The EB-5 Immigrant Investor Program, explained

EB-5 is the fifth employment-based preference category in U.S. immigration law, which is where the name comes from. Congress created it to encourage economic activity in the United States: foreign investors bring capital into a U.S. business, that business creates jobs for U.S. workers, and in return the investor may become eligible for permanent residence. The category receives 7.1% of the worldwide employment-based immigrant visas available each year.

Unlike most employment-based categories, EB-5 does not require a U.S. employer to sponsor the applicant, a particular level of education, or English-language ability. What it does require is a sizeable investment of lawfully obtained funds, placed at risk in a business that meets job-creation rules, and careful documentation of all of it. The program is administered by U.S. Citizenship and Immigration Services (USCIS), with the U.S. Department of State handling immigrant visas for applicants abroad.

The current framework was substantially revised by the EB-5 Reform and Integrity Act of 2022, which took effect on March 15, 2022. Many older articles online describe rules that no longer apply, so it is worth checking the date of anything you read.

For petitions filed on or after March 15, 2022, the standard minimum investment is $1,050,000. A reduced minimum of $800,000 applies when the investment is in a targeted employment area (TEA) or a qualifying infrastructure project, as those terms are defined in the statute.

Targeted employment area (TEA)

An area that qualifies either as rural or as a high-unemployment area. Since the 2022 Act, USCIS, rather than state governments, makes TEA determinations.

Rural area

An area outside a metropolitan statistical area and outside the boundary of any city or town with a population of 20,000 or more.

High-unemployment area

A location, measured by one or more census tracts, with unemployment at least 150% of the national average unemployment rate.

Infrastructure project

A specific type of regional center project defined in the statute. Whether a project qualifies is a legal question that should be confirmed with a qualified U.S. immigration attorney.

The minimum is a floor, not the total cost. Investors should also budget for government filing fees, legal fees, any offering or administrative fees charged by a project, and currency transfer costs. USCIS fees change from time to time; the current schedule is on the USCIS fee page (opens in a new tab).

Two requirements sit at the heart of every EB-5 case. First, the investment must be at risk: the money must be placed in the business for the purpose of generating a return, with a genuine possibility of loss. An arrangement that guarantees the investor a return, or guarantees that the capital will be paid back, is generally not permitted. Second, the investment must generally create at least 10 full-time positions (35 or more hours per week) for qualifying employees.

The investor must also show that the funds came from a lawful source. This is often the most document-intensive part of a case, and it is covered in detail on our source of funds page. The full set of rules is explained in EB-5 requirements.

There are two ways to structure an EB-5 investment. In a direct (standalone) investment, the investor puts capital into a new commercial enterprise, often one they help run, and that business must create the jobs itself. In a regional center investment, the investor puts capital into a new commercial enterprise associated with a regional center: an economic unit that USCIS has designated to participate in the Regional Center Program.

USCIS designation of a regional center (Form I-956) and USCIS approval of a particular project application (Form I-956F) relate to immigration eligibility. Neither one is a judgement about the investment's merits, financial strength or safety.

The statute protects regional center petitions filed on or before September 30, 2026 from being affected by a future lapse in the program. Whether the program is reauthorized beyond September 30, 2027 is up to Congress. Read more about regional center program authorization and choosing between the two paths.

Each fiscal year, part of the EB-5 visa allocation is reserved: 20% for investments in rural areas, 10% for high-unemployment areas and 2% for infrastructure projects. Reserved visas that go unused carry over in the same category for one more fiscal year before becoming available to the unreserved category.

Per-country limits also apply, so applicants born in countries with high demand, such as China and India, may face waiting periods in the unreserved category. Reserved categories have their own availability, which is reported in the monthly Visa Bulletin. See reserved visa categories and how to read the Visa Bulletin.

A single qualifying investment may cover the investor's spouse and unmarried children under 21, who may obtain status as derivative family members. Because a child's age can matter at several points in the process, families with older children should seek legal advice early. See planning for children and age and our page for families.

A successful EB-5 applicant first receives conditional permanent residence, valid for 2 years. During the 90 days before the second anniversary of becoming a conditional resident, the investor files Form I-829 to remove the conditions, showing that the investment was sustained and the job-creation requirement was met. If USCIS approves the I-829, the investor and included family members may receive permanent residence without conditions.

The full sequence, from planning to removal of conditions, is laid out in the EB-5 process.

• It does not guarantee a green card. Each petition is decided on its own evidence, and petitions can be denied at more than one stage.
• It is not a savings product or deposit. The capital must be at risk. Projects can underperform or fail, and investors can lose some or all of their money.
• It does not guarantee a timeline. Processing and visa availability vary. See current USCIS processing times (opens in a new tab).
• It is not a passive purchase of status. Investors carry ongoing responsibilities, including keeping the investment at risk and filing to remove conditions.

If you are early in your research, these pages go deeper on each part of the program:

• EB-5 requirements: the qualifying investment, job creation and TEA rules in detail.
• The EB-5 process: each stage from planning to removal of conditions.
• Source of funds: how investors document where their money came from.
• EB-5 projects: structured information about projects, presented for education and comparison.

When you are ready to discuss your own situation, you can request a consultation to be connected with appropriate qualified professionals. EB5 Circle is an education platform and does not provide legal, investment or tax advice.