EB-5 · Immigrant Investor
EB-5 trades a lawful $800,000 TEA or $1,050,000 non-TEA investment that creates 10 full-time jobs for US workers for a green card, using the 2022 RIA reserved categories and concurrent I-485 filing.
Last verified ·
Eligibility
Process
Evaluate the client situation to pick the best path: (1) Direct vs Regional Center — depends on management appetite, risk tolerance, and investment horizon; (2) TEA designation — whether the investment site is rural or high-unemployment, lowering the threshold to $800,000; (3) Priority-date planning — the RIA reserved categories (rural / high-unemployment / infrastructure) have their own queues, currently Current for most countries.
Duration · 1–4 weeks
This is the most critical and most complex part of EB-5. Build a complete lawful-source argument: (1) trace each origin (salary, business profits, property sale, stock proceeds, gift, inheritance); (2) track each transfer from origin to the investment account; (3) assemble 5+ years of tax returns, bank statements, property records, and corporate financials. If loan proceeds are used, the loan cannot be secured by the EB-5 project's own assets.
Duration · 4–12 weeks
Regional Center: confirm current USCIS designation status (post-RIA requires either re-designation or annual compliance filings). Assemble project docs: PPM, operating agreement, subscription agreement, economic analysis (RIMS II or IMPLAN). Direct: register or confirm the New Commercial Enterprise (NCE) structure.
If the project sits in a TEA: obtain a TEA designation letter from the state or USCIS. Prepare the job-creation plan — Direct must hire 10 full-time W-2 employees outright; Regional Center can count direct + indirect + induced jobs through the economic model. Provide a construction schedule and hiring timeline.
The single most important step. Organise lawful-source evidence by income category: (1) Salary — 5+ years of pay stubs, tax returns, bank statements; (2) Business profits — corporate financials, audit reports, dividend records; (3) Property sale — purchase contract, deed, sale contract, transfer records; (4) Stocks — brokerage statements and trade history; (5) Gift — gift agreement plus the donor's own source-of-funds package; (6) Inheritance — will, inheritance certificate, asset valuation. Every dollar must be traceable from origin to investment account.
Duration · 4–12 weeks
Evaluate options with your attorney: (1) Direct — you understand the industry, are willing to manage, and invest $1,050,000 ($800,000 if in a TEA); (2) Regional Center — passive investor, project-managed, $800,000–$1,050,000 plus administrative fees. Weigh historical approval rate, escrow arrangement, exit schedule, and developer financial strength.
Regional Center: verify the RC's USCIS designation and compliance history; review the PPM (Private Placement Memorandum), operating agreement, and subscription agreement; evaluate the job-creation economic model (typically RIMS II or IMPLAN); confirm the TEA designation is still valid; audit the developer's track record and the escrow arrangement. Direct: review the business plan's feasibility and the concrete hiring schedule for 10 full-time W-2 employees.
Duration · 2–4 weeks
Compile and file Form I-526E (the post-RIA replacement for the legacy I-526). Package: proof that funds are actually deployed and at risk, the full source-of-funds narrative, business plan (Direct) or project documents (Regional Center), job-creation economic model, TEA designation letter. If the client is in the US and the reserved-category priority date is Current, file I-485 + I-765 + I-131 concurrently.
Receive investor funds into the project account (often through an escrow first). Issue receipt confirmation, executed subscription agreement, and deployment plan. Funds must be at risk — any guarantee of return of capital or interest will fail USCIS's at-risk test.
When the investor files I-829, supply: job-creation proof (W-2s / payroll for Direct, updated economic analysis for RC), proof the investment was sustained, and a project progress report. Regional Centers also file annual compliance reports (Form I-956G).
Wire the investment to the designated project account. Sign the subscription / investment agreements. Retain every transfer artefact (wire confirmations, FX receipts, deposit acknowledgements). Accept that the funds are at risk — the investment can be entirely lost.
Hand the attorney every source-of-funds document and investment artefact. Read through the I-526E package and confirm the personal data and fund narrative match your actual record. If an RFE issues, cooperate fully on supplemental docs.
EB-5 RFEs are very common. The big four: (1) incomplete fund chain — supplement transfer evidence at every hop; (2) thin at-risk evidence — show the funds are actually deployed and that no guarantee-of-return language exists; (3) job-creation model challenged — supplement with updated economic analysis or construction-progress evidence; (4) business plan deficiencies (Direct) — revise and shore up the feasibility argument.
After I-526E approval: file I-485 in the US, or process through NVC abroad, for a 2-year conditional green card. Within the 90-day window before the conditional period ends, file I-829 to remove conditions — proving the investment remained at risk and that the 10 jobs were created or are being created. Approval converts the conditional card to a 10-year unconditional green card.
After I-829 approval, exit per the project agreement. Regional Center projects typically distribute and exit after a 5–7 year completion window, under the PPM terms. Direct projects exit by sale of shares or liquidation of the NCE.
After I-526E approval: in the US, file I-485 + I-765 + I-131; or abroad, process through NVC. Once the 2-year conditional green card issues, you and your derivatives (spouse + unmarried children under 21) can live and work in the US. Do not withdraw the investment, and do not stay outside the US for long stretches, during the conditional period.
File I-829 within the 90-day window before the conditional card expires. You must prove: (1) the investment stayed at risk and was not withdrawn; (2) 10 full-time jobs were created or are being created (Direct counts W-2 records; Regional Center submits an updated economic analysis). On approval the conditional card converts to a 10-year unconditional green card.
Documents
The post-RIA replacement for the legacy I-526. Filing fee $11,160 (includes the $1,000 Integrity Fund fee). Direct investment uses Form I-526.
Direct files a Matter-of-Ho compliant business plan; Regional Center files the PPM, operating agreement, and subscription agreement.
5+ years of tax returns, bank statements, property and stock transactions, gift agreements, and FX wire records — every dollar traceable to its origin.
Wire confirmations, escrow statements, and the executed subscription agreement — proof the capital is actually deployed and at risk.
Issued by the state or USCIS, certifying the project site as rural or high-unemployment — unlocks the $800,000 threshold and reserved-category visas.
Regional Center typically uses RIMS II or IMPLAN to count direct + indirect + induced jobs; Direct counts W-2 full-time employees one by one.
Can be filed concurrently with I-526E when the reserved-category priority date is Current. I-485 fee $1,440.
No filing fee when submitted with I-485. Once approved, the investor and derivatives can work and travel while the I-485 is pending.
Filed within 90 days before the conditional GC expires. Fee $9,525. Must prove the investment remained at risk and 10 full-time jobs were created.
Signed by your attorney of record. Omit if you self-file pro se.
Timeline
| Stage | Duration | What can go wrong |
|---|---|---|
| Source-of-funds assembly & investment close | 4–12 weeks | Source-of-funds is the #1 denial driver. Any dollar that cannot be traced to a lawful origin triggers an RFE or denial. Practitioner estimate: 50%+ of EB-5 cases receive at least one source-of-funds RFE. |
| File I-526E (and concurrent I-485 if reserved category is Current) | I-526E adjudication 12–24 months | Loan proceeds secured by the EB-5 project's own assets — fails the at-risk requirement. |
| Priority-date wait (unreserved category) | Reserved categories mostly Current; unreserved + China-born ~3–5 years | Child may age out during the wait — rely on CSPA calculation and RIA's age-freeze provision. |
| Conditional green card (2 years) | 2-year conditional period | A single absence over 6 months can put status at risk; withdrawing the investment during the conditional period kills the I-829. |
| File I-829 to remove conditions | Adjudication 12–24 months | Fewer than 10 jobs counted — Direct counts W-2s one by one and must hit 10; Regional Center must submit an updated economic analysis showing the jobs actually materialised. |
| Unconditional 10-year green card | Permanent residence | Maintain the green card: avoid extended absences, keep US tax residency and substantial ties. |
FAQ
Direct fits if you understand a specific US industry, are willing to play a real management role, and accept that all 10 jobs must be W-2 full-time hires counted one by one. Regional Center fits passive investors: you invest into a USCIS-designated project, the operator manages it, and indirect + induced jobs count via an economic model (RIMS II / IMPLAN). About 90%+ of EB-5 petitions historically choose Regional Center, mainly because hitting 10 direct W-2 hires inside the conditional period is harder than it looks. Direct is genuinely the right call when you already run an operating business in the US that needs growth capital.
The 2022 Reform and Integrity Act set aside three reserved-visa categories from each year's EB-5 allotment: 20% for rural projects, 10% for high-unemployment-area projects, and 2% for infrastructure projects. Each reserved category has its own visa queue, separate from the unreserved (legacy) category. For most countries — and notably for the historically backlogged China-born and India-born queues — the reserved categories currently show Current priority dates in the monthly DOS Visa Bulletin, while unreserved EB-5 for China-born applicants is roughly 3–5 years backlogged. That gap is the main reason post-RIA rural and high-unemployment TEA projects dominate new EB-5 filings.
Source of funds is the most heavily scrutinised piece of an EB-5 petition because INA §203(b)(5) explicitly requires the capital to be lawfully obtained, and USCIS interprets that as a complete, document-supported chain from earned income (or property sale, dividend, gift, inheritance, etc.) all the way to the investment account. Practitioner estimate: 50%+ of EB-5 cases receive at least one source-of-funds RFE, and source-of-funds gaps are by far the largest single denial driver. Realistic prep means 5+ years of tax returns, 5+ years of bank statements at every account that touched the funds, contemporaneous property or transaction records, and — for gifts — the donor's own full source-of-funds package. Vague affidavits do not survive RFE.
Country of birth (not citizenship or residence) sets the EB-5 queue. China-born applicants in the unreserved (legacy) category currently face roughly a 3–5 year priority-date wait per the monthly DOS Visa Bulletin, while the RIA reserved categories — rural, high-unemployment area, infrastructure — are Current for China-born applicants and have been since they were created. That is the central reason most China-born applicants filed in 2023–2026 chose a rural or high-unemployment TEA project: it lets them file I-526E and concurrent I-485 + EAD + AP from inside the US without the multi-year wait that hits the legacy category.
It depends on which stage you are in. (1) If I-526E is still pending and the project collapses, USCIS will likely deny I-526E because the investment cannot create the required jobs. (2) If I-526E is already approved but you have not yet received the green card, USCIS will assess whether the original at-risk + job-creation intent was bona fide at the time of filing. (3) If you already have the conditional green card and the project fails before I-829, the I-829 can be denied for failing the sustained-investment and job-creation requirements — though the RIA added some "good-faith investor" protections allowing redeployment to a different USCIS-approved project while preserving the original priority date. Recovery of the actual money depends entirely on the project documents — diligence at project selection is the only real risk control.
Yes — if you are physically in the US in a lawful status and the priority date for your category is Current. After RIA, concurrent filing of I-526E + I-485 + I-765 (EAD) + I-131 (Advance Parole) is permitted, and because the reserved categories are currently Current for most countries (including China-born and India-born applicants), this path is realistic for many new petitioners. The benefits are concrete: the EAD typically issues 3–5 months after I-485 receipt and lets you work for any employer; Advance Parole lets you travel; and your derivatives can do the same. The trade-off is that you must be in the US already and remain in a status that allows AOS — out-of-status applicants generally cannot use concurrent filing.
The Child Status Protection Act lets a child stay a derivative beneficiary past 21 by computing a "CSPA age" rather than the calendar age: USCIS subtracts the I-526E adjudication time from the child's age on the date a visa first becomes available. If the resulting CSPA age is under 21 and the child "seeks to acquire" the visa within one year of availability, they remain eligible. The RIA further strengthened the protection: for EB-5 cases, the child's age effectively freezes once I-526E is filed, smoothing the worst aging-out risk during long unreserved-category waits. The practical implication is that families with children close to 21 should file the I-526E as early as the source-of-funds package is defensible — every month before filing burns CSPA buffer.
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