More money could come to the USA through investments made in the U.S. EB-5 program. Some improvements are needed.
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The EB-5 investor immigrant program is fuelling the U.S. economy. Its purpose is straightforward—and its impact is significant. A foreign investor invests $800,000 into a Targeted Employment Area (TEA)—which includes rural communities, high-unemployment areas, or infrastructure projects—or $1,050,000 in other locations. If this investment results in or maintains at least 10 full-time U.S. jobs, the investor (along with their spouse and unmarried children under 21) qualifies for conditional permanent residency, which can change to permanent status after two years.
A Billion-Dollar Boost—and Counting
Since its inception in 1990, the EB-5 program has invested tens of billions of dollars into the American economy, supporting local redevelopment, healthcare, energy, and numerous other initiatives. Invest in the USA (IIUSA) estimates that, between 2008 and 2015 alone, EB-5 generated over $20 billion in foreign direct investment, creating U.S. jobs. A June 2025 study by IIUSA and Fourth Economy highlights ongoing impact through 2019, the most recent data available.
In 2022, the EB-5 Reform and Integrity Act (RIA) significantly revised the EB-5 program. As already mentioned, the minimum investment thresholds were raised to $800,000 in Targeted Employment Areas (rural, high-unemployment, or infrastructure projects) and $1,050,000 elsewhere, adjusting these amounts for inflation. The Act also enhanced oversight of Regional Centres through mandatory audits, tighter fund monitoring, background checks for project sponsors, and registration of promoters to prevent fraud and abuse. The RIA also introduced visa set-asides for rural, high-unemployment, and infrastructure projects to ensure capital reaches underserved areas, while offering “grandfathering” protections so that petitions filed by September 30, 2026, remain valid even if the program lapses. Finally, it reauthorized the Regional Centre Program until September 30, 2027, providing investors and communities with greater stability and predictability.
While these changes were, by and large, welcomed in the EB-5 investor immigration world, some new issues have been raised since 2022, which will probably have to be addressed by Congress when it considers the destiny of the EB-5 program post-2027. As for the timing of when this will happen, given how difficult it is to get matters passed through Congress, it is wise to start proposing these matters now.
Reform, Not Rejection
Although EB-5 faces criticism—ranging from “pay-to-play” immigration to fraud—what’s needed is reform, not abolition. The EB-5 Reform and Integrity Act of 2022 (RIA) introduced comprehensive changes, including higher, inflation-adjusted investment thresholds, stricter oversight of Regional Centres, and mandatory job-creation monitoring.
Regional Centers are now required to submit detailed applications using Form I-956F before investors file petitions, with an emphasis on scrutinising direct versus indirect jobs. The RIA also extended the Regional Center program’s authorization until September 30, 2027.
What the EB-5 Program Needs
Professor Edward Smith is a forward-thinking, Delaware-trained academic and longtime supporter of strategic foreign investment in infrastructure, housing, and rural development. He gained firsthand experience working in a New York-based EB-5 regional center program and vividly remembers how it energized the community.
“Foreign investment is a valuable tool,” he said, “but the real catalyst is champions—people with vision who rally stakeholders to unlock capital and develop projects.” Smith expressed concern about potential rising EB-5 backlogs, especially for investors from China and India, as the U.S. fiscal year ends on September 30th. He pointed to the Visa Bulletin, where wait times for some non-set-aside EB-5 categories now approach 10 years. “That’s a deal-killer,” he admitted. “You can pitch global high-net-worth individuals on the U.S.—but if they face a decade-long wait for their green card, they’re likely to walk.” He felt Congress has to act to facilitate more investors.
Smith advocates for community education as a strategic approach. He’s assisting local leaders in understanding how EB-5 functions, the hurdles in attracting investment, and how the potential for development—such as jobs, schools, hospitals, and infrastructure—can generate interest even before investment sources are secured. He is especially enthusiastic about rural EB-5 prospects. To him, infrastructure isn’t just roads or pipes; it’s the movement of goods and services that sustains a community. At its heart are jobs, the foundation of any thriving economic renewal, which can be supported through EB-5 investment.
Smith summed it up: “No matter which administration is in power, communities still need highways, hospitals, schools, and jobs. Foreign investment—when properly understood and deployed—is a tool for community empowerment, not just individual gain. But a key is people to champion the cause.” That is what is most needed.
The Road Ahead: Targeted Reforms, Real Gains
Recently, IIUSA, an American organization dedicated to promoting foreign investment through the EB-5 program, proposed some reforms. They included:
- Prioritize National Interest Projects
Automatically expedite EB-5 processing for investments in clean energy, semiconductor manufacturing, rural broadband, or other strategic sectors. - Streamline Processing
Establish a dedicated EB-5 adjudication hub with forensic accountants and anti-fraud experts—ensure a 12-month turnaround or refund escrowed funds if deadlines slip. - Expand Integrity Safeguards
Build on RIA’s oversight—add a dedicated Integrity Fund, financed by investor fees, to maintain regular audits and fraud prevention. - Revise Visa Quotas
Exclude derivative family members from the annual cap so that more principal investors can qualify—boosting capital injection without exceeding visa limits. - Self-Fund the System
Use premium-processing fees (recently raised to $4,470 for Form I-526E) to sustain EB-5 operations—eliminating taxpayer burden.
The Stakes Are High
Currently, the EB-5 program invests $1–2 billion each year into the U.S. economy and creates 10,000–20,000 jobs, with ripple effects especially in local economies that lack private funding. Globally, competing countries like Australia or Portugal offer investor visas with lower financial requirements or quicker processing times. Without updates, the U.S. risks losing foreign capital and entrepreneurial talent to these rivals.
Clearing Up Misconceptions
EB-5 does not provide citizenship. Investors get conditional permanent residency, must meet residency and vetting requirements, and then follow the same naturalization process as other green-card holders. It is also true that the EB-5 program makes up less than one percent of total U.S. immigration, yet it offers significant economic benefits to America.
From Backlog to Breakthrough
What needs to be done for the EB-5 investor immigrant program? With September 30, 2027, approaching—the current Regional Center sunset—Congress faces a choice: continue delaying action, or take the opportunity to improve EB-5 into a top-tier tool for community investment. As Professor Smith plainly states: “EB-5 programs work when there’s vision and knowledge behind them. Fix the process—and we’ll bring the capital, build the infrastructure, and create the jobs.”