EB5 Visa: Investment Requirements & Green Card Process

The EB-5 visa is an employment-based fifth preference immigrant visa category that grants a U.S. green card to foreign investors who make a substantial investment in a U.S. business and create jobs. Created in 1990 to spur economic growth, the EB-5 program offers a pathway to permanent residence for those with the financial means to invest $800,000 or $1,050,000 (depending on the project) and generate employment for American workers. It’s often informally called the “investor green card.” Through EB-5, an investor (and their immediate family) can become lawful permanent residents, and eventually U.S. citizens, if all requirements are met.

This article provides a comprehensive breakdown of EB-5 eligibility, investment criteria, the application process, and what to expect. We’ll cover the minimum investment amount, what counts as a Targeted Employment Area (TEA), how job creation is measured, and the timeline from initial investment to an unconditional green card. We’ll also discuss choosing between a direct investment vs. a regional center project, and important considerations like risks and recent changes to the program. If you’re a prospective EB-5 investor (or simply researching ways to obtain a U.S. green card through investment), read on for a clear, authoritative guide.

EB-5 Visa Requirements (Who Qualifies for EB-5?)

To qualify for an EB-5 immigrant visa, you must invest in a U.S. business and meet three key requirements:

1. Sufficient Capital Investment - $1,050,000 (or $800,000 in TEA): The standard minimum investment amount is $1.05 million. However, a reduced minimum of $800,000 applies if your investment is in a Targeted Employment Area (TEA). TEAs include:

• Rural areas (outside metropolitan areas and outside cities of 20,000+) or
• High-unemployment areas (an area with unemployment at least 150% of the national average). There is also a new category for infrastructure projects (governmental projects) at $800k. The lower $800k threshold is to encourage investment in economically needed areas. If your project isn’t in a designated TEA or infrastructure project, you must invest the full $1.05M. These investment thresholds were set by Congress in 2022 and will adjust for inflation every 5 years. Note: you don’t pay this money to the government - you invest it into a business (at risk) that will use it for job creation.

2. Job Creation - 10 Full-Time U.S. Jobs: Your investment must create at least 10 full-time jobs for U.S. workers. “Full-time” means at least 35 hours per week, and the jobs must last at least 2 years. The jobs can be:

• Direct jobs: actual employees on the payroll of the new business (if you do a direct investment).
• Indirect or induced jobs: jobs created as a result of the investment’s economic impact (this is applicable if you invest via a regional center). In a regional center project, you get credit for jobs calculated through economic modeling (e.g., construction jobs, jobs with suppliers). Up to 90% of jobs can be indirect for regional center investors. In a direct EB-5 (your own business), you must directly employ 10 people. The workers must be U.S. citizens, permanent residents, or other lawful immigrants; you can’t count yourself or your family. You typically need to create those jobs within about 2 years of your investment (by the time you remove conditions on your green card).

3. Investment in a New Commercial Enterprise: The EB-5 program requires investing in a “new commercial enterprise” - generally, a for-profit business entity established after November 29, 1990. Almost any type of business can qualify (LLC, partnership, corporation, etc.), but it must be an active, lawful business - not a passive investment in stocks or owning a personal residence. If the enterprise was established before 1990, it can still qualify if you either expand it (increase its net worth or employees by 40%) or restructure it such that a new enterprise results (simply buying an existing business doesn’t count unless there’s a major change). Additionally, the investment capital must be “at risk” - there can be no guarantee of repayment. You cannot, for example, just loan $800k to a business and secure it with assets; the funds must be subject to business risk and potential loss (this is to ensure genuine investment, not a guaranteed purchase of a green card).

Aside from these core criteria, EB-5 investors must also prove the money comes from a lawful source. This means you’ll need to provide documentation (tax returns, sale agreements, bank records) showing where the investment capital originated - be it earnings from business, salary, sale of property, inheritance, gift, etc. The path of funds from the source to the new enterprise must be clearly documented to satisfy USCIS anti-fraud requirements.

Importantly, no specific education, experience, or language skill is required for EB-5. The main requirements are financial. That said, if you are actively running the business (in a direct EB-5), you should have a plan to manage it. Many EB-5 investors go through regional centers, which handle the business and job creation aspects, allowing the investor to be more hands-off (more on this below).

EB-5 Investment Options: Direct Investment vs. Regional Center

EB-5 investors have two main routes to invest: direct investment in your own new business, or investing through an authorized regional center program.

• Direct EB-5 Investment: This means you start (or purchase and expand) your own commercial enterprise, invest your capital, and are directly responsible for creating 10 jobs. For example, you might open a new manufacturing company or franchise. You will need to hire 10+ qualifying employees and manage the business. The advantage of direct EB-5 is control - you run the business and potentially earn profits from it. The challenge is you must personally ensure those 10 jobs materialize, which can be a lot of pressure. Direct EB-5 projects are common for entrepreneurs who want to both run a business and get a green card. Keep in mind, you can’t just invest in real estate and count construction jobs unless you actually create a new active business entity (like a property development company) - otherwise that would typically be a regional center model.
• Regional Center EB-5 Investment: Regional centers are economic entities designated by USCIS to pool EB-5 capital and invest in larger projects (like real estate developments, hotels, infrastructure). As an EB-5 investor, you can invest your $800k/$1.05M into a regional center’s project as a limited partner or member. The regional center will take care of job creation and business management. They use economic models to count not only direct jobs but also indirect jobs (like jobs from construction suppliers, etc.), making it easier to hit the 10-job requirement. About 90+% of EB-5 investors choose regional center projects because of this reduced burden. The downside is less control over your investment - you are relying on the project developers to succeed. Also, regional centers usually charge additional fees (often $50k+ in administrative fees). The EB-5 Reform and Integrity Act of 2022 rebooted the regional center program after a lapse; it added more oversight to crack down on fraud, and set aside some EB-5 visas for certain types of projects (32% of visas are reserved for rural, high-unemployment, and infrastructure investments each year). Investing in a rural regional center project can be particularly attractive now because rural deals get priority processing and have 20% of EB-5 visas set aside, meaning investors in those projects bypass some backlogs.

Whether you choose direct or regional center, the fundamental requirements (amount and jobs) are the same. It’s more a question of control vs. convenience. If you simply want the green card and are not looking to actively run a business in the U.S., a regional center might make more sense. If you’re a businessperson who wants to be actively involved and potentially profit directly from your venture, direct EB-5 is an option - but ensure your business plan is solid and job creation will meet the criteria in time.

EB-5 Application Process (From Investment to Green Card)

The EB-5 process involves multiple stages and takes several years. Here’s an overview:

1. Choose a Project and Invest: First, you must select an investment vehicle - either create your own business or find a regional center project. Conduct due diligence: if it’s a regional center, review their offering documents, business plan, track record, and ensure it’s a reputable operator. If direct, develop a detailed business plan that shows how the investment will create jobs (many investors hire an economist or consultant to prepare a Matter of Ho-compliant business plan, which is a USCIS standard for credible forecasting). Then, you will typically commit your capital. In many cases, the full $800k/$1.05M is invested up front or placed in escrow to be released upon I-526 petition filing or approval. (Escrow arrangements can protect you if the visa is denied - funds would be returned - but escrow usage has become less common and some new rules limit it.)

2. File Form I-526 (Immigrant Petition by Alien Investor): Next, you (through your immigration attorney) file the I-526 petition with USCIS. This petition proves that you meet the EB-5 requirements: it includes the business plan, economic analysis for job creation, evidence of your investment and that the funds are in the enterprise, proof of the lawful source of funds, and project approvals or regional center designation letters. If you’re investing via a regional center, the project will supply much of this documentation (they often have an “exemplar” approval or at least ready-to-go package for I-526). If investing directly, your petition will be more individualized. As of 2022, investors in regional center projects file a specific form I-526E (but it’s substantively similar). USCIS processing times for I-526 can range widely - roughly 1 to 3 years has been common. USCIS has set new goals to process some in under a year, especially rural cases (priority), but backlogs remain. There is an option to request premium processing for certain EB-5 petitions under the new law, but it’s not universally available yet (it may apply if the project already has an USCIS-approved exemplar, for example). Regardless, expect to wait at least a year or more for I-526 approval.

3. Obtain Conditional Permanent Residence: Once the I-526 is approved, you move on to the actual green card application. EB-5 is a two-stage green card; the first green card you get is a conditional permanent resident card, valid for 2 years. To get this:

• If you are outside the U.S., you will go through Consular Processing. The National Visa Center will collect documents and then schedule you for an immigrant visa interview at the U.S. consulate in your country. After approval, you enter the U.S. on the EB-5 visa and become a conditional permanent resident (your green card is mailed shortly after entry).
• If you are inside the U.S. in a valid status (e.g., on an H-1B, F-1, etc. and not subject to certain bars), you can file Form I-485 Adjustment of Status after I-526 approval (or in some cases, concurrently with I-526 if a visa number is available and you are eligible). With adjustment, you can also apply for a work permit and travel permit while the case is pending. Eventually, you may be called for an interview at a local USCIS office, or it could be approved without interview. Once approved, you become a conditional resident.
• Visa Availability: Note that you can only take this step if an EB-5 visa number is available for you. As of 2025, EB-5 is current for most countries (meaning no backlog), except China and India have backlogs for unreserved EB-5 visas. Chinese EB-5 applicants face a significant wait (priority dates back to 2014), although investing in a rural project can avoid that because of reserved visas. Indian EB-5 had a brief backlog (dates in 2019), which fluctuates. For many, particularly from countries like Vietnam, Brazil, Iran, etc., EB-5 is currently current due to reserved categories and lower demand post-pandemic. Always check the Visa Bulletin; if it shows a date for EB-5 for your country, you must wait until your priority date is reached to proceed with the green card stage.

When you complete this step, you (and your spouse and children under 21) become conditional permanent residents of the U.S. You have essentially all the rights of a normal green card holder (can live/work anywhere, etc.), but the green card expires in 2 years and needs the conditions removed.

4. File Form I-829 (Removal of Conditions after 2 years): This is the final step to get a permanent, unrestricted green card. In the 90-day window before your 2-year conditional green card expires, you must submit an I-829 petition to USCIS. The I-829 demonstrates that you have fulfilled the EB-5 requirements: chiefly, that the required 10 jobs were created (or will be within a reasonable time) and that your investment was sustained (you didn’t withdraw the money). For a regional center investor, the project will provide evidence of job creation (economist reports, etc.). If the project is still ongoing, they might use construction expenditures or other metrics up to that point to show the requisite jobs. For direct investors, you’ll provide payroll records, tax documents, etc. for your 10 employees. You also prove you maintained the investment (e.g., business bank statements showing funds remained in the business). If all is in order, USCIS will approve the I-829 and issue you (and family) a permanent 10-year green card (which is renewable like any other, and eventually you can apply for citizenship).

Timeline summary: It often takes around 2-3 years from initial investment to get the conditional green card (I-526 approval + consular processing or adjustment). Then 2 years of conditional residence, then another ~1-2 years (or more, as USCIS is slow on I-829s) to get the conditions removed. So the whole journey can be about 5 years or more. During the conditional period, you are a resident and can live in the U.S. freely. For backlogged countries, the waiting time before the conditional green card can be much longer - e.g., a Chinese investor filing today might wait 10+ years due to visa limits (unless they used a reserved category like rural).

Risks and Considerations for EB-5 Investors

Obtaining a green card through EB-5 is not as simple as cutting a check. Prospective investors should carefully weigh financial and immigration risks:

• Capital at Risk: There is no guarantee your investment will be returned or profitable. By law, the funds must be at risk, meaning you could lose money. If you invest in a regional center project and it fails (goes bankrupt, etc.), you might lose all or part of your $800k. Even if the project is ultimately successful, your money is typically tied up for multiple years (often 5-7 years in real estate projects). Be prepared for illiquidity.
• Immigration Risk (Job Creation): If your investment fails to create the 10 required jobs, your I-829 petition could be denied, and your conditional green card could be revoked. This is a serious risk - it means after spending the money and even living in the U.S. for years, you could end up losing your green card if the jobs don’t materialize. To mitigate this, choose projects with conservative job creation buffers (most good regional center projects aim to create more than the minimum required jobs per investor). For direct investments, plan for scalability to hire 10 people and maybe have a cushion (e.g., hire 12 to be safe in case someone leaves).
• Source of Funds Scrutiny: Gathering the documentation to prove your funds are clean can be arduous. If your money came from many sources or gifts, you’ll need a clear paper trail. Large cash transactions or informal loans can be problematic to document. Work with your lawyer to compile thorough evidence - missing or unclear source of funds is a common reason for EB-5 RFEs (requests for evidence) or denials.
• Regulatory Changes: The EB-5 program has undergone changes (most recently the Reform and Integrity Act in 2022). While the program is currently set to be operational for the foreseeable future, the minimum investment amounts could increase with inflation adjustments. The program might also tighten or loosen rules via regulations. Staying informed (especially through your attorney or regional center) is important.
• Fraud Concerns: Unfortunately, there have been instances of fraud in EB-5 - e.g., scam regional centers misusing investor money. That’s why diligence is critical. Only work with established regional centers that have successful past projects or use third-party due diligence firms. The new integrity measures require audited financials and greater oversight, which is helpful. If something seems too good to be true (e.g., a guaranteed return, or a promise of a green card with minimal effort), be cautious.

On the positive side, EB-5 can be a win-win: you get a green card for your family without the need for an employer sponsor or extraordinary skills, and your investment can yield returns and contribute to U.S. development. Many families have successfully obtained permanent residency through EB-5 and gone on to thrive in the U.S., with children attending U.S. universities, etc. The key is to approach it like both an investment and an immigration application - carefully and with expert guidance.

Alternatives: If EB-5 doesn’t seem like the right fit (for example, you lack the required funds or want a different strategy), there are other paths to consider. Some investors from treaty countries opt for the E-2 treaty investor visa instead - it requires a lower investment (often $100K+), but it’s temporary (non-immigrant) and not available to nationals of India, China, and some other countries. Another alternative for international entrepreneurs is the L-1 visa if you own a foreign company - you can expand your business to the U.S. and transfer as an executive, then later apply for an EB-1C green card (multinational executive). If you have a truly stellar background (awards, prominent achievements), an EB-1 visa extraordinary ability petition might even be possible. Each route has its pros and cons. It’s wise to consult with an immigration attorney to chart the best course. (See Gale’s E-2 visa guide or our L-1 Visa to Green Card guide for more information on those pathways.)

Ready to embark on an EB-5 journey? Book a consultation with Gale to discuss your investor immigration plans. Our experienced team can help evaluate project options, connect you with trusted EB-5 visa attorneys, and guide you through the process from start to finish - from filing the petition to the final removal of conditions. We’re here to ensure your EB-5 case is handled with the utmost care so that you can achieve your American dream through investment.

FAQs

Q: How much money do I need for an EB-5 visa? A: $1,050,000 is the standard minimum investment. This can be reduced to $800,000 if you invest in a Targeted Employment Area (TEA) or an approved infrastructure project. TEAs include rural areas and places with high unemployment. Most EB-5 investors qualify for the $800k amount by choosing projects located in TEAs (for example, many real estate developments in targeted parts of major cities qualify as high-unemployment areas after state designation). Always verify the TEA status at the time of your investment. Remember, these figures are the minimum required by law - some projects might voluntarily set higher minimums. The investment must be your own funds (though they can be gifted or loaned to you, as long as it’s not a secured loan against the EB-5 business itself). Also note these amounts could increase with inflation in the future.

Q: Do I get the $800k or $1M investment back? A: It depends on the project, and there is no guarantee in the EB-5 program that you will get your money back. EB-5 investments are inherently at-risk. In regional center projects, typically the investment is structured as a loan or equity stake with an anticipated repayment after a certain number of years, but repayment is contingent on the project’s success. Many reputable projects do return investor capital after, say, 5-7 years, but you should scrutinize the exit strategy. If the project fails, you might lose money. In a direct EB-5 (your own business), whether you “get the money back” depends on your business’s performance - it’s your company, so the return isn’t a formal payback but rather profits or value you derive from it. Important: USCIS doesn’t require that your investment be repaid; they only care that you put it at risk and created jobs. So choose wisely with the mindset that you could lose the money (make sure you can financially withstand that worst case). Many investors are ultimately more concerned about the green card for their family than the return on investment, but ideally you achieve both.

Q: What is a Targeted Employment Area (TEA) and how do I know if my project is in one? A: A TEA is either a rural area or a high-unemployment area, defined for EB-5 purposes. Rural means not within a metropolitan statistical area and not in a town of 20,000 or more. High unemployment means an area (could be a city, county, tract or a combination of adjacent census tracts) with unemployment at least 1.5 times the national average. The designation of high-unemployment TEAs can be somewhat complex - states used to designate them; now DHS has taken over with stricter rules to prevent gerrymandering. When you consider a project, it should be clear in the offering documents whether it qualifies as a TEA (and thus $800k investment). Most regional center projects seeking $800k investors will structure their location to qualify. If you’re doing your own business, your attorney can help determine if the location qualifies by looking at unemployment data. Infrastructure projects (a new category) involve investments administered by a government entity - those are less common for individual investors but also qualify for $800k.

Q: How long does the EB-5 process take? A: From initial investment to an actual green card in hand, commonly ~2 to 3 years if you’re from a country without visa backlogs. Breaking it down: I-526 petition approval might be ~1.5 years (some faster, some slower). Then 6-12 months for consular processing (or similar for I-485). That gets you the conditional green card. Then exactly 2 years after your conditional residence begins, you file I-829, which might take 1-2+ years to be adjudicated. During I-829 processing, your status is extended so you remain legal. If you’re from a backlogged country (like China), there’s additional wait time before you can even get the conditional green card - for example, a China-born investor’s I-526 might be approved in 2 years but then they could wait many more years for an EB-5 visa slot (unless they invested in a reserved category like rural). India had a minor backlog but is currently moving; Vietnam historically had some wait but is current now. The Visa Bulletin each month gives times for backlogged countries. In any case, once you have the conditional green card, it’s 2 years to then file I-829 and perhaps 1-2 more for full approval. So total could be 5-7 years to full permanent resident status (though you live in the U.S. after ~2-3 years when conditional is granted). U.S. citizenship adds more time - you can apply for citizenship 5 years after initial (conditional) residence, so many EB-5 investors end up naturalizing roughly 7-8 years after the process started. It’s a long game, which is why planning is important.

Q: Can I use gifted or loaned money for EB-5? A: Yes, gift money is allowed, and loans are allowed with conditions. If you receive a gift, it’s considered your capital as long as it’s bona fide - you’ll need to document the transfer and the lawful source of the funds from the gift-giver (so the donor’s finances will also come under scrutiny). Gifted EB-5 funds are common (e.g., parents gifting a son/daughter the money). Make sure to execute a gift deed/affidavit showing it’s an irrevocable gift. For loans, USCIS rules say the loan must not be secured by the assets of the enterprise you’re investing in. Typically, the acceptable scenario is a loan secured by your personal assets (say, you take a mortgage on your home or a loan against personal property and use those funds for EB-5). An unsecured loan (essentially someone lending you money on the honor system) is viewed as not your own funds - that would likely be treated as indebtedness that doesn’t count as your capital (unless you are personally liable and it’s secured by your own assets). In summary: You can borrow the money if you are on the hook to pay it back regardless (so the investment is still at risk to you). And you can use a gift with proper documentation. All such arrangements will need full paper trails and legal documentation to convince USCIS the funds are lawful and truly yours to invest.

Q: What if my EB-5 project fails or I can’t create 10 jobs? A: If the business fails completely and you are unable to create the jobs, unfortunately your I-829 to remove conditions could be denied. In that event, you would lose your permanent resident status. There may be some options to consider: sometimes if a project fails after the jobs were created (say jobs existed but the business later went bankrupt), it might be possible to argue the requirements were met. Alternatively, if your I-829 is denied, you typically get a chance for a hearing in immigration court to make your case. But realistically, a failure to meet the job requirement is hard to overcome. One mitigation strategy for regional center investors: if the project goes south early, sometimes the regional center might relocate your investment to a different project or include you in a future project to “redeem” the job creation - this is not easy and can’t always be done, but it’s something a proactive regional center might attempt. For direct investors, if you see your business isn’t going to produce enough jobs, you might try to pivot or inject more capital to hire additional staff within the conditional period. In any case, prevention is best: choose a sound project and have a job creation buffer. If the worst happens and I-829 is denied, you could potentially re-invest and start a new EB-5 petition (though you’d have to go through the whole process again; you wouldn’t be able to keep your old priority date because it’s a new petition). Given the stakes, getting professional guidance and selecting stable investments is crucial.

Q: Do I need a lawyer for EB-5? A: Absolutely yes. EB-5 is one of the most complex immigration processes, with extensive paperwork and legal nuances. A qualified EB-5 immigration attorney will help prepare the I-526 petition (working with the project or business plan writer), ensure your source of funds documentation meets USCIS standards, and guide you through I-485 or consular processing, then the I-829. They’ll also keep you updated on any rule changes or Visa Bulletin movements. Because large sums of money are involved, an attorney can also coordinate with securities lawyers or tax advisors to make sure everything is compliant. DIY is not really an option here - even regional center projects usually require you to have immigration counsel (and many include attorney fees in the cost estimates). Given the high stakes (both financially and for your future in the U.S.), professional representation is a must. Gale can connect you with experienced EB-5 attorneys who have successfully handled numerous investor cases. We also assist in project due diligence and overall case management to maximize your chance of a successful outcome.

Q: Can my spouse and children also get green cards with my EB-5 investment? A: Yes. Your spouse and all unmarried children under age 21 can be included as derivative beneficiaries of your EB-5 petition. They each get conditional green cards when you do, and they each remove conditions when you do (through the same I-829). Only one investment is required for the whole family - you don’t need $800k for each person (just for the primary investor). This is a big reason people choose EB-5: it can secure status for the whole family, especially enabling children to study in the U.S. as residents (often paying in-state tuition, etc.). Timing is important though - if a child is nearing 21, you want to lock in your petition’s priority date before they age out. Under the Child Status Protection Act (CSPA), a child’s age is frozen at the I-526 approval minus the I-526 processing time, which often helps keep them under 21 for green card purposes even if they turn 21 during the process. But very old children (20+) can be at risk if the process or visa queue is slow. Planning with an attorney is crucial to ensure your kids can benefit. Once they get the conditional green card, they are safe - they will become permanent residents even if they turn 21 shortly after.