Guide to the EB-5 Visa

TL;DR

• The EB-5 is an employment-based fifth preference immigrant visa that grants a U.S. green card to foreign nationals who invest qualifying capital in a U.S. business that creates at least 10 full-time jobs for U.S. workers.

• The minimum investment is $800,000 for projects in a Targeted Employment Area (TEA) or an eligible infrastructure project, and $1,050,000 for all other projects. These amounts are set by the EB-5 Reform and Integrity Act of 2022 and are not expected to change before 2027.

• Investors can invest directly in a business they manage, or passively through a USCIS-approved regional center. Most investors use the regional center route.

• The 2022 Reform and Integrity Act created visa set-asides for rural, high-unemployment, and infrastructure projects. These categories currently have no backlog for most countries, including India and China, making them the fastest route to an EB-5 green card.

• The Regional Center Program is authorized through September 30, 2027. Investors who file by September 30, 2026 are grandfathered under current rules.

• The EB-5 process results in a conditional two-year green card first, followed by a petition to remove conditions once investment and job creation requirements are verified.

What Is the EB-5 Visa?

The EB-5 Immigrant Investor Program was created by Congress in 1990 to stimulate the U.S. economy through capital investment and job creation by foreign nationals. 

It offers one of the few pathways to a U.S. green card that is not tied to an employer, a specific profession, or an extraordinary level of professional achievement. 

The qualifying requirement is financial: invest a specified amount of capital in a U.S. business that creates qualifying jobs, and USCIS will classify you as eligible for permanent residence.

The program is administered by USCIS and was significantly restructured by the EB-5 Reform and Integrity Act (RIA), signed into law on March 15, 2022, as part of the Consolidated Appropriations Act, 2022. The RIA introduced new investment thresholds, visa set-asides for certain project types, enhanced integrity measures for regional centers, and a reauthorization of the Regional Center Program through September 30, 2027.

Unlike EB-1, EB-2, or EB-3, the EB-5 requires no job offer, no employer sponsor, no labor certification, and no demonstration of professional credentials or academic achievement. The pathway is open to any investor who can meet the capital requirements and document a lawful source of funds.

Core Requirements for All EB-5 Investors

Every EB-5 petition, regardless of the investment pathway chosen, must satisfy the following requirements:

• Investment in a new commercial enterprise (NCE). The investment must be made into a for-profit organization formed in the United States for the ongoing conduct of lawful business. The NCE must have been established after November 29, 1990, or have been purchased or restructured in a qualifying manner after that date. Per the USCIS official page, eligible business structures include sole proprietorships, partnerships, holding companies, joint ventures, corporations, business trusts, and limited liability companies.
  
  

• The required minimum capital amount. The investment amount depends on the location of the project:

  • $800,000 for projects in a Targeted Employment Area (TEA) or an eligible infrastructure project

  • $1,050,000 for all other projects

These thresholds were established by the RIA and are not expected to change before 2027. Per Gozel Law's analysis of the statute, future increases are tied to inflation on a five-year cycle, with the next adjustment expected after the program's current authorization period ends.

• The capital must be "at risk." The investment cannot be guaranteed against loss. USCIS and a 2025 federal court ruling confirmed that funds must remain at risk for at least two years. The investor cannot have a side agreement guaranteeing a return of capital regardless of the business's performance.

• Job creation of at least 10 full-time positions. The investment must create or preserve at least 10 full-time positions (minimum 35 hours per week) for qualifying employees. A qualifying employee is a U.S. citizen, lawful permanent resident, or other immigrant authorized to work in the United States. The investor, the investor's family members, and nonimmigrant visa holders (such as H-1B visa) do not count toward this requirement.

• Lawful source of funds. USCIS scrutinizes how the investment capital was obtained. Every dollar invested must be traced to a lawful source, including employment income, business ownership, asset sales, inheritance, or loans secured by the investor's own assets. Documentation typically includes tax returns, bank statements, property sale agreements, business records, and loan documentation. This is consistently the most complex part of an EB-5 petition to prepare and the most common trigger for Requests for Evidence.

Two Investment Pathways: Direct vs Regional Center

EB-5 investors choose between two pathways. The choice determines the petition form used, the type of job creation that counts, and the investor's level of ongoing involvement.

Direct Investment

A direct investment involves investing directly in a specific U.S. business that the investor manages or has a policy-making role in.

The investment creates jobs directly, meaning the new commercial enterprise itself must be the employer of the qualifying workers. Indirect or induced job creation does not count for direct investments.

Direct investments are filed using Form I-526 (Immigrant Petition by Standalone Investor). They require a higher level of investor involvement and more detailed documentation of the business operations.

Processing times for direct investment petitions are generally longer than for regional center petitions, currently averaging approximately 27 months according to published USCIS data. The direct pathway suits investors who want operational involvement in their investment and can identify a specific U.S. business opportunity.

Regional Center Investment

A regional center is a USCIS-designated entity that pools EB-5 capital from multiple investors and channels it into qualifying projects, typically large-scale real estate or infrastructure developments. Investors in regional center projects are passive; they do not need to manage the business.

The most significant advantage of the regional center route is that both direct and indirect job creation count toward the 10-job requirement. Up to 90% of the job creation requirement may be satisfied through indirect jobs, which are jobs held outside the NCE but created as a result of its economic activity. This makes the job creation requirement substantially easier to satisfy for large construction and development projects.

Regional center investments are filed using Form I-526E (Immigrant Petition by Regional Center Investor). Processing times are shorter than direct investment petitions, particularly for set-aside categories.

Targeted Employment Areas and Visa Set-Asides

One of the most strategically important features of the post-RIA EB-5 program is the system of visa set-asides tied to project location. Understanding this system is essential for any investor evaluating the program.

What Is a Targeted Employment Area?

A Targeted Employment Area is a project location that meets one of two definitions:

• Rural TEA: Located outside a metropolitan statistical area (MSA) and in an area with a population of fewer than 20,000 according to the most recent U.S. Census.

• High-unemployment TEA: Located in a census tract, or combination of contiguous census tracts, where the weighted average unemployment rate is at least 150% of the national average unemployment rate. Under the RIA, only DHS may designate a high-unemployment TEA. State governments can no longer make this designation, which was a significant change from prior practice that had allowed gerrymandered TEA boundaries.

• Infrastructure TEA: An investment in a project operated by or for a governmental entity and that is a transportation, potable water, power, or other public infrastructure project.

All three TEA types qualify for the reduced $800,000 investment threshold and for visa set-asides.

How Visa Set-Asides Work

Per the RIA and confirmed by the Congressional Research Service, the following annual visa set-asides apply:

• 20% of annual EB-5 visas are reserved for investors in rural TEA projects

• 10% of annual EB-5 visas are reserved for investors in high-unemployment area projects

• 2% of annual EB-5 visas are reserved for investors in infrastructure projects

These set-aside pools do not share their visa allocations with the general (unreserved) EB-5 pool. This means that even investors born in countries with severe backlogs in the unreserved category (such as China and India) can access these reserved visas without waiting in the same queue as the broader investor population.

As of mid-2025, all three set-aside categories remained current with no cutoff dates, meaning no wait for visa availability regardless of country of birth. 

The unreserved category, by contrast, had substantial backlogs for China (estimated at 9 to 10 years for those who entered the queue in prior years) and India (estimated at 5 to 6 years). Investors from these countries who choose rural TEA projects can bypass those backlogs entirely.

Rural TEA projects also benefit from priority processing for the I-526E petition, resulting in significantly faster adjudication times compared to urban TEA or non-TEA projects.

The EB-5 Application Process: Step by Step

The EB-5 process unfolds in distinct stages. The total timeline from initial investment to permanent green card typically spans three to six years, depending on project type, country of birth, and USCIS processing conditions.

• Step 1: Select a project and make the investment. Investors who choose the regional center route must identify a USCIS-approved regional center and a specific qualifying project. Due diligence on the project, the regional center's track record, and the source of funds documentation is assembled at this stage. Immigration attorneys typically review the offering documents and project compliance before the investor commits funds.

• Step 2: File Form I-526 or Form I-526E. This is the foundational immigration petition submitted to USCIS. The petition establishes that the investor has made a qualifying investment from a lawful source of funds and that the project meets EB-5 requirements. The date USCIS receives this petition becomes the investor's priority date, which determines their place in line for visa availability.

  
  

• Step 3: Adjustment of status or consular processing. Once the I-526/I-526E is approved and a visa number is available, the investor proceeds to the green card stage. Investors already in the United States on a valid nonimmigrant visa may file Form I-485 (Application to Register Permanent Residence or Adjust Status) to remain in the country during this stage. Investors outside the United States complete consular processing at a U.S. embassy or consulate.
  
  Investors in set-aside categories who are already in the U.S. may be able to file I-526E and I-485 concurrently if their priority date is current. Concurrent filing unlocks early access to an Employment Authorization Document (EAD) and Advance Parole (travel document), typically issued within two to six months of filing.

• Step 4: Conditional green card. Approved investors and their immediate family members (spouse and unmarried children under 21) receive conditional permanent resident status for a two-year period. This conditional green card carries the same rights as a permanent green card: the investor can live, work, and travel freely in the United States.

• Step 5: File Form I-829. Within the 90-day window before the two-year conditional period expires, the investor files Form I-829 (Petition by Investor to Remove Conditions on Permanent Resident Status). This petition demonstrates that:

  • The required investment was made and sustained for the required period

  • The investment created at least 10 qualifying full-time jobs

Once I-829 is approved, the investor and family members receive unconditional permanent resident cards. The investor remains a lawful permanent resident while I-829 is pending. After five years of permanent residency (including the conditional period), the investor may apply for U.S. citizenship if they choose.

Processing times as of 2025 to 2026:

• Rural TEA I-526E: approximately 6 to 12 months; some rural projects have seen approvals within 5 to 7 months

• Non-rural regional center I-526E: 18 to 36 months or longer

• Direct investment I-526: approximately 24 months or longer

Key Differences: Direct vs Regional Center

Source of Funds: The Most Common Petition Challenge

Source of funds documentation is consistently the area where EB-5 petitions face the most scrutiny and the highest rate of Requests for Evidence. 

USCIS requires investors to trace the lawful origin of every dollar contributed to the investment, including the administrative fees paid to the regional center.

The documentation required depends on how the funds were earned or accumulated. Common sources and their documentation requirements include:

• Employment income: Tax returns, pay stubs, employer letters, and bank records showing the accumulation of funds over time.

• Business ownership: Business tax returns, financial statements, ownership documentation, and records showing how distributions or sale proceeds were generated.

• Asset sales (real estate, securities, businesses): Sale agreements, closing documents, transfer records, and bank statements showing receipt of proceeds.

• Loans secured by the investor's assets: Loan documentation showing the investor's assets secure the loan, confirmation that the investor is personally liable, and evidence that the assets pledged were themselves lawfully acquired.

• Gifts or inheritance: Gift letters, inheritance documentation, and records tracing the lawful source of the funds to the original owner.

The entire investment amount, including administrative fees paid to the regional center, must be accounted for and traceable to lawful sources. USCIS does not require proof of a specific net worth threshold, but the documentation must leave no unexplained gaps in the money trail.

Important Dates and Deadlines

• Regional Center Program authorization: The Regional Center Program is currently authorized through September 30, 2027, under the EB-5 Reform and Integrity Act. If Congress does not reauthorize the program before that date, regional center investments would cease to be available for new petitions. However, investors who file I-526E petitions on or before September 30, 2026 are grandfathered under the existing rules and would continue to have their cases processed under current requirements even if the program lapses or investment amounts increase.

• PERM certification expiration: Unlike EB-2 and EB-3, EB-5 requires no PERM labor certification. The 180-day PERM expiration rule that applies to other categories is not relevant to EB-5.

• I-829 filing window: Form I-829 must be filed within the 90-day period before the two-year conditional green card expires. Filing late or allowing the conditional card to expire without filing creates serious complications.

EB-5 vs Other Employment-Based Green Card Categories

Fees

EB-5 fees were affected by a November 2025 court order that partially stayed the April 2024 USCIS fee rule for certain EB-5 forms, reverting some fees to pre-April 1, 2024 levels. Always verify current fees at uscis.gov/g-1055 before filing. 

As of early 2026, the government fees associated with the EB-5 process include the I-526 or I-526E petition fee, the I-485 adjustment of status fee (if filing in the U.S.), and the I-829 fee to remove conditions. 

Additional costs outside of government fees include regional center administrative fees (typically ranging from $50,000 to $70,000 or more depending on the project), immigration attorney fees, and costs associated with source of funds documentation preparation.

Frequently Asked Questions

Who qualifies for an EB-5 visa?

Any foreign national who can invest the required capital from a lawful source in a qualifying U.S. business that creates at least 10 full-time jobs for U.S. workers may qualify. 

There is no requirement for a specific profession, academic background, age, language ability, or prior U.S. ties. The key qualifications are financial: the ability to invest the required amount and document that the funds were lawfully obtained.

What is the difference between a rural TEA and a high-unemployment TEA?

A rural TEA is located outside a metropolitan statistical area and has a population under 20,000. A high-unemployment TEA is located in a census tract or combination of contiguous census tracts where the weighted average unemployment rate is at least 150% of the national average. 

Both qualify for the $800,000 investment threshold and for visa set-asides, but rural TEA projects also receive priority processing for I-526E petitions, resulting in faster adjudication.

Can my family members get green cards through my EB-5 petition?

Yes. The principal investor's spouse and unmarried children under 21 are eligible to receive conditional green cards as derivative beneficiaries. 

They are included in the investor's petition and go through the same stages of the process. When the investor files I-829 to remove conditions, the family members' conditions are removed at the same time.

What is the difference between Form I-526 and Form I-526E?

Form I-526 is used by standalone investors making a direct investment in a business they actively manage.

Form I-526E is used by investors investing through a USCIS-approved regional center in a passive capacity. The regional center route (I-526E) allows indirect job creation to count and generally results in faster processing times, particularly for rural TEA projects.

Do I need to live in the United States while my petition is pending?

No. Investors may remain outside the United States while their I-526 or I-526E is pending. However, investors who are already in the U.S. on a valid nonimmigrant visa can benefit from concurrent filing of I-526E and I-485, which unlocks early work authorization and travel documents.

What happens if the investment fails to create the required jobs?

If the investment fails to create 10 qualifying full-time jobs by the time the investor files Form I-829, USCIS may deny the I-829 petition and terminate the investor's conditional permanent resident status. 

This is one of the most significant risks of the EB-5 program. Careful due diligence on project viability, job creation projections, and the track record of the regional center is essential before committing funds.

Is the EB-5 investment guaranteed to be returned?

No. The investment must be genuinely at risk to qualify for EB-5. Any side agreement that guarantees a return of capital regardless of business performance could disqualify the investment. 

Most regional center projects are structured as limited partnerships or limited liability companies where the investor's return depends on the project's financial performance. Some investors do eventually receive a return of principal after the required sustainment period, but this is a function of the project's success, not a program guarantee.

How does the EB-5 visa compare to the proposed "Gold Card" visa?

The Trump administration proposed a "Gold Card" visa in early 2025 requiring a $1 million investment. As of April 2026, that proposal remains preliminary with no implementing legislation enacted. 

The EB-5 program remains the active and operational pathway for investor-based permanent residence in the United States. Any investor considering the EB-5 should not delay filings while waiting for the Gold Card proposal to materialize, particularly given the September 30, 2026 grandfathering deadline for Regional Center Program investments.

This article is intended for general informational purposes only and does not constitute legal advice. Immigration requirements, fees, program authorization status, and investment thresholds are subject to change. Always verify current USCIS requirements at uscis.gov before filing. For guidance specific to your situation, consult a licensed immigration attorney and conduct thorough due diligence on any investment project before committing funds.