GT Immigration & Compliance Practice Co-Chair Kate Kalmykov spoke during a recent webinar on the EB-5 industry’s future, explaining that changes to the RIA to tighten oversight of regional centers have contributed to rising costs for operators. These comments are referenced in a Nov. 21 Law360 article, “EB-5 Experts Eyeing 4 Suits For Needed Clarity.”
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Please join Greenberg Traurig Immigration & Compliance Practice Shareholders Jennifer Hermansky, Kate Kalmykov, and Dillon Colucci for a presentation on the new requirements for annual compliance under the EB-5 Reform and Integrity Act. Panelists will discuss USCIS’s replacement of the annual compliance form I-924A with form I-956G, as well as covering the more fulsome documentary requirements required by the Act.
Wednesday, Nov. 16, 2022
10:30 – 11:30 a.m. EST
Update: The Judge approved the settlement Thursday, Sept. 1.
The EB-5 Reform and Integrity Act (RIA) was passed on March 11, 2022. USCIS then posted an interpretation of the legislation that would nullify all 600-plus designated regional centers and require all entities to be re-designated in order to be authorized to file petitions under the new law pursuant to provisions effective May 14, 2022. This interpretation was challenged in the U.S. District Court for the Northern District of California by the EB-5 Investment Coalition (EB5IC) through one of its members. Greenberg Traurig, as counsel for the plaintiff, argued that USCIS’ interpretation ran counter to the plain language of the RIA and violated the Administrative Procedure Act because USCIS failed to properly engage in reasoned decision-making as required by law. On June 24, 2022, the Court agreed and enjoined USCIS from treating as deauthorized previously designated regional centers and declared they must be permitted to operate within the regime created by the RIA. As the Court stated, “[t]his includes processing new I‑526 petitions from immigrants investing through previously authorized regional centers…just as the agency would do for a newly approved regional center.” As a result of this ruling, all previously designated regional centers retain their existing designation and can continue to operate. See previous post, District Court Orders USCIS to Process New I-526 Petitions Throughout Previously Authorized Regional Centers | EB-5 Insights (eb5insights.com)
On Aug. 24, 2022, the parties agreed to a settlement of the case (the court is still reviewing the settlement). See USCIS Settlement Agreement.
The parties included the original plaintiff, Behring Regional Center, an EB-5 Investment Coalition member and plaintiff intervenors, EB5 Capital, CanAm Enterprises, LP, Civitas Capital Management, LLC, Golden Gate Global, Pine State Regional Center, LLC, Invest in the USA (IIUSA). The key terms of the settlement include:
U.S. Citizenship and Immigration Services (USCIS) continues to issue formal notifications initiating audits of EB-5 Regional Centers under the EB-5 Reform and Integrity Act of 2022 (RIA)’s authority.
The RIA requires USCIS to audit each approved Regional Center at least once every five years to ensure continued compliance with EB-5 program requirements. The audit process is designed to assess whether a Regional Center is operating according to EB-5 statutory and regulatory standards — including job creation, investor activity, and proper recordkeeping.
According to the notification letters, the USCIS Immigrant Investor Program Office (IPO) Audit Branch will conduct audits primarily on a remote basis but may also perform on-site inspections at the Regional Center, associated new commercial enterprises (NCEs), or job-creating entities (JCEs) if warranted.
The audits include a comprehensive review of:
Regional Centers receiving audit notifications are required to confirm receipt and identify a point of contact within seven days. USCIS may schedule an audit entrance conference following that confirmation. Failure to cooperate or respond may lead to recommendations for termination of the Regional Center’s designation. Document request responses are typically due within a few weeks of the audit notification.
Regional Centers and their associated NCEs should consider:
EB-5 Regional Center audits are continuing under the RIA. Entities should ensure they maintain full compliance documentation and be prepared for outreach from the IPO Audit Branch. Early preparation and legal guidance may help mitigate the risk of adverse findings or program termination.
Please join Greenberg Traurig Shareholder Kate Kalmykov, James Sozomenou, Metropolitan Commercial Bank, and Connor Irish, PRXY CO, for the next lunch-and-learn. The program will discuss:
Location:
The lunch-and-learn program will take place in-person at Greenberg Traurig’s NYC office in One Vanderbilt on Thursday, April 11 from 12 – 2:00 p.m. ET.
RSVP:
To RSVP for the April 11 program, please click here.
This event is part of a series on emerging trends impacting investors and employers. To RSVP to future scheduled Lunch-and-Learn programs, please click here.
The newly released USCIS proposed fee rule includes reductions to several key EB-5 Immigrant Investor Program filing fees.
At a time when USCIS fees have largely trended upward due to inflation, staffing, and backlog-related costs, the proposed decreases for EB-5 filings stand out as a noteworthy development for regional centers and investors alike.
According to the newly proposed rule, the following filing fees are set to decrease:
New fees would also apply to Form I-956H (Bona Fides of Persons Involved with Regional Center Program) and Form I-956K (Regional Center Investor Compliance Certification), though the changes in those categories are not as significant.
It is rare for USCIS to reduce filing fees absent litigation—particularly within a complex and high-stakes category like EB-5. Historically, USCIS has justified fee increases by citing the need for operational funding and efficiency improvements. The decision to lower EB-5-related fees may reflect recognition of the program’s administrative challenges and the importance of maintaining accessibility for regional centers and investors post-Reform and Integrity Act (RIA).
Interestingly, USCIS appears to be deliberately distancing itself from the RIA’s mandated fee study and adjustment process, potentially due to ongoing and potential litigation surrounding the agency’s authority to impose and structure certain EB-5 fees. By proposing independent revisions rather than relying on the RIA’s framework, USCIS may be seeking to insulate itself from future challenges while maintaining operational control over the program’s financial structure.
The rule is still in the proposed stage, meaning there will be a public comment period of 60 days before final implementation. EB-5 stakeholders—including investors, regional centers, and developers—should consider submitting comments to help shape the final version.
The proposed fee decreases represent an unexpected development in a space where most practitioners had only expected increases.
We will continue to monitor developments.
On Sept, 25, 2025, U.S. Citizenship & Immigration Services (USCIS) began issuing Notices of Regional Center Termination (the Notices) to EB-5 investors whose investments were made through Regional Centers that failed to comply with the EB-5 Reform and Integrity Act of 2022 (RIA). By way of background, USCIS terminated the designation of many approved Regional Centers in January 2025 where the annual EB-5 Integrity Fees were not paid.
The RIA established new integrity measures designed to enhance oversight and transparency across the EB-5 Regional Center Program, including:
Additionally, the RIA imposed annual EB-5 Integrity Fees to be paid by approved Regional Centers. Under the RIA, USCIS is authorized to terminate a regional center’s designation for failing to meet these requirements or for failing to pay the required EB-5 Integrity Fees.
USCIS is issuing the Notices to EB-5 investors under a section of the Immigration and Nationality Act (INA) that allows good faith investors in a terminated regional center to retain eligibility in certain circumstances. Both pre-RIA and post-RIA investors may be affected; however, continued eligibility for the EB-5 process depends on whether the investor filed the I-526 Petition before the passage of the RIA (Pre-RIA) or filed the I-526E Petition after the passage of the RIA (Post-RIA).
Each Notice outlines three response options available to both Pre-RIA and Post-RIA EB-5 investors:
Investors receiving these Notices should consider prompt action to preserve their EB-5 eligibility. The response deadlines are strict — typically 183 days from the date of the notice (or 194 days for those residing outside the United States). Failure to respond within the prescribed timeframe might result in loss of EB-5 eligibility and denial of the petition. Given the complexity of these Notices and the potential impact on pending or approved EB-5 petitions, investors should consult with experienced immigration counsel to determine the best path forward. Continued eligibility for EB-5 investors depends upon: (1) whether the investor is a Pre-RIA or Post-RIA investor; (2) the reasons for the Regional Center’s termination; (3) whether the underlying EB-5 project has created sufficient jobs; and (4) whether the investor has properly sustained his or her investment. Each of these criteria must be evaluated for a fulsome response.
It is the time of year again for USCIS approved Regional Centers to pay their annual EB-5 Integrity Fees to USCIS. Under the EB-5 Reform and Integrity Act of 2022 (RIA), designated EB-5 Regional Centers must make an annual payment into the EB-5 Integrity Fund. The annual fee is $20,000 for each Regional Center, except for those with 20 or fewer total investors in the preceding fiscal year (Oct. 1–Sept. 30) in its new commercial enterprises, in which case the annual fee is $10,000.
Each year the Integrity Fund fees are due for the upcoming fiscal year, not the past fiscal year. Starting Oct. 1, 2025, and continuing through to Oct. 31, 2025, USCIS will collect the FY 2026 Integrity Fund fee. As outlined in the RIA, USCIS will terminate the designation of any Regional Center that does not pay the required fee within 90 days after the annual fee’s due date. The annual fee is payable online. To avoid any technical issues with payment, penalties, and/or termination, Regional Centers should consider paying early and keeping a clear record of the payment in case USCIS requests evidence of the payment later. Moreover, Regional Centers may wish to confirm the payment is processed with their credit card company or through their bank account to avoid any issues after the payment portal closes.
Penalties for failure to pay the Integrity Fund fee include late fees and/or termination. Termination of the Regional Center may be damaging if the Regional Center has post-RIA investors. Under the RIA, investors filing Form I-526E based on investment in a new commercial enterprise must continue to be sponsored by an approved Regional Center. If the Regional Center is terminated, the new commercial enterprise must associate with a new Regional Center in good standing, although the RIA clarifies that the Regional Center need not be in the same geographic location as the original Regional Center. Based on the Instructions to Form I-526E, USCIS may require EB-5 investors to file an amendment to their pending or approved I-526E petition to notify USCIS of the new Regional Center sponsorship. This may delay the issuance of conditional green cards and result in additional fees for investors. Thus, Regional Centers should consider paying early and taking adequate steps to make sure their payments are timely processed by the government.
In this timely episode of Big Law Redefined Podcast’s Immigration Insights Series, Kate Kalmykov and Jennifer Hermansky, Greenberg Traurig Immigration & Compliance Practice attorneys, break down the latest developments in the EB-5 immigrant investor program as of September 2025.
With the clock ticking toward the expiration of key grandfathering provisions under the Reform and Integrity Act (RIA), they discuss the rush to file, the importance of source of funds documentation, and pitfalls of incomplete or skeletal filings.
The episode explores significant changes in USCIS and State Department policies, including stricter scrutiny of Communist Party membership, retroactive review of lawful source of funds, and the impact of the new travel ban on investors from certain countries.
Kate and Jen share updates on EB-5 processing times, visa issuance delays, and strategies for maintaining lawful permanent residence, including reentry permits and SB-1 returning resident visas.
They provide insights into planning EB-5 filings amid uncertainty, navigating complex compliance requirements, and protecting family members under changing Child Status Protection Act (CSPA) rules.
Kate and Jen also address recent trends in adjustment of status filings, work and travel authorization, and the potential for visa retrogression.
Tune in to learn more about EB-5 information updates and fast-moving immigration policies in 2025.
On Sept. 16, 2025, the U.S. Department of State (DOS) officially announced that all available immigrant visas in the Employment-Based Fifth Preference (EB-5) unreserved category have been issued for Fiscal Year (FY) 2025. The unreserved category does not include the set-aside visa categories enumerated under the EB-5 Reform and Integrity Act of 2022 (RIA), including the visas for high unemployment areas, rural areas, and infrastructure projects (the reserved categories) where the EB-5 investor filed the I-526 or I-526E Petition after March 2022.
The unreserved visas are capped annually under the Immigration and Nationality Act (INA). Specifically, INA 203(b)(5) allocates 7.1% of the worldwide employment-based visa limit to EB-5 visas. Of this, 68% is designated for unreserved categories, which include:
Additionally, the RIA allows for unused reserved EB-5 visas from FY 2023 to be reallocated to the unreserved pool for FY 2025. These reallocated visas also have been included in the total count and the annual limit that has been reached includes these unused reserved EB-5 visas.
U.S. embassies and consulates will no longer issue EB-5 unreserved visas for the remainder of FY 2025, which ends on Sept. 30, 2025. This pause affects EB-5 investors in the unreserved EB-5 category who have not yet received their visas. However, the annual visa limits will reset with the start of FY 2026 on Oct. 1, 2025, and U.S. embassies and consulates will resume issuing immigrant visas in the EB-5 unreserved categories to qualified investors. For those investors who have been scheduled for an immigrant visa interview between Sept. 16 and Sept. 30, 2025, EB-5 investors should be prepared to attend the interview unless they receive a cancellation notice from the U.S. embassy or consulate.
For more detailed information, please refer to the DOS alert.