DHS Proposes Tougher Rules for EB-5 Investor Visas
Published Date: 7/2/2026
Proposed Rule
Summary
The EB-5 Reform and Integrity Act of 2022 shakes up the investor visa program by making sure only serious investors who create real jobs get green cards. It affects foreign investors and regional centers, adds new rules to stop fraud, and sets a deadline for public comments by August 31, 2026. This means more trust and transparency in the program, with changes rolling out soon and investments under closer watch.
Analyzed Economic Effects
10 provisions identified: 1 benefits, 9 costs, 0 mixed.
Minimum EB-5 Investment Amounts
To qualify for an EB-5 immigrant visa you must invest at least $1,050,000 in a new commercial enterprise and create 10 full‑time jobs. The required investment is lowered to $800,000 if the investment is made in a Targeted Employment Area (TEA) or in an infrastructure project.
Automatic Termination for Missed I-829 Deadline
You must file Form I-829 in the 90-day period before the second anniversary of obtaining conditional permanent resident status; failure to timely file results in automatic termination of conditional status and initiation of removal proceedings.
Visa Allocation and Reservation Rules
Each fiscal year the EB-5 category receives 7.1 percent of the worldwide employment‑based visas (generally around 9,940 visas). Of the EB-5 visas, 20 percent are reserved for rural investments, 10 percent for high‑unemployment area investments, and 2 percent for infrastructure projects.
One-Year Extension of Conditional Status Option
For investors with Form I-829 petitions based on Form I-526 or I-526E filed on or after enactment of the RIA, DHS may provide a 1‑year extension of conditional status if the investor is actively creating the required employment and will meet requirements before the third anniversary of obtaining conditional status.
Tighter Definition of Eligible Capital
The rule clarifies that capital must be tangible or mixed tangible assets valued at fair market value in U.S. dollars under GAAP (or SEC‑adopted practice), may be held in a revocable living trust with the investor as settlor and beneficiary, and excludes loans secured by the new commercial enterprise or personal guarantees.
No Credit for Repaid Bridge Financing
DHS would eliminate the use of repaid bridge financing as a way to demonstrate job creation in the EB-5 program, meaning investors and projects cannot rely on repaid bridge loans to meet job‑creation evidence requirements.
Annual EB-5 Integrity Fund Fee Requirement
Designated regional centers must pay a required annual fee to the EB-5 Integrity Fund to retain their designation; for FY2024 and each year thereafter the fee must be paid between October 1 and October 31 of the same year.
Enforcement: Penalties, Suspensions, Debarments
The proposed rule establishes enforcement tools for the EB-5 program including monetary penalties, suspensions, debarments, and terminations to protect the program from fraud and threats to national security.
Audits and Compliance Costs Quantified
For provisions that generate impacts DHS estimates, at a seven percent discount rate the annualized impacts over ten years could range from $38.80 million to $85.39 million with a midpoint of $62.06 million; these costs would accrue to public and private sector participants in the EB-5 program.
Removal of Troubled‑Business Eligibility Path
The proposed rule removes 'troubled businesses' as an avenue to establish EB-5 eligibility, so investors can no longer rely on that specific statutory path to meet program requirements.
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Key Dates
Department and Agencies
Related Federal Register Documents
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