIA PACIFIC

JAPAN GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: JAPAN
1990-2007 2008-2010 2011-2014
FDI FDI FDI I-526 Approvals Market Share (Regional)
I-526 Connected Total I-526 Connected Total I-526 Connected Total 35
Approvals Through Market Approvals Through Market Approvals Through Market
EB-5 Share* EB-5 Share* EB-5 Share* 12.3% 13.7%
30
Asia-Pacific $939.5 $316.5 $444 6.1% 6.6%
1,879 66.96% 633 46.99% 888 38.93% 2.3% 3.8% 3.4% 3.8% 3.3% 3.4%
Region* Million Million Million 25 5.5%
0.0% 0.0% 6.3% 6.1% 7.0%
5.3% 4.5% 5.4%
$43 $18 $33 2.5%
0.0% 0.0% 0.0%
Japan* 86 3.06% 36 2.67% 66 2.89%
Million Million Million 20
*Excluding China
15
10
E
0
UHNWI POPULATION: FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
B-5 investment from Japan has been consistent but slow, generated
6,448 about 5% of the total EB-5 investors from the Asia-Pacific region over
Since FY2011:
35.1%
FY1992 ‐2007: 45.7% Since FY2008: 54.3%
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
0.6% GDP growth in 20151, it remains a powerful economic force in the

GROWTH
GDP GROWTH 2015:
SCORE:
0.6% region. Japan is home to nearly 6,500 Ultra High Net Worth Individuals (Since FY2008)
8
(UHNWI) .

However, a highly industrialized and stable economy with business and
educational opportunities similar to those in the United States ultimately

54.3%
(FY 2013): equates to slow EB-5 investor growth in the years to come.
5,925 LOWER THAN THE
PROGRAM AVERAGE
HIGHER THAN THE

REGIONAL AVERAGE
EB-5 FDI
$51 Million
16
USD
(2008-2014) LARGEST URBAN AREAS: CONSULATE LOCATIONS:
• Tokyo • Nagoya • Tokyo • Sapporo
+7% • Osaka-Kobe • Fukukoa • Naha
EB-5 FDI • Shizouka-Hamamts • Nagoya • Okinawa
GROWTH • Kitakyushu-Fukuoka • Osaka-Kobe
(FY 2014)
(2008-2014)

SOUTH KOREA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: SOUTH KOREA
250
FDI Total FDI Total FDI Total 85.3%
Approvals Through Approvals Through Approvals Through 73.9% 71.5%
EB-5 Share* EB-5 Share* EB-5 Share*
200 78.2% 79.2% 62.6%
Asia-Pacific $939.5 $316.5 $444 64.9%
1,879 66.96% 633 46.99% 888 38.93% 46.6%
Region* Million Million Million 41.5% 54.2%
South $368 $206 150 30.1% 30.4%
736 26.23% 460 $230 34.15% 412 18.06% 25.0% 26.3% 25.0%
Korea* Million Million
11.9% 25.0% 24.6%
*Excluding China 18.2% 21.9% 18.8%
100 15.2%
11.6%
UHNWI
POPULATION: S outh Korea has historically been the second largest EB-5 investor
market in terms of I-526 approvals, conceding its top market status in
50
2,143
2008. In FY2007, South Korea accounted for over 85% of all I-526 approv- 0
als in the Asia-Pacific region (excluding mainland China). However, since Since FY2011:
25.6%
this high-water mark, relative declines have been readily apparent.
FY1992 ‐2007: 45.8% Since FY2008: 54.2%
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 GROWTH
plummeted to just 30% in FY2014. Furthermore, since 2008 South Korea SCORE:
GDP GROWTH 2015: (Since FY2008)
2.7%
has only seen a modest increase of 18% in I-526 approvals.
South Korea is currently home to over 2,000 ultra high net worth indvidu-
als and that number is projected to grow by over 50% in the coming de-
9
cade . While welathy indivdiausl will likely continune to drive interest in
54.2%
EB-5, declining interest in the Program will see South Korea position as a LOWER THAN THE
IMMIGRANTS TO THE U.S. top investor market will likely be supplanted by emerging markets in the PROGRAM AVERAGE
(FY 2013):
coming years.
23,166 HIGHER THAN THE
REGIONAL AVERAGE
56
-69%
EB-5 FDI EB-5 FDI LARGEST URBAN AREAS: CONSULATE LOCATIONS:
GROWTH
$436 Million (2008-2014)
• Seoul • Daegu • Seoul (IVC)
USD • Busan • Daejon • Busan I-526 PETITIONS APPROVED
(2008-2014)
• Incheon (FY 2014)

TAIWAN GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM
BY NUMBER I-526 APPROVALS: TAIWAN
FDI Total FDI Total FDI Total 250
Approvals Through Share* Approvals Through Share* Approvals Through Share* 65.1% 66.9%
EB-5 EB-5 EB-5 57.9%
55.7%
200 52.2%
Asia-Pacific $939.5 $316.5 $444 45.6% 49.1%
1,879 66.96% 633 46.99% 888 38.93% 59.3%
Region* Million Million Million 50.8% 53.2% 55.0%
$406 $42.5 $97.5 150 40.0% 24.0% 25.9%

Taiwan* 812 28.91% 85 6.82% 195 8.55% 18.5%
Million Million Million
11.5% 9.7%
17.3% 19.2%
*Excluding China 13.6% 13.7%
100
I
4.2%
nvestor market demand from Taiwan has been and will continue to be
50
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
0
UHNWI POPULATION: the region when excluding China. However, from FY2011 to FY2014 Tai-
1,951 wan’s regional market share, excluding China, fell to just over 8%.
Since FY2011:
17.9%
FY1992 ‐2007: 74.4% Since FY2008: 25.6%
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

GROWTH
GDP GROWTH 2015: Taiwan has been strong over the past six years initial program demand
SCORE:
2.2% in the mid to late 90’s diminishes Taiwan’s growth score over the past six
(Since FY2008)
25.6%
years with just over 25% growth in the market since FY2008.
While EB-5 demand is low when compared to initial demand in the 1990’s
Taiwan has shown signs of growth and more importantly stability over
(FY 2013):
LOWER THAN THE
the past decade. Taiwan is currently home to almost 2,000 Ultra High Net
5,385 PROGRAM AVERAGE
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 LOWER THAN THE
EB-5 investor’s10. REGIONAL AVERAGE
+168%
59
EB-5 FDI
GROWTH LARGEST URBAN AREAS: CONSULATE LOCATIONS:
(2008-2014)
EB-5 FDI • Taipei • Taichung The U.S. maintains unofficial relations with the
$140 Million • Kaohsiung
people of Taiwan through the American Insti-
tute of Taiwan (AIT), a private non-profit cor-
USD
poration, which performs citizen and consular
(FY 2014)
(2008-2014)
services similar to those at diplomatic posts.

VIETNAM GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: VIETNAM
I-526 Approvals Market Share (Regional)
1990-2007 2008-2010 2011-2014
FDI FDI FDI 80 29.4%
I-526 Connected Total I-526 Connected Total I-526 Connected Total
Approvals Through Market Approvals Through Market Approvals Through Market
EB-5 Share* EB-5 Share* EB-5 Share* 70
Asia-Pacific $939.5 $316.5 $444 60 9.2%

1,879 66.96% 633 46.99% 888 38.93% 5.0%
Region* Million Million Million 2.3% 4.0% 10.5%
50 0.0% 0.0% 0.9% 0.0% 0.0% 0.0% 0.4% 6.7%
$3 $4.5 $63
Vietnam* 6 0.21% 9 0.67% 126 5.52%
Million Million Million 40 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 0.8%
*Excluding China
30
O
20
ver the past two decades an influx of foreign investment has fueled
GDP GROWTH
2015:
10
improving living standards and produced a rapidly emerging Viet-
6.5%
0
namese wealthy class benefiting from the country’s economic growth. This FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
growth has, in turn, led to increased participation in the EB-5 Program. Since FY2011:
89.4%
Although Vietnam only had a total of 141 investors from FY1990-FY2014, FY1992 ‐2007: 4.3% Since FY2008: 95.7%
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. patriates moving to the United States since 1980 and with Vietnamese students
GROWTH forming the one of the largest groups of international students studying at U.S.
Participation in the EB-5 Program has been complicated by decades old
SCORE: institutions, the U.S. is an attractive destination for these individuals12.
UHNWI POPULATION: government restrictions on money transfers and government regulation (Since FY2008)
168 of the economy. However, more options for transferring funds out of the In FY2014, nearly 30%% of the EB-5 investors from the Asia-Pacific region, ex-
95.7%
country and the government’s recent commitment to economic modern- cluding China, were from Vietnam. With a growing economy, an emergent wealth
ization and a more open economy will increase the EB-5 Programs acces- class, an established Vietnamese expatriate community, and a large number of
sibility11. Vietnamese students studying in U.S. institutions it is highly likely that Vietnam
continues its emergence in the EB-5 Investor Market in the coming years.
HIGHER THAN THE
Yet, these woes have not necessarily impacted the inbound foreign invest-
IMMIGRANTS TO THE U.S. PROGRAM AVERAGE
(FY 2013): ment market they have driven the emergent class of wealthy Vietnamese
26,578 to seek residence in other countries. With over 1.2 million Vietnamese ex- HIGHER THAN THE
REGIONAL AVERAGE
EB-5 FDI
$67.5 Million
USD
+6600%
EB-5 FDI
GROWTH
(2008-2014)
LARGEST URBAN AREAS:
• Ho Chi Minh City • Can Tho
• Hanoi • Haiphong
CONSULATE LOCATIONS:
• Ho Chi Minh City
• Hanoi
67
(2008-2014) (FY 2014)

SECTION 4.3
T he South/Central Region
poised for significant growth in
the coming years. As we have begun
is
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since
2011)
to see India may be on the brink of Afghanistan 9 4 44.4% 3 33.3%

emerging as a top five immigrant * * Bangladesh 16 14 87.5% 13 81.3%
investor market and other regional * India 323 237 73.4% 169 52.3%
* * Kazakhstan 23 20 87.0% 15 65.2%
countries have increasing levels of
* * Mongolia 3 3 100.0% 1 33.3%
EB-5 participation.
* * Nepal 2 2 100.0% 2 100.0%
Both Kazakhstan and Bangladesh Pakistan 62 29 46.8% 18 29.0%
grew at faster rates than the Pro- * * Sri Lanka 5 4 80.0% 2 40.0%
gram’s average growth score with * Turkmenistan 1 1 100.0% 0 0.0%
Kazakhstan a 87% growth score Total 444 314 70.7% 223 50.2%
since FY2008 and Bangladesh seeing
dia, Kazakhstan and Pakistan re- Pakistan was the region’s second
an 88% average growth score. How-
spectively. India currently account largest market prior to FY2010 but
ever, due to the small volume of Ban-
for a majority of I-526 approvals has since ceded that position to Ka-
gladeshi I-526 approvals it will not
from the region with 323 approvals zakhstan and will not be focused on
be focused on here.
since FY2008 while EB-5 Foreign here. Over the past four years India
Based on I-526 approvals the three Direct Investment from Kazakhstan and Kazakhstan have accounted for
largest immigrant investor markets has increased 200% over the past six over 80% of all I-526 approvals and
in the South/Central region are In- years. will be highlighted below.
Investor Market Trends - South/Central Asia
(Since FY2008) 500
LOWER THAN THE 450
400
PROGRAM AVERAGE 350
13.6%
300 8.8% 6.5% 6.4% 7.6% 6.8% 8.3%
4.1% 2.9% 5.0% 5.6% 2.9%
I-526 APPROVALS: 250
2.5%
5.7% 4.7%
0.0% 0.0% 1.5% 4.1% 5.6% 6.6% 11.2% 11.3%
(Since FY2011) 200
150
AVERAGE 55+ PER 100
SOUTH/CENTRAL ASIA
80 74
FISCAL YEAR 50
29
45
25 28
41
0
• Afghanistan • Kazakhstan • Pakistan

• Bangladesh • Mongolia • Sri Lanka
• India • Nepal • Turkmenistan
32 • SOUTH/CENTRAL ASIA IIUSA.ORG IIUSA.ORG 33 • SOUTH/CENTRAL ASIA

INDIA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: INDIA
1990-2007 2008-2010 2011-2014
I-526 Connected Market I-526 Connected Market I-526 Connected Market 100.0% 100.0% 100.0% 100.0%
EB-5 EB-5 EB-5 82.9%
50 69.0% 70.0% 72.0%
South/ $65 $45.5 $111.5 85.7% 63.6% 83.3%
130 4.63% 91 6.76% 223 9.78% 82.1% 77.0%
Central Asia Million Million Million 56.3% 71.1% 68.8%
40 60.0%
$43 $34 $84.5 50.0%
India* 86 3.06% 68 5.45% 169 7.41%
Million Million Million 33.3%
30
*Excluding China
0.0% 0.0%
20
GDP GROWTH
I n FY 2014, India ranked as the world’s 4th largest EB-5 investor 10
2015:
7.3%
market in terms of its I-526 approval volume and there is opti- 0
mism that the India will continue this upward trajectory over the
Since FY2011:
52.3%
coming years. Since 2008, India has seen an average of nearly 34
FY1992 ‐2007: 26.6% Since FY2008: 73.4%
I-526 approvals per year, with FY2014 reaching 57 approvals, the
most approvals in a single year on record. There has been a 73.77% Excluding China, India makes up 7.41% of the world’s total market share of
increase in I-526 approvals since 2008, with a 24.67% increase in
GROWTH I-526 approvals since 2011, generating $84 million in U.S. Foreign Direct Invest-
EB-5 visa usage between 2012 and 2014.
SCORE: ment (FDI). India’s vibrant and increasingly stable economy, combined with the
UHNWI POPULATION: (Since FY2008) central government’s investment promotion has it primed for growth in the im-
5,020 With India’s central bank significantly reducing capital controls over
migrant investor sphere for years to come.
73.4%
13
the past few years , 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 $250,000 per person per year that may
LOWER THAN THE
IMMIGRANTS TO THE U.S. 14
further drive interest in foreign investment .
(FY 2013):
PROGRAM AVERAGE
68,458 HIGHER THAN THE
REGIONAL AVERAGE
57
+217% LARGEST URBAN AREAS: CONSULATE LOCATIONS:
EB-5 FDI EB-5 FDI • New Dehli •Bangalore • New Dehli (IVC) • Mumbai (IVC)
GROWTH
$118.5 Million (2008-2014) • Mumbai • Chennal • Chennal (IVC) • Bengaluru
USD
• Kolkata • Hyderbad (IVC) I-526 PETITIONS APPROVED
(2008-2014)
(FY 2014)
• Kolkata (IVC)

KAZAKHSTAN GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: KAZAKHSTAN
10
FDI FDI FDI 12.0% 11.3%
I-526 Total I-526 Total I-526 Total 9.1%
Connected Market Connected Market Connected Market 9
Approvals Through Share* Approvals Through Share* Approvals Through Share* 3.4% 4.8% 4.1%
EB-5 EB-5 EB-5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
8 6.3% 4.9%
South/ $65 $45.5 $111.5 2.2% 3.6%
130 4.63% 91 6.76% 223 9.78% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Central Asia Million Million Million 7
$1.5 $2.5 $7.5 6

Kazakhstan* 3 0.11% 5 0.37% 15 0.6t6%
5
*Excluding China
4
E
3
UHNWI xcluding Russia, Kazakhstan is the largest of the former Soviet re-
2
POPULATION: publics and has made considerable strides in developing a market
1
207
economy since it gained independence in 199115. Over the past two de- 0
cades Kazakhstan has been successful in attracting foreign direct invest- SinceFY 2011:
65.2%
ment however, the Kazakh economy is heavily dependent on the extraction FY1992 ‐2007: 13.0% SinceFY 2008: 87.0%
of fossil fuels and other minerals and metals. While Kazakhstan has made
market diversification takes place. With EB-5 investment from neighboring Rus-
progress in diversifying its economy government bureaucracy and corrup-
tion pose challenges to attracting FDI16. GROWTH sia on the rise, look for the numbers of investor from Kazakhstan to continue to
GDP GROWTH 2015:
SCORE: climb the charts regionally and potentially even globally.
1.5% While Kazakhstan remains a small market for EB-5 investment with an av- (Since FY2008)
87.0%
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
South/Central Region from FY2011-FY2014.
(FY 2013):
HIGHER THAN THE
Kazakhstan leads central Asian countries in the number of high net worth PROGRAM AVERAGE
individuals17 and that number could rise if FDI continue to increase and
HIGHER THAN THE
REGIONAL AVERAGE
EB-5 FDI
$10 Million
3
USD
(2008-2014)
LARGEST URBAN AREAS: CONSULATE LOCATIONS:
+200% • Almaty • Astana • Astana
EB-5 FDI
GROWTH (FY 2014)
(2008-2014)

SECTION 4.4
I n the Middle East region Egypt,
Iran and United Arab Emirates are
the investor markets that grew fast-
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since 2011)
* * Egypt 53 45 84.9% 39 73.6%
er than the the Program’s average
* * Iran 260 220 84.6% 143 55.0%
growth worldwide since FY2008.
Iraq 17 11 64.7% 8 47.1%
Based on I-526 approval volume Iran Israel 33 12 36.4% 9 27.3%
and Egypt are the two largest inves- Jordan 14 6 42.9% 6 42.9%
tor markets in the region with Iran Kuwait 7 3 42.9% 3 42.9%
accounting for 237 approvals and Lebanon 30 11 36.7% 7 23.3%
Egypt generating 42 approvals since Morocco 8 2 25.0% 0 0.0%

Saudi Arabia 9 6 66.7% 5 55.6%
1992. Since the Program’s incep-
Syria 10 2 20.0% 2 20.0%
tion Egypt and Iran have accounted
* * United Arab 8 8 100.0% 2 25.0%
for over 55% of all EB-5 investors Emirates
from the Middle East region. Their Other eight
countries* 19 10 52.6% 8 42.0%
market share increases to 76% since
Total 468 336 71.8% 232 49.6%
FY2011, in fact the Egyptian and
Iranian markets are the only two in-
* Other eight countries include: Algeria, Bahrain, Libya, Oman, Palestine, Qatar, Tunisa, Yemen
vestor markets that have generated
double digit approvals over the time
for only 7 I-526 approvals in the last However, even with the emergence of
period.
five years. The investor market in new investor markets in the region
Prior to FY2008 the investor mar- the United Arab Emirates (UAE) has the market will continue to be domi-
kets in Israel in Lebanon were the emerged in recent years with 100% nated by investors from Iran and
second and third largest markets in of all I-526 approvals occurring since Egypt, to a lesser degree.
the region but each have accounted FY2008.
Investor Market Trends - Middle East

GROWTH SCORE: 500
I-526 Approvals % of I-526 Approvals (except Mainland China investors)
(Since FY2008)
450
LOWER THAN THE 400
PROGRAM AVERAGE 350

12.9% 12.9%
300 10.0% 7.2% 7.5% 9.4%
3.1% 5.6% 2.9% 3.0% 2.8% 3.7%
11.4% 10.9%
MIDDLE EAST
250 6.8% 5.2% 6.9% 7.1%
I-526 APPROVALS:
5.2% 2.9% 5.6% 2.3%
0.0%
200
(Since FY2011) 150
• Egypt • Morocco • Libya AVERAGE 55+ PER 100

85
50 67
• Iran • Saudi Arabia • Oman FISCAL YEAR 0
32 41 49 45 35
• Iraq • Syria • Palestine

• Israel • Tunisia • Qatar
• Jordan • United Arab Emirates • Yemen
• Kuwait • Algeria
• Lenanon • Bahrain
38 • MIDDLE EAST IIUSA.ORG IIUSA.ORG 39 • MIDDLE EAST
EGYPT GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM
BY NUMBER I-526 APPROVALS: EGYPT
FDI Total FDI Total FDI Total
I-526 Connected Market I-526 Connected Market I-526 Connected Market 20 50.0%
Approvals Through Share* Approvals Through Share* Approvals Through Share*
EB-5 EB-5 EB-5 18
Middle $52 $116
132 $66 Million 4.69% 104 7.71% 232 10.14% 16 17.8%
East* Million Million 10.0% 12.5% 9.8% 11.4%
9.4%
14 21.2%
$4 $3 $19.5 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Egypt* 8 .28% 6 .44% 39 1.70% 9.1% 10.0% 13.4%
Million Million Million 12 4.1%
0.0% 0.0% 0.0% 0.0% 0.0%
*Excluding China 10
E
6
gypt’s investor market is the second largest in the Middle East re-
4
gion and has shown signs of emerging as one of the larger EB-5 2
UHNWI POPULATION: market in the world. With over 84% of all I-526 approvals occurring be- 0
483
tween FY2008 and FY2014 Egypt has an impressive growth score that is Since FY2011:
73.6%
greater than the regional and worldwide average. Yet, it just shows that FY1992 ‐2007: 15.1% Since FY2008: 84.9%
EB-5 investment from the Middle East still remains low when compared
However, with only six I-526 approvals in FY2014, it remains to be seen wheth-
to the rest of the world.
GROWTH er Egypt’s High Net Worth Individual population will continue to turn to the
GDP GROWTH 2015: Historically Egypt has had a centralized economy that has just begun to SCORE: EB-5 Program. While Egypt is likely to remain a small EB-5 investor market for
4.2% open up over the past decade. From 2004 to 2008 Egypt pursued busi-
(Since FY2008) 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
84.9%
ness climate reforms in an attempt to facilitate growth and attract For-
country and region.
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-
IMMIGRANTS TO THE U.S. HIGHER THAN THE
(FY 2013): curity concerns that have wealthy Egyptians eager to leave the country.
10,294 PROGRAM AVERAGE
HIGHER THAN THE

REGIONAL AVERAGE
+1700%
18
EB-5 FDI
GROWTH
(2007-2014) EB-5 FDI LARGEST URBAN AREAS: CONSULATE LOCATIONS:
$22.5 Million • Cairo • Alexandria • Cairo • Alexandria (AAP) I-526 PETITIONS APPROVED
USD (FY 2014)
(2008-2014)

IRAN GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: IRAN
EB-5 EB-5 EB-5
50
Middle $52 $116 66.7% 64.2%
132 $66 Million 4.69% 104 7.71% 232 10.14% 57.6%
East* Million Million 70.7% 68.9%
40 37.5% 57.1% 42.9% 57.1%
$20 $38.5 $71.5 25.0%
Iran* 40 1.42% 77 5.71% 143 6.25% 16.7% 40.0%
Million Million Million 10.0% 28.6%
30 0.0%
10.0%
0.0% 0.0% 0.0%
20
IMMIGRANTS TO
THE U.S.
I
10
ran is the largest EB-5 investor market in the Middle East, with de-
(FY 2013): mand significantly increasing between FY2008 to FY2012. From
12,863
0
FY2011-FY2014 more than 143 Iranian investors have received I-526 Since FY2011:
55.0%
approvals. FY1992 ‐2007: 15.4% Since FY2008: 84.6%
However, considerable obstacles still persist such as capital export re-
strictions, lingering trade sanctions and a banking system that makes

GROWTH
sourcing of funds exceedingly difficult19. Moreover, Iran has long been
SCORE:
designated as a state sponsor of terrorism, leading a vast majority of (Since FY2008)
UHNWI POPULATION:
410 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

84.6%
relief with the U.S. will both likely drive increased interest in the Pro- HIGHER THAN THE
GDP GROWTH 2015:
gram in the coming years. PROGRAM AVERAGE
0.8% HIGHER THAN THE
REGIONAL AVERAGE
EB-5 FDI
$110 Million
(2008-2014)
+716.7%
EB-5 FDI
GROWTH
(2008-2014)
• Tehran • Karaj
• Tehran (Virtual Embassy)
49
USD
• Mashad • Shiraz (FY 2014)
• Esfahan
SECTION 4.5
The Latin America region is the only Growth Greater Than: Total Total Total
region analyzed that has two inves- I-526 I-526 Growth I-526 Growth
Program Region Investor Approvals Approvals Score Approvals Score
tor markets that not only have expe- Average Average Market (Since 1992) (Since 2008) (Since 2008) (Since 2011) (Since 2011)
rienced growth scores greater than * Argentina 28 20 71.4% 17 60.7%

* * Bolivia 4 4 100.0% 4 100.0%
the Program average since FY2008,
* * Brazil 79 65 82.3% 49 62.0%
while simultaneously generating
Chile 78 3 3.8% 3 3.8%
over 10 I-526 approvals each year,
* Colombia 41 30 73.2% 21 51.2%
those being Brazil and Venezuela.
Costa Rica 3 2 66.7% 2 66.7%
Over the past six years Venezuela Ecuador 11 7 63.6% 6 54.5%
has been far and away the largest Guyana 3 2 66.7% 1 33.3%
investor market in the region with * * Panama 1 1 100.0% 0 0.0%

Paraguay 3 2 66.7 2 66.7%
Brazil emerging as a powerful mar-
Peru 12 6 50.0% 4 33.3%
ket in its own right. Based on I-526
Uruguay 5 4 80.0% 3 60.0%
approvals Columbia and Argentina
* * Venezuela 173 162 93.6% 139 80.3%
are a distant fourth. While Chile was
Total 441 308 69.8% 251 56.9%
the largest market at Program’s out-
set it has seen a significant decline
70% of total I-526 approvals since With Venezuela and Brazil leading
over the past seven years.
the start of the program and this per- the way Latin America is ready to
The four largest investor markets in centage has increased to over 90% in emerge as an important and dynamic
the region have accounted for over the past four years. investor market in the years to come.
Investor Market Trends - Latin America

(Since FY2008) 500
450
LOWER THAN THE 400
PROGRAM AVERAGE 350

30.9%
300 11.1% 11.7%

2.5% 3.6% 2.5% 3.0% 1.6% 3.5% 5.0%
1.3% 0.0% 10.9% 10.1%
200
1.9% 2.6% 2.9%
6.5%
2.9% 2.3% 0.0% 2.0% 4.2%
(Since FY2011)
150
AVERAGE 60+ PER 100

77 79 77
FISCAL YEAR 50
25
45 50
0
LATIN AMERICA
• Argentina • Colombia • Panama
• Bolivia • Costa Rica • Peru
• Brazil • Ecuador • Venezuela
• Chile • Guyana
44 • LATIN AMERICA IIUSA.ORG IIUSA.ORG 45 • LATIN AMERICA

BRAZIL GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: BRAZIL
1990-2007 2008-2010 2011-2014
18 100.0% 100.0%
16
EB-5 EB-5 EB-5
South 14
$66.5 $28.5 $125.5
America/ 133 4.74% 57 4.23% 251 11% 50.0%
Caribbean* 12 44.0%
40.0%
$7 $8 $24.5
Brazil* 14 0.50% 16 1.19% 49 2.14% 10 25.0%
Million Million Million 33.3% 20.0% 20.0%
14.3% 15.6%
*Excluding China 8 26.3%
20.0% 19.0% 22.1%
16.7% 0.0% 0.0%
D
6 0.0% 0.0%
UHNWI espite having the largest economy and population in Latin America, 0.0% 0.0% 0.0%
POPULATION:
4
Brazil’s participation in the EB-5 program has been relatively low
3,908
2
when compared to other growth markets in Asia. Yet, when compared to
0
other Latin American markets over the past seven years, the Brazil’s inves- FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Since FY2011:
tor market has experienced an uptick as its Latin American market share 62.0%
FY1992 ‐2007: 17.7% SinceFY 2008: 82.3%
reached almost 29% in FY2014. Moreover, 82.3% of all I-526 approvals in
the Brazilian market have taken place since FY2008, with a historic high of nating due to a growing trade deficit, high inflation rates and negative GDP
17 I-526 petitions processed in FY2014. GROWTH growth over the past two years22, Brazilian investors may indeed be looking for
GDP GROWTH 2015:

SCORE: a way out and EB-5 investment would help them realize this opportunity.
Despite its potential to become an elite EB-5 investor market, High Net (Since FY2008)
-3% 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-
20
vestor Visa a factor that may drive interest in EB-5 in the Brazilian market .
82.3%
HIGHER THAN THE
IMMIGRANTS TO THE U.S. Brazil is currently home to over 198,000 millionaires with an estimated
(FY 2013): PROGRAM AVERAGE
11,033 3,908 ultra-high net worth individuals21. With economic conditions stag-
HIGHER THAN THE
REGIONAL AVERAGE
17
+1600%
GROWTH
$32.5 Million (2008-2014)
• San Paulo • Brasillia • Rio de Janeiro (IVC) • Recife
USD • Rio de Janeiro • Fortaleza • Brasillia • Sao Paulo I-526 PETITIONS APPROVED
(2008-2014)
• Belo Horizonte (FY 2014)

VENEZUELA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: VENEZUELA
1990-2007 2008-2010 2011-2014 50 100.0%
EB-5 EB-5 EB-5 40
57.1%
57.8%
South 50.0%
America/ 131
$65.5
4.65% 56
$28
4.15% 246
$123
10.75% 35
52.6% 58.2% 46.0%
Caribbean* 30 27.8%
$5.5 $11.5 $69.5 20.0%
Venezuela* 11 0.39% 23 1.70% 139 6.07% 30.8%
*Excluding China 0.0% 0.0% 0.0% 14.3%

20
0.0% 0.0%
V
0.0% 0.0% 0.0% 1.3% 0.0% 0.0%
15
GDP GROWTH enezuela has emerged as one of the largest EB-5 investor market in
2015:
10
Latin America, consistently generating the most I-526 approvals year
-10%
5
over-year. Between 1992 and 2008, Venezuela had a grand total of 11 I-526
0
approvals. However, between 2008 and 2014, Venezuela accounted for a
Since FY2011:
booming 139 I-526 petitions, which is over 6% of the world market share (ex- 80.3%
FY1992 ‐2007: 6.4% Since FY2008: 93.6%
cluding Mainland China).
The immediate outlook does not look promising, with the International Monetary
What is the cause for this steep increase in outward investment? One might
GROWTH Fund (IMF) projecting a 720% inflation rate on the horizon for 201624.
UHNWI POPULATION:
blame political, economic and social unrest in Venezuela. With worldwide oil
SCORE: With a destabilized economy, tightening social and economic freedoms, a tense polit-
prices slumping and Venezuelan production faltering, socio-economic con-
101
(Since FY2008)
ical environment, and rampant corruption, it is even more likely that the Venezuelan
cerns in Venezuela have been cause for serious concern among the country’s
93.6%
elite will look to emigrate. With over one million Venezuelans estimated to have emi-
elite and have prompted some of the country’s 8,000 millionaires to High Net
grated during the Chavez regime and almost 200,000 Venezuelans living in the US,
Worth Individuals (HNWI) to consider EB-5 as a viable option for emigra-
there are strong established ties in both the United States and Europe bolstering the
tion23.
hopes of EB-5 project sponsors looking to Latin America for increased investment25.
HIGHER THAN THE
IMMIGRANTS TO THE U.S. Venezuela is dealing with a dramatic increase in crime, extreme shortages of
food and other consumer goods, and rampant inflation. Venezuela struggled
9,572
with a 275% inflation rate and the world’s largest GDP contraction in 2015. HIGHER THAN THE
REGIONAL AVERAGE
EB-5 FDI
$81 Million
USD
+1000%
EB-5 FDI
GROWTH
(2008-2014)
• Caracas • Maracay
• Caracas (IVC)
44
(2008-2014) • Maracaibo • Barquisimeto (FY 2014)
• Valencia

SECTION 4.6
E B-5 demand among European
countries is diversified with a to-
tal of 40 countries generating at least
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since 2011)
one EB-5 investor since the Program’s * Belgium 17 13 76.5% 7 41.2%

inception and four countries generat- * * Denmark 8 8 100.0% 3 37.5%
ing over 95 I-526 approvals each. The * France 51 35 68.6% 22 43.1%
four largest markets in the European Germany 110 44 40.0% 23 20.9%
region are the United Kingdom, Rus- Ireland 12 7 58.3% 3 25.0%
sia, Germany and the Netherlands Italy 37 21 56.8% 12 32.4%

Netherlands 93 45 48.4% 24 25.8%
with the top three markets account-
Poland 11 4 36.4% 3 27.3%
ing for over 67% of I-526 approvals
Portugal 16 7 43.8% 5 31.3%
since FY2011.
* * Romania 10 8 80.0% 5 50.0%
The largest market is the United * * Russia 159 128 80.5% 100 62.9%
Kingdom and while EB-5 demand Spain 25 16 64.0% 15 60.0%
remains high since 2011 Russia has Switzerland 30 45 50.0% 5 16.7%
generated nearly as many I-526 ap- * Turkey 23 16 69.6% 6 26.1%
provals as the U.K. In fact Russia and * * Ukraine 21 17 81.0% 11 52.4%
Greece are the only two countries in United 391 269 68.8% 107 27.4%
Kingdom
the region to grow faster than the
* Other 24 71 51 71.8% 28 39.4t%
Program’s worldwide growth score Countries
however, Greece has a small volume Total 1,085 704 64.9% 384 34.9%
of investors and will not be discussed
*Other 26 Countries include:Austria, Azerbaijan, Belarus, Bulgaria, Croatia, Cyprus, Czech Re‐
in detail here. public, Finland, Georgia, Greece, Hungary, Iceland, Latvia, Lithuania, Luxembourg, Malta, Mece‐
donia, Moldova, Monaco, Norway, Serbia, Slovakia, Slovenia, and Sweden
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.
EUROPE
Investor Market Trends - Europe
(Since FY2008) 500
• Armenia • Russia • Cyprus • Malta
• Belgium • Spain • Czech Republic • Mecedonia LOWER THAN THE 450
400
• France • Switzerland • Denmark • Moldova PROGRAM AVERAGE 350 22.6%

28.6%
25.0% 27.4%
15.0% 17.4% 17.6% 15.6% 18.1% 17.5%
300 10.9% 23.5% 20.9%
• Germany • Turkey • Finland • Norway 8.0% 20.0%
18.7%
22.2%
16.4% 15.2%
• Greece • Ukraine • Georgia • Romania

11.1% 11.3% 11.1% 9.0%
200
(Since FY2011)
• Ireland • United Kingdom • Hungary • Serbia 150 163
• Italy • Austria • Iceland • Slovenia AVERAGE 95+ PER 100 117

100
84 87
• Netherlands • Azerbaijan • Latvia • Sweden

FISCAL YEAR 50
42
68
46 54
78 75
0 18 20 25
• Poland • Bulgaria • Lithuania
• Portugal • Croatia • Luxembourg
50 • EUROPE IIUSA.ORG IIUSA.ORG 51 • EUROPE

RUSSIA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: RUSSIA
1990-2007 2008-2010 2011-2014 35
35.6%
I-526 Connected I-526 Connected I-526 Connected 29.0%
Approvals Market Approvals Market Approvals Market
Through Share* Through Share* Through Share* 30
23.8%
EB-5 EB-5 EB-5
$190.5 $162.5 $189.5 23.9%
Europe* 381 13.59% 325 24.13% 379 16.62% 16.0%
17.6% 11.7%
10.0%
$15.5 $14 $50 7.4%
Russia* 31 1.09% 28 2.04% 100 4.31% 4.2% 9.1%
Million Million Million 20 8.3%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
15
UNWI
POPULATION: R ussia currently ranks as the second largest EB-5 investor market in
Europe, a statistic that is surprising given that Russia only accounted

10
5,343
5
for only 2.5% of the European Market share in FY2008 but that number
has since exponentially increased to 29% in FY2014. 0

Since FY2011:
62.9%
Many factors have contributed to the recent growth of EB-5 market de- FY1992 ‐2007: 19.5% Since FY2008: 80.5%
mand, not the least of which are worsening political and economic condi-
tions in the country with Russian GDP growth at -3.9%26 and the increase
of market understanding both on the part of potential investors and EB-5 GROWTH
GDP GROWTH 2015:
developers. SCORE:
-3.9% (Since FY2008)
80.5%
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

IMMIGRANTS TO THE U.S. way and the Russian market has begun to show its potential.
HIGHER THAN THE
9,753
HIGHER THAN THE
REGIONAL AVERAGE
+1350%
EB-5 FDI
64 Million
USD
(2008-2014)
EB-5 FDI
GROWTH
(2008-2014) LARGEST URBAN AREAS:
• Moscow • Novosibirsk
• Moscow (IVS) • Vladivostok
29
• Nizhny • Yekaterinburg • St. Petersburg • Yekaterinburg (FY 2014)
• Saint Petersburg
UNITED KINGDOM GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: UNITED KINGDOM
I-526 Approvals Market Share (Regional) 57.7%
1990-2007 2008-2010 2011-2014 100
47.8%
FDI Total FDI Total FDI Total 90 55.6% 54.0%
Approvals Through Approvals Through Approvals Through 36.4% 35.0%
Share* Share * Share * 33.3%
EB-5 EB-5 EB-5 80 40.0%
25.0% 25.0% 34.5% 23.0%
$191.5 $163 $192 30.0%
Europe* 383 13.50% 326 23.74% 384 16.54% 70 16.7% 27.4%
Million Million Million 25.0% 25.0%
20.8%
60 16.7% 16.7% 18.2%
United $61 $81 $53.5
122 4.30% 162 11.80% 107 4.61%
Kingdom* Million Million Million
50
*Excluding China 0.0%
40
S
30
ince the EB-5 Program’s inception, the United Kingdom (UK)
20
has generated the majority of investors from the Europe ranging 10
from between 15% to 57% of the regional total over the time period.
UHNWI POPULATION: 0
9,968
FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2 012 FY2013 FY2014
Since FY2011:
27.4%
From FY2003 to FY2009, the UK has experienced consistent mar-
FY1992 ‐2007: 31.2% Since FY2008: 68.8%
ket growth reaching its historical high in 2009. However, since then,
demand from the UK has dropped precipitously, only rebounding in erty in the U.S. makes the EB-5 Visa all the more attractive for individuals
2014 with 25 I-526 approvals. Even with declining participation, the

GROWTH looking for a changed in lifestyle 29.
GDP GROWTH 2015:
2.5%
UK market has generated four times as many investors than any other SCORE: The emergence of new European investor markets, primarily Russia, as well
market in the region. (Since FY2008)
as continued importance of markets such as Germany and the Netherlands
68.8%
Strong business and cultural ties between the two nations has been will be contributing factors to loss of the U.K.’s market share.
manifested by the number of total individuals emigrating from the UK

IMMIGRANTS TO THE U.S. 28
to the US, reaching over 15,000 in 2013 . The EB-5 Visa also has con-
(FY 2013):
12,984t siderably less restrains for U.K. citizens looking to emigrate to the U.S. LOWER THAN THE
to retire than the E-2 Visa category. In addition the present strength PROGRAM AVERAGE
of the pound versus the dollar in addition to the lower cost of prop-
HIGHER THAN THE
REGIONAL AVERAGE
EB-5 FDI
$134.5 Million
25
USD
(2008-2014)
-44.4% • London • Glasgow
• Manchester • Southhampton/
• London (IVC) • Cardiff (Virtual
• Belfast Presence Post)
EB-5 FDI I-526 PETITIONS APPROVED
GROWTH • Birmingham Portsmouth • Edinburgh (FY 2014)
(2008-2014)

SECTION 4.7
T he North America investor re-
gion is the only region to experi-
ence overall growth closed to that of
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since2011)
the worldwide average. The region’s Canada 163 105 64.4% 55 33.7%
growth is supported by strong well * * Dominican 4 4 100.0% 3 75.0%
Republic
established markets in Canada and * * El Salvador 2 2 100.0% 1 50.0%
Mexico as well as the emergence of Guatemala 7 4 57.1% 4 57.1%
new market s in the Dominican Re- * * Honduras 4 4 100.0% 3 75.0%
public, El Salvador, Honduras and * * Jamaica 3 3 100.0% 1 33.3%
Jamaica all of which produced their * * Mexico 208 178 85.6% 140 67.3%
first I-526 approvals after FY2008. In * * Trinidad & 6 5 83.3% 2 33.3%
Tobago
2014 the region achieved 8% of the
Total 397 305 76.8% 209 52.6%
worldwide market share, when ex-
cluding Mainland China. 2011, its top market status has been 90% of all I-526 approvals for EB-5
taken by Mexico. investors from North America since
Prior to 2011 Canada was the most
the Program begin in 1992 and it is
important and dominant investor Mexico has not only had the most
not likely that either market share or
market in the region generating 108 I-526 approvals since FY2008 but its
importance to the industry will di-
I-526 approvals from 1992 to 2010. market growth has been greater than
minish in coming years.
While the Canadian market remains Program growth as a whole. Canada
strong, with 105 approvals since and Mexico have accounted for over
Investor Market Trends - North America

(Since FY2008) 500 80.0%
450
LOWER THAN THE 400
60.0%
PROGRAM AVERAGE 350

15.0%
300 10.3% 11.2% 8.4%
5.0% 6.5% 5.9% 4.5% 3.3% 4.5%
2.3% 1.2%
I-526 APPROVALS:
11.4% 9.5%
250 7.0% 6.7% 6.5%
3.1% 5.2% 2.1% 3.2% 0.0% 1.2%
200
(Since FY2011)
150
AVERAGE 50+ PER 100

80 -60.0%
50
FISCAL YEAR 0
33 1 2 00 66 55 3 8 4 40 39
27
47 55
-80.0%
NORTH AMERICA
• Canada • Guatemala • Mexico
• Dominican Republic • Honduras • Trinidad & Tobago
• El Salvador • Jamaica
56 • NORTH AMERICA IIUSA.ORG IIUSA.ORG 57 • NORTH AMERICA

CANADA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: CANADA
I-526 Connected Market I-526 Connected Market I-526 Connected Market 100.0% 100.0%
EB-5 EB-5 EB-5 83.3%
25 100.0% 75.0%
North $46 $48 $127 66.7% 66.7%
92 3.24% 96 6.99% 209 9.00% 60.0% 61.5% 58.8%
America* Million Million Million
20 60.0% 60.0% 60.0% 62.5% 38.5%
$29 $25 $27.5 25.0% 50.0% 25.9% 27.7%
Canada* 58 2.04% 50 3.64% 55 2.37% 44.4%
15 23.8%
*Excluding China
0.0%
10
P
5
rior to FY2009, ’s EB-5 investor market was the largest in North
0
UHNWI POPULATION: America, accounting for over 60% of all North American EB-5 in- FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
3,570 vestors every year (except FY1992, FY1996 and FY2001). While in re- Since FY2011:
33.7%
FY1992 ‐2007: 35.6% Since FY2008: 64.4%
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 GROWTH

GDP GROWTH 2015:
1%
30
total of over 120,000 immigrants to the US in FY2013 . The proximity SCORE:
(Since FY2008)
of the U.S., a similar lifestyle and the opportunity to further business
64.4%
and education interests all contribute to the vast number of Canadians
looking to invest in the EB-5 Program. Yet, considering Canada’s stable
economy and political environment, desire to emigrate is likely to be a

(FY 2013): matter of preference and lifestyle choice for the investor.
13,181 LOWER THAN THE
PROGRAM AVERAGE
LOWER THAN THE

REGIONAL AVERAGE
EB-5 FDI
$52.5 Million
16
USD
(2008-2014)
+60% • Toronto
• Montreal
• Calgary
• Ottawa
• Ottawa
• Calgary
• Toronto (IVC)
• Vancouver (IVC)
GROWTH • Vancouver • Halifax • Winnipeg (FY 2014)
(2008-2014) • Quebec

MEXICO GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM
BY NUMBER I-526 APPROVALS: MEXICO
Approvals Through Share* Approvals Through Share* Approvals Through Share* 75.0%
EB-5 EB-5 EB-5 66.7% 68.1%
50 55.6%
North $46 $48 $104.5 50.0%
92 3.24% 96 6.99% 209 9.00% 68.8% 63.6%
America* Million Million Million 33.3% 33.3% 32.5% 51.3%
40 25.0%
$15 $19 $70 40.0% 40.0% 16.7%
Mexico* 30 1.06% 38 2.77% 140 6.03% 30.0% 29.4%
Million Million Million 23.1% 0.0% 0.0% 20.0%
30
*Excluding China
0.0% 0.0%
20
IMMIGRANTS TO
THE U.S.
(FY 2013): H istorically, Mexico has been an important driver of EB-5 investor
demand and over the past seven years the market has grown sig-
10
135,028
nificantly, surpassing Canada in 2013 as the largest investor market in
SinceFY 2011:
67.3%
North America. Mexico saw over 85% of all I-526 approvals occur from
FY1992 ‐2007: 14.4% SinceFY 2008: 85.6%
FY2008-FY2014 with an impressive 67% of approvals taking place since
FY2011.
GROWTH
SCORE:
The Mexican economy is highly linked to the United States via the North
American Free Trade Alliance (NAFTA) with Mexico representing the (Since FY2008)
UHNWI POPULATION: 31
United States third largest trading partner . With over 2,500 ultra-high
2,524
85.6%
net worth individuals Mexico not only represents a strong economic
partner but also an important immigrant investor market32. With the U.S
boasting the second largest Hispanic population in the world, it will be
continue to be a destination for wealthy Mexicans considering immigra- HIGHER THAN THE
GDP GROWTH 2015:
tion by investment in the years to come. PROGRAM AVERAGE
2.3% HIGHER THAN THE
REGIONAL AVERAGE
35
+600% • Mexico City • Puebla • Mexico City • Ciudad Juarez (IVC)
• Guadalajara • Nogales
EB-5 FDI EB-5 FDI • Guadalajara • Toluca de Lerdo
GROWTH • Monterrey • Hermosillo • Nuevo Laredo
$89 Million (2008-2014)
(2011-2014)
USD • Matamoros • Puerto Vallerta
(2008-2014) (FY 2014)
• Merida • Tijuana
• Monterrey
SECTION 4.8
T he African region is the smallest
of the worldwide EB-5 investor
markets and also the newest with
Program
Average
Region
Average
Investor
Market
Total
I-526
Approvals
(Since 1992)
Total
I-526
Approvals
(Since 2008)
Growth
Score
(Since 2008)
Total
I-526
Approvals
(Since 2011)
Growth
Score
(Since 2011)
over 70% of all I-526 approvals tak- * * Ethiopia 5 4 80.0% 3 60.0%

ing place since FY2008. The two larg- Kenya 8 3 37.5% 2 25.0%
est markets in the region are South Malawi 3 1 33.3% 0 0.0%
Africa and Nigeria. South Africa is the * * Nigeria 49 42 85.7% 38 77.6%
largest market accounting for over * South Africa 86 64 74.4% 44 51.2%
55% of all I-526 approvals for the re- Tanzania 6 3 50.0% 1 16.7%
Uganda 8 1 12.5% 0 0.0%
gion since the Program’s inception.
Zambia 4 2 50.0% 0 0.0%
Both the Nigerian and South African * * Zimbabwe 14 11 78.6% 5 35.7%
markets experienced rapid growth af- Other 10
Countries 16 9 56.3% 6 37.5%
ter FY2008 accounting for over 74%
of all I-526 approvals since FY2008. Total 199 140 70.4% 99 49.7%
While South African demand has di-
minished in recent years it remains *Other 10 countries include: Armenia, Angola, Burundi, Cameroon, Congo (Republic of Congo &
Democratic Republic of the Congo), Cote D’ivoire, Ghana, Liberia, Niger, and Rwanda
the largest investor market in the re-
gion and has experienced consistent
that has not only grew faster than the time being Nigeria will remain the
growth that has exceeded the region’s
the worldwide Program average and second largest market in the region
average growth.
simultaneously generated over 10 in- but it is a market that is primed for
Nigeria is the only African market vestors per fiscal year since 2011. For further growth.
Investor Market Trends - Africa

(Since FY2008) 500
6.5% 5.9%
450 5.0% 5.8%
LOWER THAN THE 400
4.1% 4.0% 3.6% 3.6%
2.1% 2.1% 3.9%
PROGRAM AVERAGE 350 1.9% 1.4% 1.8% 2.0% 0.0% 0.0% 2.4%
1.2%
1.3%
3.2%
300 0.0% 0.0%
200
(Since FY2011)
150
AVERAGE 25+ PER 100
AFRICA FISCAL YEAR 50
0
FY1992 FY1994 FY1996
5
FY1998
2 2
FY2000
0 0
FY2002
0 0
FY2004 FY2006
6 4
FY2008
24
FY2010
28
FY2012
18
38
FY2014
• Ethiopia • Zambia • Democratic Republic

• Kenya • Zimbabwe of the Congo
• Malawi • Armenia • Cote D’ivoire
• Nigeria • Angola • Ghana
• South Africa • Burundi • Liberia
• Tanzania • Cameron • Niger
• Uganda • Republic of Congo • Rwanda
62 • AFRICA IIUSA.ORG IIUSA.ORG 63 • AFRICA
NIGERIA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: NIGERIA
FDI Total FDI Total FDI Total 18 67%
Approvals Through Share* Approvals Through Share* Approvals Through Share* 16 40% 42%
39%
EB-5 EB-5 EB-5
25% 20% 25%
$29.5 $20.5 $49.5 14
13% 32%
Africa* 59 2.07% 41 2.98% 99 4.25%
Million Million Million 0% 0% 0% 0% 0% 0% 20%
12 14%
$3.5 $2 $19 0% 0% 0% 0% 0% 0%
Nigeria* 7 0.25% 4 .29% 38 1.63% 10
Thousand Million Million
*Excluding China 8
I n 2014, Nigeria became the largest economy in Africa33 and is 4
2
home to the African regions second most ultra-high net worth in-
0
dividuals (behind only South Africa). FY1992 FY1993 FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
UHNWI POPULATION: -
209
Since FY2011:
77.6%
While Nigeria has generated just 49 I-526 approvals, it is the sec- FY1992 ‐2007: 14.3% Since FY2008: 85.7%
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 GROWTH

GDP GROWTH 2015:
4%
a 3,000 percent increase. SCORE:
(Since FY2008)
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 Nigeria’s total market share
(excluding Mainland China) to continue to hover around 1% of the

85.7%
(FY 2013):
13,840 world total. HIGHER THAN THE
PROGRAM AVERAGE
HIGHER THAN THE

REGIONAL AVERAGE
EB-5 FDI
$21 Million
16
USD
(2008-2014)
+1500% • Lagos
• Kano
• Abuja
• Port Harcourt
• Abuja
• Lagos (IVC)
GROWTH • Ibaden (FY 2014)
(2008-2014)

SOUTH AFRICA GROWTH PATTERN OF THE DEMANDS FOR EB-5 PROGRAM BY
NUMBER I-526 APPROVALS: SOUTH AFRICA
Approvals Through Share* Approvals Through Share* Approvals Through Share* 16 100%
EB-5 EB-5 EB-5
67% 58%
$29.5 $20.5 $49.5 14
Africa* 59 2.07% 41 2.98% 99 4.25% 43% 40% 39% 45%
Million Million Million 25%
12 54% 20% 50% 60%
46%
South $11 $10 $22 33% 0% 0% 0% 39%
22 0.77% 20 1.45% 44 1.89% 25%
Africa* Million Million Million 10 13%
0% 0% 0%
*Excluding China 8
UHNWI
A
34
frica’s wealthiest country with a GDP of $724 billion in 2015 4
POPULATION: South Africa, has accounted for more than half of all I-526 ap- 2
639
provals since FY2009. Prior to FY2008 there were only 22 I-526 ap- 0
provals issued for South African EB-5 investors but that number in- Since FY2011:
51.2%
creased to 64 between FY2008 and FY2014, representing over a 200% FY1992 ‐2007: 25.3% Since FY2008: 74.4%
increase.
With South Africa continuing to struggle with government inefficiencies
South African GDP slowed to 1.5 percent in FY2014 as a result of per-

GROWTH and economic growth slow, we are likely to see interest in the EB-5 Pro-
vasive issues such as corruption and intensive labor market regula- SCORE: gram continue to rise.
GDP GROWTH 2015: tion, leading to high rates of unemployment 35. Despite recent set- (Since FY2008)
1.4%
74.4%
backs, South Africa has the largest number of Ultra High Net Worth
Individuals in Africa and remains one of the continent’s largest econo-
mies. The growth of both UHNWI’s and HNWI’s 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 LOWER THAN THE
IMMIGRANTS TO THE U.S. PROGRAM AVERAGE
(FY 2013): stable economies in Africa but high inflation and increasing government
2,629 debt among other factors have stalled South Africa’s GDP growth36.
HIGHER THAN THE
REGIONAL AVERAGE
17
+750%
GROWTH
$32 Million (2008-2014)
• Johannesburg • Pretoria • Pretoria
USD • Cape Town • Port Elizabeth • Johannesburg (IVC) I-526 PETITIONS APPROVED
(2008-2014)
• Durban (FY 2014)

INVESTOR MARKET
MAP IS NOW LIVE
ON IIUSA.ORG
In conjunction with the Investor Market Report IIUSA is
excited to launch our new Investor Market Map on IIUSA.
org. 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: $2,076,500,000
- Market Share: 86.37%
- Ranking: 1
- 1992 - 2014: $6,696,000,000

REFERENCES: 17. “The Wealth Report 2016.” Knight Frank
1. Office of Performance and Quality, U.S. Citizenship and 18. “2007 Assessment: Arab Republic of Egypt.” International
Immigration Services (IIUSA Obtained via Freedom of Monetary Fund. December 2007. Accessed March 6, 2016.
Information Act (FOIA). http://www.imf.org/external/pubs/ft/scr/2007/cr07380.pdf
2. “The Wealth Report 2016.” Knight Frank, Accessed March 19. “The Iran Primer.” United States Institute of Peace. August
1, 2016. http://content.knightfrank.com/research/83/ 2015. Accessed March 1, 2016. http://iranprimer.usip.org/
documents/en/wealth-report-2016-3579.pdf resource/us-sanctions
3. “The World Factbook.” The Central Intelligence Agency. 20. “Treaty Countries.” U.S. Department of State-Bureau of
Accessed March 15, 2016. https://www.cia.gov/library/ Consular Affairs. Accessed March 14, 2016. https://travel.
publications/resources/the-world-factbook/ state.gov/content/visas/en/fees/treaty.html
4. “2013 Yearbook of Immigration Statistics.” Department of 21. BIller, David. “Brazil’s Highs and Lows.” Bloomberg Quick Take.
Homeland Security-Office of Immigration Statistics. August March 17, 2016. Accessed March 17, 2016. http://www.
2014. Accessed March 2, 2016. https://www.dhs.gov/sites/ bloombergview.com/quicktake/brazils-highs-lows
default/files/publications/ois_yb_2013_0.pdf 22. “The Wealth Report 2016.” Knight Frank
5. “The World Factbook.” The Central Intelligence Agency 23. “The Wealth Report 2016.” Knight Frank
6. “USEmbassy.gov.” U.S. Department of State. Accessed March 24. Dreier, Hannah. “IMF: Venezuela Inflation to Surpass 700
10, 2015. http://www.usembassy.gov/ Percent.” Business Insider. January 22, 2016. Accessed
7. “The Wealth Report 2016.” Knight Frank, Accessed March 1, January 30, 2016. http://www.businessinsider.com/ap-imf-
2016. venezuela-inflation-to-surpass-700-percent-2016-1
8. “The World Factbook, Japan.” The Central Intelligence Agency. 25. “The World Factbook, Venezuela.” The Central Intelligence Founded in 2005, Invest in the USA (IIUSA) is the national
March 16, 2016. Accessed March 15, 2016. https://www.cia. Agency. March 15, 2016. Accessed March 15, 2016. https://
gov/library/publications/resources/the-world-factbook/geos/ www.cia.gov/library/publications/resources/the-world- membership-based 501(c)(6) not-for-profit industry
ja.html factbook/geos/ve.html
9. “The Wealth Report 2016.” Knight Frank 26. “The World Factbook, Russia.” The Central Intelligence trade association for the EB-5 Regional Center Program
Agency. March 14, 2016. Accessed March 15, 2016. https://
10. “The Wealth Report 2016.” Knight Frank www.cia.gov/library/publications/resources/the-world- (the “Program”). Our members account for well over 95%
11. “The Wealth Report 2016.” Knight Frank factbook/geos/rs.html
of capital formation and job creation in the U.S. resulting
12. Rkasnuam, Hataipreuk and Jeanne Batalove. “Vietnamese 27. Raether, Charles. “Emerging Markets Spotlight: Russia.
Immigrants in the United States.” Migration Policy Institute. Regional Center Business Journal. January 2016. IIUSA advocates for policies that will maximize economic
August 25, 2014. Accessed March 10, 2016. http://www. Accessed January 20, 2016. https://issuu.com/iiusa/docs/
migrationpolicy.org/article/vietnamese-immigrants-united- rcbj_2015-q3_final_web/1?e=10282575/30700988 benefit to the U.S. from the Program through advocacy,
states 28. “2013 Yearbook of Immigration Statistics.” Department of education, industry development, and research.
13. Mallet, Victor and Avantika Chilkoti. “India Rejects Homeland Security-Office of Immigration Statistics.
New Capital Controls in Effort to Calm Investors.” 29. Parnell, Stephen and Andrew Bartlett. “EB-5 Investor
Financial Times. August 22, 2013. Accessed February Visa.” BritishExpats.com. Accessed March 13, 2016. http://
28, 2016. http://www.ft.com/cms/s/fb326790- britishexpats.com/articles/usa/investor-visa/
0ae0-11e3-aeab-00144feabdc0,Authorised=false.
html?_i_location=http%3A%2F%2Fwww. 30. “2013 Yearbook of Immigration Statistics.” Department of
ft.com%2Fcms%2Fs%2F0%2Ffb326790-0ae0-11e3-aeab- Homeland Security-Office of Immigration Statistics.
00144feabdc0.html&_i_referer=&classification=condition 31. “Top Trading Partners-January 2016.” U.S. Census Bureau. www.iiusa.org
al_standard&iab=barrier-app#axzz42sy8oyoo January 2016. Accessed February 10, 2016. https://www.
14. “RBI Ups Limit Under Liberalised Remittance Scheme census.gov/foreign-trade/statistics/highlights/top/top1601yr.
to $250,000/Person in a Year.” The Economic Times. html
February 3, 2015. Accessed March 14, 2016. http://
info@iiusa.org
32. “The Wealth Report 2016.” Knight Frank
articles.economictimes.indiatimes.com/2015-02-03/
news/58751799_1_rbi-ups-remittance-scheme-crr 33. “The World Factbook, Nigeria.” The Central Intelligence
Agency. March 01, 2016. Accessed March 15, 2016. https://
15. Mallet, Victor and Avantika Chilkoti. “India Rejects www.cia.gov/library/publications/resources/the-world-
New Capital Controls in Effort to Calm Investors.” factbook/geos/ni.html
Financial Times. August 22, 2013. Accessed February
28, 2016. http://www.ft.com/cms/s/fb326790- 34. “The World Factbook, South Africa.” The Central Intelligence
0ae0-11e3-aeab-00144feabdc0,Authorised=false. Agency. March 01, 2016. Accessed March 15, 2016. https://
html?_i_location=http%3A%2F%2Fwww. www.cia.gov/library/publications/resources/the-world- Copyright © 2016
ft.com%2Fcms%2Fs%2F0%2Ffb326790-0ae0-11e3-aeab- factbook/geos/sf.html
00144feabdc0.html&_i_referer=&classification=condition 35. “The World Factbook, South Africa.” The Central Intelligence
al_standard&iab=barrier-app#axzz42sy8oyoo Agency
16. Satpayev, Dossym. “Corruption in Kazakhstan and the Quality of 36. “South Africa: Concluding Statement of an IMF Staff Visit.”
Governance.” Institute of Developing Economies-Japan External International Monetary Fund. June 23, 2015. Accessed March 15,
Trade Organization. August 2014. Accessed March 5, 2016. 2016. https://www.imf.org/external/np/ms/2015/062315.htm
http://www.ide.go.jp/English/Publish/Download/Dp/pdf/475.pdf
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EB-5 INVESTOR MARKETS REPORT

It has been an edifying process to explore the opportunities in emerging mar-

6• IIUSA.ORG IIUSA.ORG 7 • INTRODUCTION

SPONSORSHIP BENEFITS COST 12 MAINLAND CHINA

0 IIUSA EB‐5 Investor Markets Report

TOTAL NO. OF I-526 APPROVALS OF EB-5 3 Taiwan 59 1.22% 25.64%

the EB-5 Industry

the EB-5 Industry

10 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 11 • WORLD OVERVIEW

most significant growth in aggregate

number of I-526 approvals since the

Program’s inception in 1992 and is the

only region to have grown over time, however I-526 I-526

increased significantly since FY2008 we can see

mained the same the total volume of I-526 ap-

300 Latin America 441 2.2% 308 1.9% 251 1.9%

12 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 13 • WORLD OVERVIEW

I‐526 APPROVAL “MARKET SHARE” BY INVESTOR ORIGINS (GEO‐REGIONS)

Asia - Paci�ic North America

14 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 15 • WORLD OVERVIEW

16 • WORLD OVERVIEW IIUSA.ORG IIUSA.ORG 17 • CHINA

participation in the Program could be see a slowdown.

provals (excluding Mainland China) * Australia 13 10 76.9% 6 46.2%

from the beginning of the Program Burma 9 4 44.4% 3 33.3%

Investor Market Trends - Asia Pacific

• Australia • Japan • Singapore 350

• Burma • Laos • South Korea 300

• Fiji • New Zealand • Thailand 150 165

AVERAGE 220+ PER 128

• Hong Kong • North Korea • Vietnam 100 118 114

20 • ASIA PACIFIC IIUSA.ORG FY1992 FY1993 FY1994

Interest in EB-5 investment among Hong Kong investors is likely to remain

22 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 23 • ASIA PACIFIC

0.6% GDP growth in 20151, it remains a powerful economic force in the

IMMIGRANTS TO THE U.S.

educational opportunities similar to those in the United States ultimately

HIGHER THAN THE

24 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 25 • ASIA PACIFIC

26 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 27 • ASIA PACIFIC

$406 $42.5 $97.5 150 40.0% 24.0% 25.9%

world based on I-526 approvals in FY2014. While the market growth in

28 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 29 • ASIA PACIFIC

Asia-Pacific $939.5 $316.5 $444 60 9.2%

30 • ASIA PACIFIC IIUSA.ORG IIUSA.ORG 31 • ASIA PACIFIC

to see India may be on the brink of Afghanistan 9 4 44.4% 3 33.3%

Investor Market Trends - South/Central Asia

LOWER THAN THE 450

(Since FY2011) 200

AVERAGE 55+ PER 100

• Afghanistan • Kazakhstan • Pakistan

32 • SOUTH/CENTRAL ASIA IIUSA.ORG IIUSA.ORG 33 • SOUTH/CENTRAL ASIA

34 • SOUTH/CENTRAL ASIA IIUSA.ORG IIUSA.ORG 35 • SOUTH/CENTRAL ASIA

$1.5 $2.5 $7.5 6

36 • SOUTH/CENTRAL ASIA IIUSA.ORG IIUSA.ORG 37 • SOUTH/CENTRAL ASIA

Egypt generating 42 approvals since Morocco 8 2 25.0% 0 0.0%

Investor Market Trends - Middle East

LOWER THAN THE 400

PROGRAM AVERAGE 350

(Since FY2011) 150

• Egypt • Morocco • Libya AVERAGE 55+ PER 100

• Iraq • Syria • Palestine

HIGHER THAN THE

40 • MIDDLE EAST IIUSA.ORG IIUSA.ORG 41 • MIDDLE EAST