EB-5 Immigrant Investor Visa Program: Key Updates and Regulations
The EB-5 immigrant investor visa program, established by Congress in 1990, was designed to allow foreign nationals to secure U.S. permanent residency—or eventually citizenship—by making significant financial investments that stimulate the American economy. Over the last several years, the Department of Homeland Security (DHS), which administers the EB-5 program, has worked to update and strengthen its regulations.
On July 24, 2019, DHS published the EB-5 Final Rule, the most sweeping reform since the program’s creation. These changes officially took effect on November 21, 2019, impacting both new and future investors. Below, Green Card Link explains the most important reforms and what they mean for immigrant investors.
Key Highlights of the EB-5 Final Rule
- Minimum investment amounts increased to $900,000 for Targeted Employment Area (TEA) projects and $1.8 million for non-TEA projects.
- TEA designations centralized under USCIS, ending state authority to certify high-unemployment areas.
- Priority date retention now available, allowing investors to keep their original place in line for subsequent EB-5 petitions.
- Improved adjudication of I-829 petitions for removal of conditions on permanent residency.
EB-5 Minimum Investment Requirements
For nearly three decades, EB-5 required a $500,000 investment for TEA projects and $1 million for non-TEA ventures. Under the new rule, these thresholds have nearly doubled—$900,000 for TEA and $1.8 million for non-TEA.
Originally, DHS proposed reducing the TEA differential to 25%, which would have required $1.35 million for TEA projects. After reviewing public feedback, DHS preserved the traditional 50% difference between TEA and non-TEA investment amounts.
This increase aligns the program with inflation and reinforces Congress’s original intent: to promote U.S. economic growth. It also strengthens EB-5 regional centers by requiring fewer investors per project, improving efficiency and reducing administrative burdens.
Redefined Targeted Employment Area (TEA) Designations
A TEA is either a rural region or an area with an unemployment rate at least 150% of the national average. Previously, states could designate high-unemployment areas to support EB-5 petitions.
Under the Final Rule, only USCIS can now designate TEAs, removing state authority. The new process uses strict DHS guidelines and focuses TEAs on contiguous census tracts directly tied to EB-5 projects. While some areas will lose TEA eligibility, the reform ensures investment dollars flow into regions most in need of job creation.
Priority Date Retention
One of the most investor-friendly changes is priority date retention. A priority date is the date USCIS receives an EB-5 petition, which determines an investor’s place in the visa queue. Under the new rule, if an investor must refile a petition due to regional center termination, material changes, or other circumstances beyond their control, they can retain their original priority date.
This change improves predictability in visa allocation, reduces waiting times, and provides greater flexibility for investors while curbing fraud and strengthening the integrity of the program.
Updates to Removal of Conditions on Permanent Residence
The Final Rule clarifies long-standing uncertainties about the I-829 petition, which EB-5 investors must file to remove conditions on their green card.
Key improvements include:
- Greater flexibility in determining interview locations, reducing travel burdens and costs.
- Clear guidance for derivative family members, such as children who turn 21, divorced spouses, or surviving dependents if the principal investor passes away.
- Independent filing rights for derivative family members not included in the principal petition.
Regardless of filing method, investors must still prove the creation or preservation of at least 10 U.S. jobs. Failure to file within 90 days of the conditional green card anniversary will automatically terminate permanent resident status.
Will the Rule Change the Number of EB-5 Visas?
No. The EB-5 annual visa cap remains at 10,000 visas. However, the higher investment threshold may reduce the total number of applicants, meaning less competition for qualified investors who can meet the requirements.
Filing Before the November 2019 Deadline
Petitions filed before November 21, 2019 were adjudicated under the previous, lower investment thresholds. Many investors rushed to file I-526 petitions before the deadline, creating a surge in applications. USCIS emphasized that incomplete or placeholder filings lacking supporting evidence would not be approved.
Current Guidelines for EB-5 Investors
To successfully navigate the EB-5 process, prospective investors should:
- Raise the required investment capital.
- Partner with an experienced EB-5 project.
- Develop a strong EB-5 business plan.
- Place funds “at risk” in a qualifying project.
- File Form I-526 with complete documentation.
- Apply for a two-year conditional green card.
At Green Card Link, its immigration attorneys can provide guidance at every stage to ensure compliance and reduce costly delays.
Do the New Rules Affect Existing EB-5 Investors?
Existing EB-5 participants will largely be unaffected. Future adjustments to minimum amounts will occur every five years, tied to the Consumer Price Index (CPI). Importantly, the 50% differential between TEA and non-TEA investments remains intact.
How Green Card Link Can Help
The EB-5 Final Rule introduced significant reforms that demand close attention from investors. At Green Card Link, its immigration attorneys have extensive experience with EB-5 investor petitions, from I-526 filings to I-829 approvals. They understand how to prepare strong applications, avoid costly RFEs, and maximize your chances of securing permanent residency.
If you are considering an EB-5 investment, now is the time to act. Contact Green Card Link today to schedule a consultation with an experienced EB-5 immigration attorney who can guide you through the process.