Reauthorization Period: 5 years (until 2027)
Minimum Investment Amount: $800,000 (TEA), $1.05 million (non-TEA). The EB-5 investment amount will automatically adjust every 5 years from 2027 onwards.
Reserved Visas and Visa Carryover: Of the annual 10,000 visas, 20% are reserved for rural projects, 10% for high unemployment urban projects, and 2% for infrastructure projects. Any unused visas within a fiscal year will be carried over to the same category in the next year.
TEA – Adjacent Census Tracts in High Unemployment Areas: High unemployment areas in each applicable census tract and any adjacent areas where the NCE primarily conducts business with an average unemployment rate not less than 150% of the national average. Similar to the definition in the 2019 EB-5 Modernization Rule.
TEA Definition and Duration: TEAs can only be designated by the Department of Homeland Security or other federal officials. States and local governments cannot designate TEAs. TEA designations are valid for 2 years and can be renewed for another 2 years.
TEA – Infrastructure Projects: Projects managed by government entities (federal, state, or local) that create jobs, receive EB-5 capital investment from a New Commercial Enterprise (NCE) as part of the Regional Center Program for maintenance, improvement, or construction of a public works project.
Job Creation for Regional Center Projects: Only 90% of indirect employment can count towards the required job creation. 10% of direct job creation can still be determined using economically and statistically valid methods. If construction activity lasts less than two years, only 75% may be indirect employment. Tenant occupancy can be counted if it's not a relocated job.
Child Age Determination: If the principal applicant submits a new I-526 application, their children who are 21 years old and have received conditional green cards, as dependents of a principal applicant whose conditional status has been terminated or I-829 application denied, can still be considered as under 21 years old (if still unmarried).
Priority Processing: USCIS will prioritize (undefined) applications from rural areas.
Concurrent Filing: If the approval of the I-526 application would immediately result in a visa for the EB-5 investor (i.e., the visa bulletin shows availability), they may file an I-485 adjustment of status application concurrently with or after the I-526 application.
Reinvestment Guidelines – Not for Stocks or Bonds: The Department of Homeland Security will issue new regulations regarding EB-5 reinvestment. The 2022 EB-5 Reform Act allows reinvestment anywhere in the U.S. (regardless of the location of the regional center or NCE), provided that: (1) the NCE has faithfully executed the business plan without significant changes; (2) the NCE has created sufficient jobs for all NCE investors; (3) the JCE has repaid the capital invested in the initial project; (4) the capital is at risk, not to be invested in passive investments like stocks or bonds.
Source of Funds Requirement: EB-5 investors must prove the lawful source of all funds for the EB-5 capital and for paying management fees and other expenses. Documents include all tax returns filed in the past 7 years. For gifts and loans, funds cannot be used unless they are bona fide gifts/loans and not given/lent to evade any restrictions on permissible sources. Donors and lenders must provide similar source of funds documents, except for bank loans.
Priority Date Retention: If the regional center, NCE, or JCE is terminated or prohibited from participating in the EB-5 program, the EB-5 investor may retain their priority date (and prevent beneficiary children from aging out), provided that within 180 days, the investor's NCE is affiliated with another approved regional center, or the investor makes a qualified investment in another new NCE.
Grandfathering Clause: For any applications submitted before or on September 30, 2026, USCIS shall continue to process I-526 and I-829 applications, even if the EB-5 Regional Center Program expires. The program's expiration is not a basis for denial, and the Department of Homeland Security shall not suspend or terminate visa allocation to approved applications.
New Policy Investment Term: Investment funds can be refunded in two years, as long as employment conditions are met within two years.
New Act's Regulatory Clauses and Measures for EB-5 Projects and Investment Funds Security:
Integrity Measures: The "EB-5 Reform and Integrity Act of 2022" includes the following project integrity measures:
Establish an integrity fund
Each regional center pays $10,000 - $20,000 per year (depending on the number of investors)
EB-5 investors pay $1,000, plus the I-526 application fee
Before any investor submits an I-526 application for the project, the regional center must submit I-924/I-526 samples. Unless there is fraud or significant change, the approval is binding
Regional centers must promptly notify USCIS of any significant structural changes
USCIS must regularly conduct site visits of regional centers, NCEs, and JCEs
Regional centers must provide annual reports to USCIS and their investors, detailing the capital situation of investors and proving compliance with project requirements
Regional centers must demonstrate that they have established reasonable policies and procedures to comply with U.S. securities laws and prevent fraud
The Department of Homeland Security must conduct background checks on certain individuals of regional centers, NCEs, and related JCEs, and prohibit certain foreigners from owning and participating in regional centers, NCEs, and related JCEs
The Department of Homeland Security can terminate, prohibit, and penalize regional centers, NCEs, related JCEs, and related individuals who violate EB-5 regulations
Direct and third-party promoters, including immigration agents, must register with USCIS, prove compliance with EB-5 and U.S. securities rules, and disclose received fees and provided services
EB-5 projects must use fund managers or commission independent annual audits
EB-5 capital must be retained in non-commingled accounts
Administrative Appeal: If a regional center or EB-5 investor wishes to object to a denial, revocation, termination, or sanction issued by DHS/USCIS, the party must first apply for administrative appeal review to the USCIS Administrative Appeals Office. This means that regional centers and EB-5 investors may not seek judicial review (i.e., challenge USCIS decisions in court) until the administrative review process is completed. Note: This does not apply to lawsuits filed against USCIS for delayed approval.
Timely Processing: The "EB-5 Reform and Integrity Act of 2022" requires USCIS to conduct a study within one year to determine the fee adjustments needed for USCIS to timely adjudicate EB-5 applications (i.e., TEA projects receive I-526 approval within 90 days)