USA EB-5 (Investor Visa – Green Card)

What is the EB-5 Immigrant Investor Program?

The EB-5 Immigrant Investor Program was established by the U.S. Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. It provides a method for eligible foreign nationals to obtain lawful permanent residency by investing in a “new commercial enterprise” in the United States. This investment must create or preserve a minimum of 10 full-time jobs for qualified U.S. workers. Investments can be made directly into a new commercial enterprise or through a USCIS-designated EB-5 Regional Center.

Purpose of the EB-5 Visa

The primary purpose of the EB-5 visa is to benefit the U.S. economy by:

• Attracting foreign capital investment: Bringing in funds from abroad to fuel economic growth.
• Creating and preserving jobs: Generating employment opportunities for U.S. workers, particularly in underserved areas.
• Promoting regional economic development: Many investments are channeled through Regional Centers to fund projects in targeted employment areas.

It’s important to note that the EB-5 program requires the investment funds to be “at-risk,” meaning there is an element of potential gain or loss, similar to any other investment.

Eligibility Criteria for the EB-5 Visa

To qualify for an EB-5 visa, applicants must meet several stringent criteria:

Investment in a New Commercial Enterprise

The investment must be made in a for-profit commercial enterprise established after November 29, 1990, or in a pre-existing business that is restructured, reorganized, or expanded to result in a 40% increase in net worth or employees.

Minimum Capital Investment

• $1,050,000 for investments not in a Targeted Employment Area (TEA).
• $800,000 for investments in a Targeted Employment Area (TEA). TEAs are typically rural areas or areas experiencing high unemployment (at least 150% of the national average).

Job Creation

The investment must lead to the creation of at least 10 full-time (35 hours per week) permanent jobs for qualifying U.S. workers within two years. For regional center investments, indirect and induced jobs may also count towards this requirement. Job sharing arrangements where two or more qualifying employees share a full-time position can count.

Lawful Source of Funds

Investors must provide clear and verifiable evidence that the invested capital was obtained through lawful means. This requires extensive documentation to trace the source and path of all funds.

Funds “At-Risk”

The invested capital must be subject to economic risk, with no guaranteed return or repayment. Funds should be actively deployed in the business, not simply held in an account.

Engagement in Management

The investor must play a role in the management of the new commercial enterprise, either through day-to-day managerial responsibilities or by exercising policy formulation. Passive investment is not permitted.

Application Process for the EB-5 Visa

The EB-5 visa application process involves several key steps:

1. Step 1: Select an EB-5 Project

   Investors choose between a direct investment in a new commercial enterprise or an investment through a USCIS-approved Regional Center. Regional Center projects are often preferred for their flexibility in job creation (including indirect and induced jobs) and less direct management involvement for the investor.

2. Step 2: Make the Investment

   The required capital is invested into the chosen commercial enterprise. Funds are often placed in an escrow account until the initial petition is approved.

3. Step 3: File Form I-526(E), Immigrant Petition by Alien Entrepreneur

   This is the primary petition filed with USCIS, demonstrating that the investment meets all EB-5 program requirements, including the source of funds and job creation plan. For regional center investments, Form I-526E is used.

4. Step 4: Await I-526(E) Approval and Apply for Conditional Green Card

   Once the I-526(E) petition is approved, the investor and their eligible family members can apply for conditional permanent residency.

   • For applicants outside the U.S.: Consular processing is required, which involves submitting Form DS-260 and attending an interview at a U.S. embassy or consulate in their home country.
   • For applicants already in the U.S.: They may file Form I-485, Application to Adjust Status, to change their non-immigrant status to conditional permanent resident. Concurrent filing of I-485 with I-526(E) is often possible, allowing applicants to obtain employment authorization (EAD) and advance parole (travel permit) while their I-526(E) is pending.

5. Step 5: Receive Conditional Green Card

   Upon approval, a 2-year conditional Green Card is issued. During this period, the investor must maintain their investment and ensure the required jobs are created.

6. Step 6: File Form I-829, Petition by Investor to Remove Conditions

   Approximately 90 days before the 2-year conditional Green Card expires, investors must file Form I-829. This petition demonstrates that all the conditions of the EB-5 program have been met, including the maintenance of the investment and the creation of the 10 full-time jobs.

7. Step 7: Receive Permanent Green Card

   Upon approval of Form I-829, the investor and their family members receive unconditional permanent residency.

8. Step 8: Apply for U.S. Citizenship (Optional)

   After five years of continuous permanent residency (including the 2-year conditional period) and meeting other eligibility criteria, investors may apply for U.S. citizenship through naturalization.

Benefits of the EB-5 Visa

The EB-5 Immigrant Investor Program offers a multitude of benefits for investors and their families:

• Pathway to U.S. Permanent Residency: The most significant advantage, leading to a Green Card for the investor, their spouse, and unmarried children under 21.
• Flexibility to Live and Work Anywhere in the U.S.: Unlike many other visas tied to a specific employer or location, EB-5 Green Card holders have the freedom to reside and work anywhere in the United States.
• Access to World-Class Education: Children of EB-5 investors can attend U.S. public schools and universities with potential access to in-state tuition fees, scholarships, and federal loans, significantly reducing educational costs compared to international student fees.
• Business Opportunities: The program allows investors to engage in various business ventures, start new businesses, or invest in existing ones.
• No Sponsorship Required: The self-petitioned nature of the EB-5 visa eliminates the need for an employer or family sponsor, providing greater independence.
• Travel Flexibility: Green Card holders can travel freely in and out of the U.S.
• Potential Return on Investment: While not guaranteed, the investment has the potential for financial returns.
• Pathway to U.S. Citizenship: A clear route to naturalization, offering all the rights and privileges of a U.S. citizen, including voting rights and greater global mobility with a U.S. passport.
• Protection for Dependents: The Child Status Protection Act (CSPA) can “freeze” the age of dependent children at the time of I-526(E) filing, preventing them from “aging out” before their Green Card is issued.

Recent Updates and Key Considerations for 2025

The EB-5 program has undergone significant changes with the EB-5 Reform and Integrity Act of 2022, which reauthorized the Regional Center Program until September 30, 2027, and introduced new integrity measures. Key considerations for 2025 include:

• Increased Investment Amounts: The minimum investment amounts were raised to the current $1,050,000 (standard) and $800,000 (TEA). Future adjustments will be tied to inflation every five years, with the first adjustment expected by January 1, 2027.
• Set-Aside Visas: A portion of EB-5 visas are “set aside” annually for investments in rural areas (20%), high-unemployment areas (10%), and infrastructure projects (2%). These set-aside visas offer faster processing times for applicants from countries with visa backlogs, as they are not subject to the same demand-based delays.
• Concurrent Filing: The ability to concurrently file Form I-526(E) and Form I-485 for eligible applicants already in the U.S., allowing them to obtain work authorization and travel parole more quickly.
• Integrity Measures: Enhanced oversight and auditing of Regional Centers and projects to protect investors and prevent fraud.
• Grandfathering Protection: Investors who file their I-526(E) petitions before September 30, 2026, are protected from future lapses in the EB-5 Regional Center Program, meaning their petitions will continue to be adjudicated.
• Visa Bulletin Movements: The August 2025 Visa Bulletin shows significant forward movement for the EB-5 category, particularly for China (nearly 2 years) and India (6.5 months), while “All Other Areas,” Mexico, and the Philippines remain current. This indicates improving wait times for some nationalities.
• “Gold Card” Discussion (Trump Administration): Recent discussions about a potential “Gold Card” program (a $5 million fee for permanent residency) have created some uncertainty. However, legal experts suggest it’s unlikely to easily replace the congressionally controlled EB-5 program without new legislation. The EB-5 program remains active and a viable option.

Tips for a Successful EB-5 Application

Navigating the EB-5 process requires meticulous preparation. Here are some tips for a successful application:

• Thorough Research: Understand the program’s requirements, investment options, and the specific details of any project you consider.
• Engage Experienced Legal Counsel: Work with a qualified immigration attorney specializing in EB-5. They can guide you through the complexities, ensure compliance, and prepare a strong petition.
• Prove Lawful Source of Funds: This is a critical and often challenging aspect. Gather comprehensive documentation to clearly demonstrate the legal origin and path of all your investment capital.
• Choose a Reputable Project: If opting for a Regional Center, select one with a proven track record, transparent operations, and a robust business plan.
• Understand Job Creation: Ensure the chosen project has a credible plan to create the required 10 full-time jobs.
• Maintain Your Investment: Be prepared to keep your capital “at-risk” for the required period, typically two years from the investment date for petitions filed after March 15, 2022.
• Stay Organized: Keep all your financial and personal documents meticulously organized throughout the multi-year process.
• Monitor Visa Bulletin: If you are from a retrogressed country, keep an eye on the monthly Visa Bulletin for updates on priority dates.

Final Thoughts

The USA EB-5 (Investor Visa – Green Card) program continues to be a compelling avenue for foreign investors seeking U.S. permanent residency. With the recent integrity enhancements and the potential for faster processing through set-aside visas, it remains an attractive option. However, given its complexity and the significant financial commitment, it is crucial to approach the process with diligence, expert guidance, and a thorough understanding of all requirements and recent updates.