The EB-5 Program
Permanent residency through investment.
The Employment-Based Fifth Preference (EB-5) Immigrant Investor Program — administered by USCIS since 1990.
Overview
What is EB-5?
USCIS administers the EB-5 Program. Under this program, investors (and their spouses and unmarried children under 21) are eligible to apply for lawful permanent residence (become a Green Card holder) if they:
- Make the necessary investment in a commercial enterprise in the United States; and
- Plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program, which sets aside EB-5 visas for participants who invest in commercial enterprises associated with regional centers approved by USCIS based on proposals for promoting economic growth.
A Targeted Employment Area (TEA) is a geographical area that is considered rural or has an unemployment rate of at least 1.5 times the national average. Investments made in TEAs qualify for a reduced minimum investment amount compared to non-TEAs.
Minimum Capital Investment — EB-5 RIA 2022
Per the EB-5 Reform & Integrity Act of 2022 (EB-5 RIA 2022). The reformed Regional Center Program is authorized through September 30, 2027.
EB-5 Visa Categories — RIA 2022
Unreserved
Investors & families investing in non-TEA projects; investors & families invested before the EB-5 RIA 2022 was passed.
10% set aside — High Unemployment
Investors & families investing in qualified High Unemployment TEA projects.
20% set aside — Rural
Investors & families investing in qualified Rural TEA projects.
2% set aside — Infrastructure
Investors & families investing in qualified Infrastructure projects.
Regional Center EB-5
Advantages of the Regional Center program.
Compared with direct EB-5, the Regional Center route offers a more passive path — professional management, pooled investment, and indirect job creation.
01
Passive Investment
Regional Center EB-5 allows investors to participate in projects managed by experienced professionals, offering a more passive investment approach compared to the direct program.
02
Job Creation Flexibility
Regional Center projects often use indirect job creation calculations, providing more flexibility in meeting the EB-5 job creation requirements, which can be challenging in the direct program.
03
Diverse Project Options
Investors in Regional Centers can choose from a variety of pre-approved projects, ranging from real estate developments to infrastructure projects, providing a broader range of investment options.
04
Risk Mitigation
Regional Center projects may distribute risk across multiple investors and industries, potentially reducing the impact of unforeseen challenges on individual investors compared to direct investments.
05
Geographic Flexibility
Regional Centers typically have greater access to resources, industry networks, and market data, allowing them to more readily identify and structure projects located in Targeted Employment Areas (TEAs), which may qualify for lower investment thresholds.
06
Limited Management Responsibility
Regional Center investors are not actively involved in day-to-day management, allowing them to focus on immigration goals without the need for direct business oversight.
07
Easier Adjudication
Regional Center projects often have a more established track record, potentially leading to smoother adjudication processes with U.S. Citizenship and Immigration Services (USCIS) compared to individually managed businesses.
The EB-5 Process
Step by step, from investment to permanent Green Card.
The path differs depending on whether you file your petition from outside the U.S. or from inside the U.S. through concurrent filing.
Filing from outside the U.S.
- 01
Choose an EB-5 project & retain an EB-5 attorney.
- 02
Prepare documents for filing & sign investment contracts.
- 03
Make investment & pay required fees.
- 04
Attorney to file I-526E petition.
- 05
USCIS approves I-526E petition; investor schedules visa appointment at the U.S. consulate.
- 06
Investor enters the U.S. with the visa issued & receives Conditional Green Card.
- 07
90 days before the Conditional Green Card expires, attorney to file I-829 petition to remove conditions.
- 08
Conditional Green Card expires.
- 09
USCIS approves I-829 & issues Permanent Green Card.
Filing from inside the U.S. (Concurrent Filing)
- 01
Choose an EB-5 project & retain an EB-5 attorney.
- 02
Prepare documents for filing & sign investment contracts.
- 03
Make investment & pay required fees.
- 04
Attorney to file I-526E petition along with the Adjustment of Status package, which includes form I-485, I-765 and I-131.
- 05
USCIS approves I-765 & I-131, issues EAD card & Advance Parole (or Combo Card).
- 06
USCIS approves I-526E.
- 07
USCIS approves I-485 for Adjustment of Status & issues Conditional Green Card.
- 08
90 days before the Conditional Green Card expires, attorney to file I-829 petition to remove conditions.
- 09
Conditional Green Card expires.
- 10
USCIS approves I-829 & issues Permanent Green Card.
Concurrent filing allows investors who are already in the U.S., and their dependents, to simultaneously submit their Form I-526E and Form I-485 along with Form I-765 — enabling them to legally live, study, work in the U.S. and re-enter the U.S. through EAD cards and Advance Parole documents while their I-526E petition is processed.
EB-5 Forms
Key USCIS forms and filing fees.
Review the forms filed at each stage of the EB-5 journey. Filing fees shown as of April 1st, 2024.
I-526E
Conditional Green Card
“Immigrant Petition by Regional Center Investor”
An investor pooling their investment with one or more qualified immigrants participating in the EB-5 Regional Center Program uses this form to petition USCIS for status as an immigrant to the U.S. under section 203(b)(5)(E) of the Immigration and Nationality Act (INA), as amended.
Investor must send an additional $1,000, per the EB-5 Reform and Integrity Act of 2022. This additional amount does not apply to an amendment request.
I-485
Concurrent Filing — Adjustment of Status package
“Application to Register Permanent Residence or Adjust Status”
Use this form to apply for lawful permanent resident status if you are in the United States.
I-765
EAD card
“Application for Employment Authorization”
Certain noncitizens who are in the United States may file Form I-765, Application for Employment Authorization, to request an Employment Authorization Document (EAD).
I-131
Advance Parole
“Application for Travel Document”
Use this form to apply for an advance parole document. If you leave the United States without an advance parole document that is valid for the entire time you are outside the United States, USCIS will consider your Form I-131 abandoned.
I-829
Permanent Green Card
“Petition by Investor to Remove Conditions on Permanent Resident Status”
Use this form if you are a conditional permanent resident who obtained status through a qualifying investment and want to remove the conditions on your residence.
A biometric services fee of $85 is also required for the petitioner, as well as any current spouse, former conditional permanent resident spouse, or conditional permanent resident children between 14 and 79 years of age who are included on the petition.
(*) Filing fee as of April 1st, 2024.
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