EB-5 immigrant investor guide
The EB-5 Immigrant Investor Program lets a foreign investor apply for green cards for themselves, their spouse and unmarried children under 21 by investing the required amount of capital in a U.S. "new commercial enterprise" and creating at least 10 full-time jobs for U.S. workers. It doesn't require an employer sponsor, a degree, English or management experience, and the investor doesn't have to live where the business is located.
The costs are just as clear: the investment is large, the money must be at risk with no guaranteed return; the source of funds must be fully traceable to lawful sources; and the first card you receive is a two-year conditional green card. You then have to show that the investment and job requirements have been met before it can become a ten-year green card. For applicants born in mainland China, for example, the visa backlog is also something to plan for in advance.
Who it suits
- Investors with accumulated assets and a clear source of funds who want green cards for the whole family at once;
- People who don't qualify for extraordinary ability, a national interest waiver and similar categories, or who don't have a U.S. employer sponsor;
- People who don't want to, or can't, run a business in the U.S. themselves, and care more about status than investment returns (they usually choose regional center projects);
- People with business experience who plan to start or expand their own business in the U.S. and can directly employ 10 workers (direct investment may fit);
- Families whose children are approaching 21 and want to secure their derivative status early (this has to be calculated case by case under the Child Status Protection Act).
Key concepts and requirements
1. New commercial enterprise (NCE)
The investor must put the funds into a for-profit, lawfully operating U.S. business entity, which can be a corporation, limited liability company, partnership or other form. Generally, it must be a business established after November 29, 1990, or an older business that has been restructured, or expanded so that its net worth or number of employees increases by 40% or more. The investor must hold an equity or partnership interest in the business; simply lending it money doesn't count.
2. Required investment amounts and targeted employment areas (TEAs)
| Where you invest | Minimum investment (current) |
|---|---|
| Standard area | $1,050,000 |
| Targeted Employment Area (TEA): a rural area or a high-unemployment area | $800,000 |
These amounts were set by the EB-5 Reform and Integrity Act of 2022, which also provides for periodic inflation adjustments (the first statutory adjustment is due January 1, 2027, and every five years after that). Which amount applies when you file depends on what is currently published on the official USCIS page.
There are two kinds of TEA: rural areas (outside a metropolitan statistical area and outside the boundary of any city or town with a population of 20,000 or more) and high-unemployment areas (areas with unemployment of at least 150% of the national average). Since the reform act, TEA designations are made by the Department of Homeland Security (USCIS) rather than through state designation letters, and there are tighter limits on how census tracts can be combined to form a high-unemployment area. Any TEA status a project claims should be verified by an attorney before you file.
3. The capital must be "at risk"
The investment must genuinely bear business risk. Guaranteed buybacks, guaranteed fixed returns, or the right to redeem at any time are usually treated as debt rather than investment, and lead to denial. The funds also need to stay invested for the period the law requires; the specific sustainment period and redeployment rules follow the USCIS Policy Manual.
4. 10 full-time jobs
Each investor must create at least 10 full-time positions (at least 35 hours a week) for qualifying U.S. workers. The investor and their spouse and children don't count. Qualifying workers generally means U.S. citizens, green card holders and other immigrants authorized to work (such as refugees and asylees); they do not include holders of nonimmigrant visas such as H-1B, or the EB-5 investor and their spouse and children. How jobs are counted depends on the investment model (see the next section).
5. Lawful source and path of funds
The investor must prove that the investment came from a lawful source (the administrative fee charged by regional center projects usually also needs its source explained) and fully document the path the money took from its original source to the U.S. business. For applicants from China, for example, this is the part that takes longest to prepare and is most likely to draw a request for evidence. See Proving EB-5 source and path of funds.
Direct investment or regional center
| Comparison | Direct investment (standalone) | Regional center |
|---|---|---|
| Petition form | I-526 | I-526E |
| Job counting | Only employees directly hired by the new commercial enterprise (or its wholly owned subsidiaries) count, proven with payroll, W-2s and similar records | Indirect and induced jobs can be counted using economic models, supported by an economic report |
| Investor's role | Usually involved in managing the business personally | Usually a limited partner with less involvement |
| Control | The investor controls the business and bears its risks and rewards | Depends on the management and compliance of the project developer and the regional center |
| Who it suits | People with business experience who plan to run a real business in the U.S. | People whose main goal is status and who don't plan to run the business themselves |
The Regional Center Program requires authorization from Congress. Under the 2022 reform act, it is currently authorized through September 30, 2027; whether it continues after that depends on legislation. The act's grandfathering provision only protects I-526E petitions filed on or before September 30, 2026. Petitions filed after that date no longer have this protection and could be affected if the program lapses without being reauthorized by Congress. Before filing, check the latest legislation and USCIS announcements.
Choosing a regional center project means handing your money to a third party to manage. We review the project documents from a legal perspective, for example the basis for the TEA designation, whether the capital structure meets the "at risk" requirement, the job creation report, exit terms and the developer's disclosures. The commercial merits and returns of the project itself are an investment judgment for you or your financial advisor to make.
Main changes under the EB-5 Reform and Integrity Act of 2022
- Investment amounts: raised to the current $1,050,000 / $800,000, with periodic inflation adjustments.
- Set-asides: of the annual EB-5 visas, 20% are reserved for investors in rural projects, 10% for high-unemployment areas and 2% for infrastructure projects. Set-aside and unreserved visas have separate cutoff dates, which matters a great deal for investors from backlogged countries.
- Priority processing for rural projects: the law requires USCIS to prioritize petitions for rural projects.
- Concurrent I-485 filing in the U.S.: investors in the U.S. who are eligible to adjust status can, if a visa is available in their category when they file (the Visa Bulletin shows it as current), file an I-485 adjustment application at the same time as the I-526 / I-526E, and apply for a work permit and a reentry permit.
- TEA designation: moved to the Department of Homeland Security.
- Regional center integrity measures: an annual regional center integrity fee, project audits, disclosure requirements and sanctions for violators were added.
- Source of funds: the act expressly requires investors to prove the lawful source of funds, and sets documentation requirements for gifted and borrowed funds.
The process
- Assessment and planning: confirm that the source of funds can be fully documented, choose direct investment or a regional center, decide whether a set-aside applies, and calculate the children's ages.
- Organize the source of funds and transfers: gather evidence and lawfully transfer the funds to the U.S. in a traceable way.
- Invest and file I-526 or I-526E: once the funds are in the new commercial enterprise (or the project's escrow account), file with USCIS; if eligible, file I-485 at the same time.
- Wait for a visa number and approval: after the I-526/I-526E is approved and the priority date is current, applicants abroad obtain an immigrant visa through the National Visa Center (NVC) and a consular interview, and applicants in the U.S. adjust status through I-485.
- Receive a two-year conditional green card: counted from the date you enter on the immigrant visa or your I-485 is approved.
- File I-829 to remove conditions: file within the 90 days before the conditional green card's two-year anniversary, showing that the investment was sustained and the jobs were created or will be created within a reasonable time. Once approved, you receive a ten-year green card.
For the cutoff dates in each category, see the monthly Visa Bulletin published by the U.S. Department of State; for how to read it, see How to read the Visa Bulletin. Note that EB-5 charges backlogs by country of birth, and set-aside and unreserved categories have separate cutoff dates.
Documents you'll usually need
- The new commercial enterprise's formation documents, ownership structure, and subscription or limited partnership agreement;
- Bank records of the investment going into the business or escrow account;
- Evidence of the source of funds (income, business earnings, property sales, gifts, loans, inheritance and so on) and the complete path of funds;
- The investor's recent tax records;
- Direct investment: a compliant business plan and hiring plan; regional center: project documents, the economic analysis report and the basis for the TEA designation;
- Civil documents for the investor and family, such as identity, marriage and birth certificates and police certificates (for translation requirements, see Translation requirements for immigration documents).
Timing and costs
Government filing fees for I-526, I-526E and I-829 have changed in recent years, and regional center investors also pay the administrative fee charged by the project. Processing times vary widely; rely on what is currently published on the USCIS processing times page and the USCIS fees page. For an overview, see Immigration filing fees and processing times.
Spouses and children
- The investor's spouse and unmarried children under 21 receive conditional green cards as derivative applicants, with no additional investment.
- Family members' conditions are generally removed together with the investor's I-829.
- If a child turns 21 while waiting, whether they can keep child status under the Child Status Protection Act (CSPA) has to be calculated case by case from the filing date, approval date and visa backlog. It's best to work this out before you invest.
- Once they have green cards, family members can work and study lawfully in the U.S.
Common mistakes and reasons for denial
- Gaps in the source-of-funds evidence: for example, no records of income from years ago, or money moved through several relatives' and friends' accounts with no clear explanation.
- Exchanging currency through other people or unclear channels: the path of funds can't be proven, and in serious cases this can damage the applicant's credibility.
- Investment not at risk: the agreement contains guaranteed returns, buybacks or redemption arrangements.
- Problems with the investment amount or TEA designation: for example, investing $800,000 in a project whose location doesn't actually meet TEA standards.
- Not enough jobs in a direct investment: fewer than 10 employees by the I-829 stage, or employees who don't meet the full-time or qualifying-worker requirements.
- Focusing on status and ignoring the project: a failed project can hurt both your money and your I-829.
EB-5 compared with other options
| Option | Green card? | Main requirements |
|---|---|---|
| EB-5 | Yes (conditional green card first) | Required investment amount, source of funds, job creation |
| E-2 | No, nonimmigrant visa | Treaty-country nationality, substantial investment, running the business yourself |
| EB-1C | Yes | Multinational manager or executive; the U.S. company has operated for at least one year |
| EB-1A / NIW | Yes | Individual achievement, or an endeavor of substantial importance to the U.S. |
Common questions
Can I use a loan for the investment?
You can use a loan secured by your own assets for which you are personally liable, but you have to prove the lawful source of the collateral. A loan secured by the new commercial enterprise's assets doesn't count toward the investment.
Can money gifted by my parents be used for EB-5?
Yes. But you need to prove the gift is genuine (with a gift letter and so on) and that the donor's funds came from a lawful source, which in effect means preparing a source-of-funds case for the donor too.
I'm in the U.S. on F-1 or H-1B. Can I file I-485 at the same time?
If you have maintained lawful status in the U.S. and have no record of status violations or unauthorized employment (EB-5 doesn't get the 245(k) exemption available to some employment-based categories), and your category is current when you file, you can generally file I-485 concurrently. It depends on your status history and that month's Visa Bulletin, and each point needs to be checked before filing.
When do I get my investment back?
The law doesn't guarantee a return of capital. For regional center projects, the exit timing is set by the project documents and limited by the rules on how long the funds must stay invested; for direct investment, it depends on how the business itself performs.
Do I have to live where the business is after I get my conditional green card?
No. But as a green card holder, the U.S. must be your permanent residence, and long stays abroad can raise questions of abandoning residence.
Do you recommend regional center projects?
We don't sell or recommend specific investment projects, and we don't take commissions from developers. We can review the documents of the project you choose from a legal perspective, and handle the I-526E, I-485 or consular processing, and the I-829.
Related reading
- Proving EB-5 source and path of funds
- How to read the Visa Bulletin
- E-2 investor visa
- Adjustment of status (I-485)
Considering EB-5? Book an attorney assessment. We'll first work out whether your source of funds can be fully documented and which investment model and visa category fit you, before we talk about choosing a project.
This article is general information and is not legal advice. Laws and policies can change; rely on the latest official information and on an attorney's advice for your specific situation.