The EB-5 visa of the United States of America is one of the direct routes for obtaining American green cards through investments. The U.S. Congress launched the EB-5 program in 1990 as part of the Immigration Act of 1990, aimed at stimulating the economy by attracting foreign capital and creating employment for American citizens.
Every year, the American authorities reserve 10,000 EB-5 visas. However, actual availability exceeds this limit due to the transfer of unused seats from other categories. At the same time, demand significantly exceeds supply. Especially from applicants from China and India. As of the beginning of 2025, 9,878 petitions have been submitted, which almost corresponds to the annual quota.
Immigration and Nationality Act 203(b)(5) is the main legal framework that sets the parameters of the program. The main requirements of the act are to invest in new enterprises, create 10 jobs for American citizens, and comply with the requirements for proof of origin of funds.
Advantages of the US Investor visa
- Access to the residence for the whole family. The visa program allows you to get green cards not only for investors, but also for their closest relatives.
- Lack of educational requirements and language skills. EB-5 (unlike H-1B or L-1 visas) does not require education, experience, or language proficiency.
- Geographical flexibility. Investors are not limited in choosing a state to live in and invest in. Permit holders can participate in projects in any region (including rural areas).
- Long-term economic prospects. After 5 years of residency, program participants can apply for U.S. citizenship.
- Access to social and medical programs. Green card holders are eligible to participate in Medicare and Social Security after fulfilling their work experience conditions.
- Reducing risks through government regulation. The 2022 reform tightened control over regional centers, obliging them to make annual contributions to the Integrity Fund to verify projects. Due to this, the level of fraud in the field has decreased.
Investment options
Over the 30 years of its existence, the mechanism has attracted tens of billions of dollars of investment into the US economy and created hundreds of thousands of jobs. However, the procedure for obtaining the status requires careful planning and compliance with strict requirements, which have changed dramatically since the reform in 2022. There are currently 2 main options.
Direct investments
Direct capital investment involves the creation or purchase of a commercial enterprise with the active participation of the investor in management. According to the requirements of the US Citizenship and Immigration Services (USCIS), the minimum threshold is:
- $1,050,000 for standard projects;
- $800,000 for targeted employment areas (TEA) – rural areas or territories with unemployment above 150% of the national average.
In 2024, only 17% of the approved applications accounted for direct investments. Low popularity is associated with the need for personal control over business processes and the risks of non-fulfillment of employment quotas. Typical areas are the restaurant business, franchises, and technology startups.
Regional centers
Investing through USCIS-approved regional centers remains the most popular option. This is 83% of the approved petitions in 2024. The minimum amounts correspond to direct investments ($800,000 for TEA, $1,050,000 for the rest). However, the employment requirements of the local population have been relaxed.
Regional centers combine the capital of several investors, directing it into large projects (construction of infrastructure, residential complexes or industrial facilities). Investors act as limited partners without participating in operational management. The return of capital occurs 5-7 years after the completion of projects.
Minimum investment volume and preservation conditions
The EB-5 program sets 2 levels of investment:
- $1,050,000 for standard projects;
- $800,000 for targeted employment areas (TEA), which include rural areas or areas with unemployment above 150% of the national average.
After the reform in 2022, these amounts are indexed every 5 years, taking into account inflation. The next adjustment is scheduled for 2027. In 2024, 68% of investors chose the TEA preferential category, allocating $6.2 billion to infrastructure and housing development.
Investments must remain in the project for at least 2 years from the date of receiving a conditional green card (CPR status). It is important to note that this period is calculated not from the date of investment, but from the beginning of residency. For applicants from countries with quotas (China, India), the period may stretch up to 10-12 years due to queues.
Premature withdrawal of funds before the completion of CPR leads to cancellation of status and deportation. The exception is the early completion of the initial project. In this case, the funds are transferred to a new facility without stopping the countdown.
After successful approval of the I-829 petition, the investor has the right to return the invested funds. The average repayment period is 5-7 years from the date of the I-526 application, but varies depending on the type of project.
Additional expenses and taxes
In addition to the investment capital, participants in the EB-5 program make mandatory payments to the US budget. Starting from April 1, 2024, the fee for reviewing the I-526E petition is $11,160 for regional centers and direct investors. An application for removal of residency conditions (I-829) will cost $9,525. For family applicants, $85 is added for the biometric data of each family member over the age of 14.
The administrative costs of regional centers range from $30,000 to $60,000 (legal support and audit of projects). All applicants over the age of 15 are required to undergo a medical examination by USCIS accredited doctors. The cost of laboratory tests is $250–$650. Vaccination adds $100–$300 (depending on the region). Insurance policies covering the bankruptcy risks of projects cost $2,000–$5,000 annually.
Holders of green cards are subject to taxation of global income. Income from all sources must be declared. Legal support costs $20,000–$50,000 (depending on the complexity of the case). Document translation and apostillation add $1,000–$3,000. Applicants from China and India, among other things, pay a consular fee of $325–$345 for processing visa applications.
Tax consequences of obtaining a US investor visa
Holders of green cards through EB-5 are automatically recognized as U.S. tax residents. According to IRS Publication 519, a resident is required to declare all sources of income (both domestically and abroad). The rule applies regardless of the time spent in the United States. Even when living abroad, the submission of Form 1040 remains mandatory.
Requirements for the applicant and family members
The EB-5 visa program imposes clear conditions on participants: age from 18 years, no criminal record and confirmation of the legality of the origin of capital. Investments must be documented. USCIS requires to provide a complete chain of funds movement for the last 7 years.
The application automatically includes the spouse and unmarried minor children under the age of 21. Apostilled marriage and birth certificates, translated into English by an accredited bureau, are required to confirm kinship.
Adopted children are allowed, provided that the adoption is completed before filing the I-526 and complies with the laws of the country of origin. Parents, siblings, or adult children (over the age of 21) cannot be included. Separate categories of family immigration are available for them after the main applicant receives citizenship.
All participants over the age of 15 undergo a medical examination by accredited doctors, including tuberculosis tests and measles vaccination. Criminal history is checked through Interpol and national law enforcement databases. Having a criminal record for fraud, drug offenses, or violations of immigration laws automatically leads to the rejection of the request. Investors with suspended sentences or expunged criminal records can apply for a visa only 10 years after the completion of the sentence.
Dual citizenship
The United States recognizes dual citizenship, but does not establish this provision in federal law. A person who has received an American passport through naturalization is not required to renounce their previous citizenship. However, the authorities reserve the right to challenge the status if they discover a deliberate refusal of loyalty to the United States. For example, serving in a foreign army or participating in the elections of another state.
At the stage of conditional permanent residence (CPR), EB-5 visa holders are required to comply with the requirement of physical presence – to spend at least 180 days a year in the United States. Violation of the rule may result in a refusal to cancel the conditions on Form I-829. After obtaining full residency, restrictions are relaxed. However, long-term business trips abroad (over 6 months) require separate registration.
Visa application procedure
- Project selection and preparation of documents. Selection of a suitable investment project and preparation for joining the program. The preparation of documents (in addition to a personal dossier) involves collecting evidence of the legality of the origin of funds over the past 7 years.
- Filing an I-526E petition and paying fees. The I-526E form is submitted to USCIS with payment of the state fee. In parallel, the administrative fee of the regional center is being paid.
- Consular processing or status adjustment. After the approval of the I-526E, applicants outside the United States undergo a consular interview. The procedure includes a physical examination and submission of the DS-260 form. For those who are in the United States, it is possible to adjust the status through the I-485 form.
- Obtaining conditional residency. A conditional green card is issued for 2 years. During this period, the investment must remain “at risk.”
- Removal of conditions through petition I-829. Form I-829 is submitted 90 days before the expiration of conditional residency. It is required to prove the fulfillment of the program conditions, after which the investor receives an indefinite green card.
- Naturalization and obtaining citizenship. 5 years after the conditions are lifted, the resident has the right to apply for citizenship (form N-400). Required criteria: knowledge of English, a test on the history of the United States and no criminal record. For children born after the registration of the status, citizenship is assigned automatically according to the principle of jus soli.
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Application processing time
After the 2022 reform, USCIS changed its approach to reviewing petitions. For projects in Rural TEA, the average approval period has been reduced to 10 months, while for areas with high unemployment it is 14 months. Infrastructure projects are processed in 12-16 months.
Applicants outside the United States undergo a consular procedure that takes 6-12 months after I-526E approval. In high-load consulates, interviews are scheduled after 9-15 months due to queues. For those who are in the United States, a status adjustment with a work permit is available for 4-7 months.
Required documents
USCIS requires a complete package of documents, including both the applicant’s personal documentation and papers confirming the legality of the investment funds over a 7-year period. In the standard case, the dossier is formed on the basis of the following documents:
- Copies of the applicant’s and family members’ passports;
- Birth, marriage or divorce certificates (if applicable);
- Resume with biographical information;
- Certificates of absence of criminal record for all family members over the age of 16;
- Medical reports and vaccination records;
- Bank statements for the last 7 years;
- Tax returns (personal and corporate) for the last 5-7 years;
- Evidence of the legal origin of funds (documents on the sale of assets, dividends, salary);
- Financial reports of enterprises in which the applicant participates;
- A business plan with the expectation of creating 10 jobs;
- Proof of funds transfer to the USA;
- The company’s founding documents or the agreement with the regional center;
- Certified translations of all documents into English;
- Copies of court decisions (if available) for the last 15 years;
- USCIS forms: I-526/I-526E and I-829.
Failure and return on investment
The main reasons for rejecting EB-5 visa requests are related to violations of capital origin requirements and non-compliance of projects with the program criteria. If the application is rejected, the investor has the right to appeal within 30 days (by paying a fee of $675). The alternative is to appeal to the Federal District Court. This speeds up the review of the case, but requires expenses of $10,000.
If the refusal is related to the project (for example, the termination of the regional center), investors can switch to a new facility without losing the queue. The program allows for reinvestment in priority categories (rural areas, infrastructure) while maintaining the original filing date of the I-526E.
The refund depends on the terms of the agreement with the regional center. Most operators offer a full refund for I-526E refusals within 60-90 days with withholding of administrative fees ($30,000–$50,000). After the approval of I-526E, early withdrawal of investments leads to the cancellation of the status.
Recent changes in the program
On March 15, 2022, the EB-5 Reform and Integrity Act came into force, which radically changed the rules of the program. The main innovations include:
- Increase the minimum investment to $1,050,000 for standard projects and $800,000 for targeted employment areas.
- Creation of quotas for visas. 20% of quotas are for rural areas, 10% for areas with unemployment above 150%, and 2% for infrastructure projects.
- The introduction of the Integrity Fund – annual contributions from regional centers ($10,000–$20,000) to finance audits and investigations.
Since April 1, 2024, USCIS has increased state duties:
- The supply of I-526E increased by 204% (to $11,160);
- The price of I-829 increased by 154% (to $9,525).
At the same time, Premium Processing was introduced for $2,500, reducing the processing time of the I-526E to 12 months. In addition, starting in 2023, investors are required to confirm the origin of funds for 7 years, including cryptocurrency transactions.
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