EB-5 Visa Guide: Green Card Through Investment

1. General Overview

The EB-5 Immigrant Investor Program offers foreign nationals the opportunity to obtain conditional lawful permanent residence in the United States, convertible to permanent status, by making a qualifying investment in a U.S. business that results in the creation of full-time employment for U.S. workers. Established by Congress in 1990, the EB-5 program is administered by U.S. Citizenship and Immigration Services (USCIS) and is designed to stimulate the U.S. economy through capital investment and job creation. Unlike traditional employment-based immigration options, the EB-5 visa does not require employer sponsorship. Instead, it allows eligible investors to obtain a green card through entrepreneurial activity and economic engagement.

The EB-5 program is particularly attractive for individuals seeking long-term stability in the United States without being tied to a specific employer or location. Investors may choose to invest either directly in a business that they manage or through a USCIS-designated Regional Center that facilitates investments in projects with broader economic impact. In either case, the investor must demonstrate that their capital is lawfully sourced, placed at risk for the purpose of generating a return, and capable of producing at least ten qualifying full-time jobs for U.S. workers.

In recent years, the EB-5 program has undergone significant legislative and regulatory reforms. Notably, the EB-5 Reform and Integrity Act of 2022 introduced heightened compliance requirements for Regional Centers, redefined targeted employment areas, imposed stricter standards for source of funds documentation, and created additional protections for investors. These changes have made it more important than ever for investors to consult experienced immigration counsel who can navigate the complexities of the program and ensure full compliance with all legal obligations.

Through this investor pathway, qualified individuals may ultimately obtain a permanent resident card for themselves, their spouses, and their unmarried children under the age of 21. After maintaining permanent resident status for five years, they may become eligible to apply for U.S. citizenship. The EB-5 program thus presents not only a means to participate in the U.S. economy but also a pathway to permanent settlement and eventual naturalization. For investors with global mobility, business interests, or educational aspirations for their children, the EB-5 visa represents a compelling opportunity to establish roots in the United States while contributing meaningfully to its economic development.

2. Benefits of the EB-5 Visa

The EB-5 visa offers a range of compelling benefits for foreign investors and their immediate family members, providing a unique path to lawful permanent residency in the United States. One of the primary advantages of the EB-5 program is that it grants green cards not only to the principal investor but also to the investor’s spouse and any unmarried children under the age of 21 at the time of filing. This inclusive approach enables families to immigrate together and begin building a life in the United States from the moment conditional residency is granted.

Unlike employment-based visa categories that require sponsorship by a U.S. employer and often limit the beneficiary’s mobility or professional autonomy, the EB-5 visa allows the investor to control their own immigration process. The investor is not dependent on a job offer or tied to a specific geographic location. Upon receiving a green card, the investor and their qualifying family members are free to live, work, and study anywhere in the United States, without restriction. This flexibility is particularly advantageous for those who wish to pursue entrepreneurial ventures, reside near specific educational institutions, or relocate based on personal or family preferences.

For families with school-aged children, the educational benefits of the EB-5 visa can be especially significant. Children who become lawful permanent residents through the EB-5 program may qualify for in-state tuition rates at public universities, resulting in substantial cost savings. Permanent residency can also increase access to scholarships, internships, and other academic opportunities that may not be available to nonimmigrant visa holders.

Another major benefit of the EB-5 program is the opportunity it provides to transition to U.S. citizenship. After maintaining lawful permanent resident status for five years and satisfying the physical presence and good moral character requirements, EB-5 green card holders may apply for naturalization. This long-term benefit is particularly appealing to investors seeking the full rights and responsibilities of U.S. citizenship, including the ability to vote, obtain a U.S. passport, and sponsor relatives for immigration benefits.

The program also offers flexibility in the choice of investment structure. Investors may either establish and operate their own direct business enterprise or participate in a project sponsored by a USCIS-designated Regional Center. While both options require the creation of at least ten qualifying full-time jobs for U.S. workers, they differ in terms of management responsibilities, evidentiary standards, and job creation methodologies. This flexibility allows investors to tailor their immigration and business strategies to their individual risk tolerance, experience, and long-term goals.

By combining permanent immigration benefits with entrepreneurial autonomy and economic engagement, the EB-5 visa continues to attract investors worldwide who are seeking not only financial opportunity but also long-term stability and family security in the United States.

3. Eligibility Requirements

The EB-5 Immigrant Investor Program sets forth specific legal and financial criteria that each applicant must satisfy in order to qualify for lawful permanent residency in the United States. At the center of the eligibility framework is the requirement that the investor make a capital investment in a new commercial enterprise that creates full-time employment for U.S. workers. As of 2025, the minimum investment amount is $1,050,000 for standard projects. However, this threshold is reduced to $800,000 for investments located within a Targeted Employment Area (TEA) or for projects designated as qualifying infrastructure developments. These investment levels are subject to inflation-based adjustments every five years under the EB-5 Reform and Integrity Act, and applicants must ensure that they rely on the correct threshold applicable at the time of filing.

In all cases, the capital must be invested into a new commercial enterprise that was established after November 29, 1990, or, if formed earlier, has undergone a substantial reorganization or expansion in accordance with applicable USCIS criteria. A “new commercial enterprise” refers to a lawful, for-profit entity organized under the laws of the United States, including but not limited to corporations, limited liability companies, partnerships, or joint ventures. Non-profit organizations do not qualify. The NCE must have been established after November 29, 1990, or meet certain restructuring/expansion criteria if created earlier. Moreover, the business must be actively engaged in ongoing commercial activity. Merely holding or acquiring passive investments such as undeveloped land or speculative real estate does not meet this requirement.

The invested capital must also be placed “at risk” for the purpose of generating a return. This requirement is interpreted strictly by USCIS and means that the investor must be exposed to a genuine risk of loss as well as the potential for profit. Arrangements that offer guaranteed returns or capital repayment, including secured debts or redemption agreements, are likely to be found noncompliant. USCIS will evaluate whether the funds have been irrevocably committed to the business and whether they are being used for job-creating purposes. The investor must also show that the capital is personal and under their control, and that it has been transferred to the enterprise or a properly structured escrow account pending I-526 or I-526E approval.

Another cornerstone of EB-5 eligibility is the job creation requirement. The investment must directly or indirectly lead to the creation of at least ten full-time positions for qualifying U.S. workers. These must be permanent jobs that require at least 35 hours of work per week and must be created within two years of the investor’s admission to the United States as a conditional permanent resident or, in cases of adjustment of status, within two years of I-526E approval. For direct investments, only jobs created by the enterprise itself qualify. In contrast, investments through a USCIS-approved Regional Center may count indirect or induced employment, provided that job creation projections are supported by reasonable economic modeling methodologies. In either case, jobs filled by the investor or their family members do not count toward the total.

Eligibility also depends heavily on the source of the investor’s funds. While there is no minimum income or net worth requirement under the EB-5 program, the investor must submit thorough documentation demonstrating that the capital was obtained through lawful means. This evidentiary burden includes showing both the origin of the funds and their path into the United States. Acceptable sources may include earnings from employment or business activity, proceeds from the sale of property, gifts from family members, inheritances, or secured loans where the investor is personally and primarily liable and the loan is secured by the investor’s personal assets. Supporting documentation may include tax returns, bank statements, property sale contracts, loan agreements, affidavits, and proof of wire transfers. USCIS closely scrutinizes any gaps or inconsistencies in the source and tracing of funds, and any perceived irregularity may result in a Request for Evidence or outright denial of the petition.

An additional requirement is that the investor must be involved in the management of the enterprise. This involvement may be demonstrated either through direct participation in day-to-day operations or through policy formulation responsibilities, such as those held by a limited partner or managing member in a limited liability company. Investors who choose the Regional Center route typically satisfy this requirement by assuming limited partnership rights as defined in the partnership agreement. This structure allows for a more passive role in the business, consistent with USCIS policy, while still meeting the legal definition of managerial involvement.

Importantly, the EB-5 program does not impose any educational, professional, or language requirements. Investors are not required to possess specific degrees, certifications, or levels of English proficiency. However, the complexity of the petition process and the high evidentiary standards require careful planning and experienced legal guidance. While the absence of educational or professional prerequisites enhances the accessibility of the program, the legal and procedural requirements remain rigorous.

By meeting the capital investment threshold, ensuring that the investment is lawfully sourced and at risk, participating in the management of the enterprise, and demonstrating the creation of ten full-time jobs for U.S. workers, the investor satisfies the core eligibility requirements of the EB-5 program. Given the detailed documentation and strategic decisions involved, it is strongly recommended that investors work closely with immigration counsel from the earliest stages of the process.

Summary of EB-5 Eligibility Requirements:

• Minimum investment of $1,050,000, or $800,000 for TEA or infrastructure projects (adjusted for inflation).
• Investment must be in a new commercial enterprise engaged in lawful, active business activity.
• Capital must be placed at risk with no guarantees of return or repayment.
• The investment must lead to the creation of at least 10 full-time, permanent jobs for U.S. workers within the required timeframe.
• Investors must demonstrate lawful source and path of funds with detailed documentation.
• Investors must engage in management of the enterprise, either actively or through a policy-making role.
• No education, professional experience, or English language requirement applies.

4. Key Concepts

A. New Commercial Enterprise (NCE)

A foundational element of the EB-5 program is the requirement that the investor place their capital into a “new commercial enterprise,” often referred to as an NCE. USCIS defines a new commercial enterprise as any for-profit activity formed for the ongoing conduct of lawful business. To qualify as “new,” the enterprise must have been established after November 29, 1990. If the business was formed on or before that date, it may still qualify if the investor can demonstrate that it has undergone a substantial reorganization or expansion, such as a significant increase in net worth or in the number of employees. Merely purchasing an existing business or investing in a passive asset, such as undeveloped land or rental property without active operations, does not meet the definition. The NCE may take various legal forms, including a sole proprietorship, partnership, corporation, or limited liability company, as long as it is structured to engage in lawful and active commercial activity. Nonprofit organizations do not qualify. USCIS closely evaluates the organizational structure and operational plans of the enterprise to ensure that it is legitimate, ongoing, and commercially viable.

B. Types of Qualifying Businesses

The EB-5 program does not restrict investors to specific industries, allowing for a wide range of qualifying businesses. Common examples include hotels, restaurants, real estate developments, manufacturing companies, medical facilities, logistics operations, and other ventures that create jobs and stimulate economic activity. The key factor is not the industry itself but whether the business plan supports the creation of at least ten qualifying full-time jobs for U.S. workers and whether the enterprise is structured in compliance with EB-5 requirements. In direct EB-5 investments, the jobs must be created within the business receiving the capital, and the business must have the operational capacity to support the required number of employees. In contrast, investments through Regional Centers may support projects that produce indirect or induced employment, such as construction-related developments or infrastructure projects. Regardless of the industry, the business must demonstrate commercial viability, job creation potential, and appropriate use of invested capital in a lawful and transparent manner.

C. Targeted Employment Areas (TEA)

A Targeted Employment Area, or TEA, is a geographic location that qualifies for a reduced investment threshold under the EB-5 program. As of 2025, the minimum investment required in a TEA is $800,000, compared to $1,050,000 for non-TEA areas. 

TEAs fall into two categories: rural areas and high-unemployment areas. A rural area is defined as any location outside of a metropolitan statistical area and outside the boundaries of any city or town with a population of 20,000 or more. A high-unemployment area, on the other hand, is one where the unemployment rate is at least 150 percent of the national average. Prior to the EB-5 Reform and Integrity Act of 2022, state governments played a role in designating TEAs. 

However, under current law, only USCIS has the authority to designate and certify TEA status, which ensures uniformity and minimizes the risk of manipulation. When investing in a TEA-based project, it is critical that the designation is valid at the time of filing the I-526 or I-526E petition. A proper TEA determination can significantly reduce the investor’s financial burden and expand the pool of viable project options, but the underlying job creation and other EB-5 requirements remain unchanged.

D. Regional Centers

Regional Centers are USCIS-designated economic entities that play a central role in facilitating EB-5 investments, particularly for foreign investors who prefer a more indirect and hands-off approach to business management. A Regional Center is defined under federal regulations as any public or private economic unit that is involved with promoting economic growth, improving regional productivity, increasing domestic capital investment, and creating jobs. 

These centers are approved by USCIS to sponsor specific investment projects and aggregate EB-5 capital from multiple investors to fund large-scale commercial ventures. The primary appeal of investing through a Regional Center lies in the manner in which job creation is calculated. Unlike direct EB-5 investments, which require the investor to create at least ten actual, direct, full-time jobs within the new commercial enterprise, Regional Center projects allow investors to count indirect and induced jobs. These jobs are projected using economic modeling tools such as the RIMS II or IMPLAN input-output models, which estimate the broader economic impact of the investment.

The flexibility offered by the Regional Center model can significantly reduce the evidentiary burden on investors. For example, construction jobs and jobs created by suppliers and service providers can count toward the job creation total, provided that the job creation model is based on credible assumptions and thoroughly documented. However, this flexibility is offset by increased regulatory scrutiny. In light of past fraud and mismanagement involving certain Regional Centers, Congress passed the EB-5 Reform and Integrity Act of 2022, which imposes stringent oversight mechanisms on all Regional Center operations. Under the new legal framework, Regional Centers must file detailed annual reports on each affiliated project, undergo third-party fund administration or audits, maintain separate accounts for EB-5 capital, and establish written policies and internal controls to ensure compliance with securities laws and USCIS regulations. Regional Centers must also register promoters and agents, disclose fees and marketing arrangements, and make all project documents available to investors in advance.

Importantly, not all previously approved Regional Centers retained their designations under the new integrity rules. Some were terminated or failed to reapply under the updated regulations. For this reason, prospective EB-5 investors must carefully verify whether the Regional Center sponsoring their chosen project is currently designated, in good standing, and in full compliance with the latest regulatory requirements. Investors are also advised to conduct independent due diligence on the financial viability of the project, the reputation and experience of the Regional Center, and the track record of successful I-526 and I-829 petition approvals. Legal counsel should review all offering documents, partnership agreements, and business plans to identify potential risks and ensure that the investment structure complies with EB-5 statutory and regulatory standards.

E. Direct vs. Regional Center Investments

EB-5 investors may choose between two distinct models of investment: the direct investment model and the Regional Center model. Each pathway offers different advantages and obligations, and the selection between them depends on the investor’s goals, resources, and desired level of engagement. In a direct investment, the foreign national invests capital into a business that they own or manage directly. This model requires that the investor assume a more active managerial role, such as participating in day-to-day operations or policy formulation. Job creation must be direct, meaning that the positions must be filled by actual employees on the business’s payroll. The investor must also provide direct evidence of employment, such as payroll records, IRS Forms W-2, and tax filings that demonstrate the ongoing employment of U.S. workers in qualifying roles.

Direct EB-5 investments are well-suited for entrepreneurs who intend to open or expand their own businesses in the United States and who wish to exercise full control over operations, hiring, and strategic direction. However, this model places the entire burden of job creation and business success on the investor. If the enterprise fails to meet the ten-job threshold within the required two-year period, the investor may lose their eligibility for removal of conditions and, ultimately, their permanent residency.

In contrast, the Regional Center model permits a more passive role for the investor. In this scenario, the investor typically becomes a limited partner in a larger investment project that is managed by the Regional Center or a project developer. Job creation is assessed using economic impact models rather than actual payroll data, and the investor’s role in the enterprise is typically limited to voting rights on major policy decisions. This structure can reduce the operational burden on the investor and provide access to large-scale infrastructure or commercial developments that would be difficult to undertake individually. However, Regional Center investments often entail higher levels of financial and regulatory risk due to the complexity of the projects, dependence on economic assumptions, and the investor’s limited ability to influence management or project execution.

In evaluating whether to pursue a direct or Regional Center investment, prospective EB-5 applicants must consider a range of factors, including their immigration timeline, business experience, risk appetite, investment goals, and willingness to assume managerial responsibilities. Both models are viable paths to permanent residency, but each carries distinct legal and practical implications that must be assessed with the guidance of experienced immigration counsel.

F. Job Creation Requirement

The requirement to create at least ten full-time jobs for qualifying U.S. workers is one of the most pivotal and rigorously scrutinized components of the EB-5 Immigrant Investor Program. Each investor must demonstrate that their investment will result, within a reasonable period of time, in the creation of no fewer than ten qualifying full-time positions for U.S. workers. This statutory mandate is central to the public policy objectives underlying the program, which is intended to stimulate economic growth and reduce unemployment through foreign capital investment.

A qualifying employee is defined as a U.S. citizen, lawful permanent resident, or other immigrant lawfully authorized to work in the United States, including asylees and refugees. Temporary visa holders, such as those in H-1B, L-1, or F-1 status, do not count toward the job creation requirement. Moreover, jobs filled by the EB-5 investor, the investor’s spouse, or children are categorically excluded from the count. To qualify as full-time, a position must require a minimum of 35 hours of work per week. Part-time jobs are expressly excluded from consideration, and employers may not combine multiple part-time positions to meet the full-time threshold.

In the context of a direct EB-5 investment, all ten jobs must be created within the commercial enterprise into which the investor has contributed capital. These jobs must be actual, identifiable positions for qualified employees, supported by payroll records, W-2 forms, quarterly tax filings, I-9 employment verification forms, and other documentation demonstrating bona fide employment. The investor must submit a comprehensive business plan including detailed hiring timelines, job descriptions, staffing projections, and evidence that the enterprise has the financial and operational capacity to employ the required personnel.

In contrast, investments made through a USCIS-designated Regional Center allow for a more flexible approach to job creation by permitting the use of indirect and induced employment metrics. Indirect jobs are those created outside of the new commercial enterprise but as a result of its activities, such as jobs generated in the supply chain or through service providers. Induced jobs arise from increased household spending by workers employed in the project. These forms of job creation must be supported by economic modeling using widely accepted input-output methodologies, such as RIMS II or IMPLAN. The Regional Center must submit a comprehensive economic impact analysis prepared by a qualified economist, supported by reasonable and verifiable assumptions about project spending, employment multipliers, and regional economic data.

USCIS evaluates job creation projections not only for their methodological rigor but also for their evidentiary reliability. Overly speculative projections, flawed multipliers, or unrealistic timelines may result in a Request for Evidence or denial of the petition. The economic model must be directly tied to the investor’s capital contribution and demonstrate that the requisite number of jobs will result from that specific investment. It is not sufficient to show that the overall project will create jobs; the investor must show a proportionate and traceable link between their capital and the job creation figures presented.

Timing is another critical element. The ten jobs must generally be created within two years of the investor’s admission to the United States as a conditional permanent resident. This timeframe is measured from the date of entry with the EB-5 visa or the date of adjustment of status. However, USCIS may allow for a “reasonable period” beyond the two-year window if delays are outside the investor’s control and the business plan and records show a high probability that job creation will occur imminently. Additionally, if jobs have not yet been created at the time of the I-829 petition to remove conditions, the investor may still prevail by demonstrating that the jobs will be created within a reasonable period thereafter. Nonetheless, this exception is narrowly construed, and the investor bears the burden of proof to establish that the business is operational and job creation is forthcoming.

Failure to satisfy the job creation requirement is a frequent basis for I-829 denials and, consequently, loss of conditional permanent resident status. If USCIS determines that the investor’s capital did not generate the required number of jobs, or that the jobs are impermissibly counted or inadequately documented, the petition will be denied, and the investor will fall out of status. This underscores the importance of careful business planning, ongoing documentation, and legal oversight throughout the investment cycle. Legal counsel should proactively monitor compliance with job creation benchmarks, ensure that updated records are retained throughout the sustainment period, and be prepared to respond to USCIS inquiries or audits.

Ultimately, job creation is not simply a statutory requirement; it is the cornerstone of the entire EB-5 program’s legitimacy. Investors, project developers, and legal advisors must collaborate from the outset to ensure that the proposed enterprise is designed to generate verifiable, qualifying employment in a manner that satisfies both the letter and spirit of the EB-5 statute.

G. Lawful Source of Funds

One of the most critical elements of an EB-5 petition is demonstrating that the investment capital was obtained through lawful means. USCIS places great emphasis on this requirement, as it serves to prevent money laundering, financial fraud, and other illicit activity. The burden of proof lies entirely with the investor, who must provide clear and credible documentation that establishes both the legal origin and the transfer pathway of the invested funds. This requirement applies not only to the principal amount invested but also to any administrative fees or ancillary contributions related to the investment.

Lawful sources of capital may include, but are not limited to, income from lawful employment, dividends or profits from business ownership, proceeds from the sale of real estate or other property, gifts from family members, inheritances, or loans secured by the investor’s personal assets. If the investment is derived from a gift, USCIS requires evidence of the donor’s lawful source of funds as well as an affidavit affirming the absence of repayment obligations. In cases involving loans, the investor must demonstrate that the loan is secured by personal assets and that the investor is personally and primarily liable for repayment. Loans that are secured by the assets of the new commercial enterprise itself are generally not acceptable unless the investor can prove that their own personal assets are at risk.

To meet this evidentiary standard, the investor must submit a comprehensive set of financial documents, which may include individual and corporate tax returns for multiple years, bank statements showing the accumulation and transfer of funds, pay stubs, employment contracts, property sale agreements, gift deeds, and loan contracts. Tracing the funds through financial institutions is essential. USCIS requires a clear and traceable flow of funds from the original source to the enterprise’s account. Breaks in the documentation trail or unexplained transactions can trigger Requests for Evidence (RFEs) or Notices of Intent to Deny (NOIDs), and in some cases, outright denial of the petition.

Foreign investors often face additional challenges when their financial records originate from jurisdictions with limited transparency, currency controls, or non-Western banking systems. In such cases, certified translations, official documentation of currency conversion, and third-party affidavits may be necessary to bridge evidentiary gaps. Inconsistent, incomplete, or unclear records are viewed unfavorably by USCIS, which applies a “preponderance of the evidence” standard, meaning that the evidence must demonstrate that the claim is more likely true than not. Given the complexity of tracing and documenting lawful funds, working with immigration counsel and, where necessary, financial or forensic accounting professionals is strongly recommended.

Failure to sufficiently document the lawful source and path of funds is among the leading causes of EB-5 petition denials. It is imperative that investors prepare this aspect of their application with precision, transparency, and exhaustive documentation. The integrity of the entire EB-5 process rests in part on USCIS’s confidence that the capital used to fuel U.S. job creation was lawfully obtained and responsibly deployed.

H. Capital and “At Risk” Requirement

The concept of “at risk” capital is a foundational principle in EB-5 adjudications. To comply with this requirement, the investor must demonstrate that their capital is subject to both the possibility of gain and the risk of loss during the entire period of conditional residency. The term “capital” includes cash, equipment, inventory, tangible property, and in certain cases, indebtedness secured by assets owned by the investor. However, capital must be personal to the investor and must be irrevocably committed to the new commercial enterprise. Funds that remain in escrow or are subject to withdrawal contingencies generally do not meet the “at risk” standard unless the escrow agreement specifically releases the funds upon the satisfaction of predetermined conditions, such as I-526 or I-526E petition approval.

USCIS will closely examine whether the investment constitutes a true commercial risk. The agency has repeatedly emphasized, including in policy memoranda, that the investor cannot be guaranteed a return of any portion of the investment or a predetermined rate of return. Any provisions that insulate the investor from risk, such as redemption clauses, reserve guarantees, fixed buyback rights, or loan agreements with guaranteed repayment, are disqualifying. Even agreements that allow an investor to sell their interest after the I-829 stage must be carefully reviewed to ensure they do not undermine the risk element prior to that point.

Most importantly, “at risk” does not mean reckless or speculative. The investment must be made with the intention of generating a return through the success of the business. Funds must be actively deployed for job-creating purposes within the enterprise, not merely held passively in a bank account or used to pay administrative costs. USCIS will evaluate business plans, operating agreements, financial projections, and escrow arrangements to determine whether the capital is actively engaged in commercial activity that has the potential to generate employment and profit.

The “sustainment period,” that is, the period during which the capital must remain invested and at risk, has been clarified by recent statutory reform and agency policy. Under the EB-5 Reform and Integrity Act of 2022, the investment must remain at risk for at least two years beginning on the date the investor becomes a conditional permanent resident. However, investors whose I-526 petitions were filed before the enactment of the 2022 Act may be subject to different interpretations depending on the filing date and the adjudication policies in effect at the time. USCIS has acknowledged that additional guidance may be issued to reconcile discrepancies in the sustainment period for pre and post reform petitions.

In sum, the at-risk requirement is a balancing test. The investment must involve meaningful exposure to commercial loss while still adhering to the parameters of a legitimate business transaction. Investors should ensure that all contractual documents reflect the required risk posture and avoid provisions that imply guaranteed returns, premature exit rights, or excessive protection from market forces. Immigration counsel must play a proactive role in reviewing and structuring the investment to meet this critical element of EB-5 compliance.

5. EB-5 Visa Process / How to File

The EB-5 visa process involves multiple legal, financial, and procedural steps that must be followed precisely to ensure compliance with U.S. immigration law. While the overall framework is consistent across cases, each petition must be tailored to the investor’s unique circumstances, the structure of the investment, and the evidentiary requirements imposed by USCIS. The process typically spans several years and involves three primary stages: (1) approval of the initial petition establishing eligibility; (2) admission to the United States as a conditional permanent resident; and (3) removal of the conditions on residence after the required investment and job creation criteria have been satisfied. Each stage carries its own legal requirements and documentary burdens, and errors or omissions at any point may jeopardize the outcome of the petition.

The first step in the process is to retain experienced immigration counsel. Due to the technical complexity of EB-5 law, evolving regulatory standards, and the evidentiary rigor required by USCIS, legal representation is essential from the outset. An immigration attorney assists not only with preparing and submitting the petitions but also with structuring the investment, conducting due diligence on the project or Regional Center, assembling source of funds documentation, and navigating post-filing issues such as Requests for Evidence (RFEs), Notices of Intent to Deny (NOIDs), and visa availability considerations. For investors planning to pursue U.S. residency for their families, counsel also assists with derivative filings and strategic planning to preserve dependent eligibility.

Once legal counsel is engaged, the investor must select an appropriate investment. This decision involves choosing between a direct investment, where the investor establishes or participates in managing their own commercial enterprise, and a Regional Center project, which allows for a more passive role and reliance on indirect job creation. Due diligence is critical at this stage. Investors should carefully evaluate the financial viability of the project, the credibility and compliance history of the Regional Center, the projected timeline for job creation, and the extent to which the offering documents meet USCIS regulatory standards. Legal review of the private placement memorandum (PPM), operating agreement, economic impact report, and escrow arrangement is essential to mitigate legal and financial risk.

After selecting the investment, the investor must legally transfer the required capital. Funds must be irrevocably committed and placed “at risk” within the new commercial enterprise, either directly or via a qualified escrow structure. At the same time, the investor must compile complete documentation establishing the lawful source and path of the invested capital. This includes tracing the funds from their origin, such as salary income, business earnings, real estate sales, or inheritance, through all intermediary accounts and into the final investment account. Proper documentation, including tax returns, bank records, and contracts, must be organized in a clear and comprehensive manner to withstand USCIS scrutiny.

The formal immigration process begins with the filing of Form I-526 or, in the case of a Regional Center investment, Form I-526E. This immigrant petition must be supported by an extensive evidentiary record, including proof of investment, source of funds documentation, a detailed business plan, job creation projections, and evidence of the investor’s role in the enterprise. USCIS adjudication of this petition can take several months to several years, depending on case complexity, country-specific visa backlogs, and agency workload. During this period, USCIS may issue RFEs or NOIDs, particularly where there are questions about the legitimacy of the investment, the feasibility of job creation, or the sufficiency of source of funds evidence.

Once the I-526 or I-526E petition is approved, the investor becomes eligible to obtain a two-year conditional green card. If the investor is outside the United States, this is done through consular processing, which involves submitting a visa application, completing biometrics and a medical examination, and attending an interview at a U.S. embassy or consulate. If the investor is already lawfully present in the United States in valid nonimmigrant status, they may apply for adjustment of status by filing Form I-485. In either scenario, the investor and qualifying dependents must pass background checks, meet admissibility requirements, and demonstrate continued eligibility for the visa category.

During the two-year conditional residency period, the investor must actively monitor the progress of the enterprise to ensure that the capital remains invested and at risk, and that the requisite job creation is on track. Investors should retain comprehensive records of the business’s financial and operational performance, including payroll documentation, tax filings, hiring records, and project updates. If the project deviates significantly from the original plan or encounters delays that may affect job creation, legal counsel should be consulted immediately to evaluate options and determine whether a material change must be disclosed to USCIS.

Within the 90-day window preceding the second anniversary of the investor’s admission as a conditional permanent resident, the investor must file Form I-829, Petition by Investor to Remove Conditions on Permanent Resident Status. This petition must be supported by evidence that the investment was sustained throughout the conditional period and that the required number of full-time jobs were created, or will be created within a reasonable period thereafter. In Regional Center cases, updated economic impact reports and project documents must demonstrate that the investor’s capital contributed proportionately to job creation. In direct investments, evidence must include actual payroll data and other employment records.

Approval of the I-829 petition results in the removal of conditions on the investor’s permanent residency, granting them and their eligible family members full green card status without conditions. This status permits indefinite residence and employment in the United States. After five years of continuous residence, measured from the date of initial admission or adjustment, the investor and qualified dependents may apply for U.S. citizenship, provided they meet the physical presence, good moral character, and English/civics testing requirements.

The EB-5 process, while complex and time-consuming, provides a clear and structured path from investment to permanent residence and eventual naturalization. Strategic planning, professional legal support, and thorough documentation are key to navigating each phase successfully and safeguarding the investor’s immigration and financial interests.

6. Processing Times and Backlogs

The EB-5 visa process involves multiple adjudication stages, each with its own processing timeline, and is significantly influenced by factors such as USCIS workload, petition complexity, and visa availability. The first major step is the adjudication of Form I-526 or I-526E, which typically takes between 12 and 36 months. Petitions involving complex source of funds issues or Regional Center affiliations may take longer, particularly if USCIS issues a Request for Evidence or Notice of Intent to Deny. Processing times have been variable in recent years and are subject to further delays depending on agency capacity and evolving adjudication policy.

Once the I-526 petition is approved, the investor may proceed with either adjustment of status (if lawfully present in the U.S.) or consular processing (if residing abroad). Adjustment of status via Form I-485 generally takes 12 to 18 months, while consular processing timelines can vary from six to twelve months, depending on the specific consulate and case circumstances. However, the ability to proceed with this step depends on visa availability under the Department of State’s Visa Bulletin, which allocates EB-5 visas by country and priority date. When demand exceeds the annual per-country cap, applicants from high-volume countries may experience visa retrogression, which delays the issuance of green cards even after petition approval.

Historically, applicants from China and India have been most affected by EB-5 visa backlogs. In response to these delays, the EB-5 Reform and Integrity Act of 2022 created new “set-aside” visa categories for rural projects, high-unemployment areas, and infrastructure investments. These reserved visas offer an opportunity for qualified investors from backlogged countries to bypass standard category delays, though set-aside availability is also limited and may become backlogged over time as demand increases.

After obtaining conditional permanent residency, investors must file Form I-829 to remove conditions within the 90-day window before the second anniversary of their green card issuance. I-829 petitions currently take 24 to 36 months for USCIS to adjudicate. During this period, the investor remains a conditional resident and may continue living and working in the U.S., with conditional status extended in two-year increments while the petition is pending.

Given the complexity of visa movement and processing times, investors must closely monitor the Visa Bulletin, especially if they or their dependents are subject to country-specific limitations or face “aging out” concerns. Legal counsel is essential in developing a strategy that accounts for retrogression risks, maintains eligibility for all family members, and aligns immigration planning with investment timelines.

7. Special Considerations

Although the EB-5 program has a defined legal structure, various unique circumstances may affect an investor’s eligibility or the success of the petition. One key issue arises when an investor seeks to use an existing U.S. business. While the program typically requires a new commercial enterprise, a business may qualify if it undergoes substantial restructuring or expansion. This generally means a 40 percent increase in net worth or employee count, supported by clear documentation.

Another frequent scenario involves investors already in the United States on an E-2 treaty investor visa. These individuals may pursue EB-5 classification by increasing their capital investment and ensuring that the business meets all applicable EB-5 requirements. This includes showing the lawful source of additional funds, meeting the required investment threshold, and creating at least ten full-time jobs. A successful transition from E-2 to EB-5 requires careful planning to maintain lawful status and satisfy both program standards.

Family-based considerations also require attention. Children under the age of 21 can be included as derivative beneficiaries. However, due to processing delays and visa backlogs, children may “age out” before the family receives permanent resident status. The Child Status Protection Act may preserve a child’s eligibility in some cases, but the calculation depends on multiple factors, including priority date movement. Legal counsel should review age-out risk early in the process.

Investors who need to spend extended time outside the United States after obtaining a green card must be cautious. Prolonged absences may be considered evidence of abandonment of permanent resident status. Applying for a reentry permit prior to leaving the country helps preserve lawful status and signals intent to maintain U.S. residency. This is particularly important for investors with overseas business obligations.

Lastly, investors must ensure compliance with the EB-5 sustainment period. Under the EB-5 Reform and Integrity Act of 2022, capital must remain invested and at risk for at least two years starting from the date conditional residency begins. Early return of capital or failure to deploy funds in a job-creating manner can result in denial of the Form I-829 petition. This requirement varies depending on when the I-526 was filed, so proper legal analysis is essential.

Addressing these special considerations from the outset helps mitigate risk and supports a stronger, more sustainable EB-5 immigration strategy.

8. Documentation Checklist

A well-prepared EB-5 petition must include clear and comprehensive documentation that establishes compliance with all statutory and regulatory requirements. USCIS expects a complete evidentiary record that supports the legitimacy of the investor, the business, the funds, and the job creation plan. Below is a categorized checklist outlining the key documentation typically required:

Investor Identity and Personal Records:

• Valid passport(s) for the primary investor and all derivative family members
• Birth certificate(s) for the investor, spouse, and children under 21
• Marriage certificate, if applicable
• Evidence of any legal name changes
• Resume or curriculum vitae detailing professional and educational background
• Educational records, such as diplomas or transcripts (especially for direct investors assuming management roles)
• Prior U.S. immigration documents or visas, if the investor has previously entered or resided in the United States

Source and Path of Funds Documentation:

• Personal and/or business tax returns for the last five years
• Bank statements showing accumulation and transfer of funds
• Employment records or contracts verifying salary or bonuses
• Documentation for sale of assets, such as real estate closing statements or share transfer agreements
• Gift letters, with evidence of donor’s lawful source of funds and non-repayment terms
• Loan agreements secured by personal assets, including collateral documents and proof of repayment terms
• Wire transfer receipts and bank records tracing funds from origin to investment account
• Currency conversion records and compliance documentation for funds transferred internationally

Investment and Capital Deployment Records:

• Escrow agreements or capital contribution statements
• Records of fund transfers into the new commercial enterprise
• Bank statements confirming the disbursement of funds for business use
• Contracts or invoices for goods, equipment, or services purchased by the enterprise
• General ledgers, balance sheets, or other financial documents reflecting investment usage

Job Creation Documentation (Primarily for I-829 Stage):

• Payroll records, IRS Forms W-2 and W-3
• Quarterly tax filings (IRS Forms 941)
• Employee I-9 forms verifying lawful work authorization
• Organizational charts and staffing schedules
• For Regional Center investors, updated economic reports showing indirect or induced job creation
• Evidence that the enterprise maintained full-time employment positions for at least ten qualifying U.S. workers

Proper presentation of this documentation is essential. USCIS adjudicators review each component in detail, and any inconsistency, gap, or ambiguity may trigger additional scrutiny or result in denial. A successful petition will include cross-referenced exhibits, a well-structured table of contents, and attorney prepared declarations that explain the purpose and relevance of each document. Legal counsel should ensure that the submission not only meets technical requirements but also tells a coherent and persuasive narrative aligned with the legal standards of the EB-5 program.

9. Common FAQs

What is the minimum investment required for the EB-5 visa?The minimum investment is $1,050,000, or $800,000 if the project qualifies as a Targeted Employment Area or infrastructure project. These thresholds are adjusted every five years for inflation.

What qualifies as a Targeted Employment Area (TEA)?
A TEA is a rural area or one with high unemployment. USCIS now designates TEAs directly, and the project must have a valid TEA designation at the time of filing.

Can I invest in an existing business?
Yes, but only if the business is substantially reorganized or expanded, generally by at least 40 percent in net worth or workforce. Simply purchasing a business is not sufficient.

Do I need to manage the business full-time?
No. You must engage in management either through daily operations or policy oversight. In Regional Center projects, limited partnership rights usually satisfy this requirement.

Is my investment guaranteed?
No. The capital must be at risk for both gain and loss. Any guarantees of return or repayment may lead to petition denial.

How long does the process take?
The full EB-5 process typically takes five to seven years. I-526 processing may take one to three years, followed by visa issuance or adjustment, and then the I-829 petition.

Are there visa backlogs?
Yes. Investors from countries with high demand, such as China and India may face delays. Reserved visas for rural, high-unemployment, and infrastructure projects may help reduce wait times.

Can I include my family?
Yes. Your spouse and unmarried children under 21 can receive green cards as derivatives. Age-out risks can occur, but some protection is available under the Child Status Protection Act.

Do I have to live near the project?
No. You may live, work, or study anywhere in the U.S., regardless of where your EB-5 investment is located.

Does EB-5 lead to citizenship?
Yes. After five years of permanent residency, you may apply for naturalization if you meet the eligibility requirements.

10. Conclusion

The EB-5 Immigrant Investor Program offers a unique pathway to U.S. permanent residency through capital investment and job creation. It combines the benefits of immigration, entrepreneurship, and long-term family security, making it an attractive option for individuals seeking to establish themselves in the United States. With the flexibility to invest in a wide range of industries, the ability to include family members in the application, and a clear route to citizenship, the EB-5 visa stands out among immigrant visa options.

However, the process is complex and subject to evolving regulations, detailed documentation requirements, and strict adjudication standards. Success depends not only on the investment itself but also on the strength of the legal strategy, the quality of supporting evidence, and adherence to all statutory and regulatory obligations. Errors in documentation, missteps in fund transfers, or inadequate job creation planning can result in delays or denials that may jeopardize both the immigration benefit and the invested capital. Prospective investors are strongly advised to work with experienced immigration counsel from the outset. Legal guidance is critical for evaluating projects, documenting lawful funds, responding to USCIS inquiries, and ensuring compliance through each stage, from the initial petition to the removal of conditions and eventual naturalization.

This article is for informational purposes only and does not constitute legal advice. For advice about your individual situation, consult a qualified U.S. immigration attorney. To explore your eligibility and discuss the best approach for your EB-5 investment, we are here to help you structure a compliant, strategic, and successful EB-5 immigration plan tailored to your goals.