Search results for: eb-5

Greenberg Traurig Global Immigration and Compliance Practice Co-Chair Kate Kalmykov will present on a webinar on Jan. 15, 2026, offering tax counsel and advisers with a comprehensive overview of pre-immigration tax and investment planning challenges and opportunities under current tax law. The panel will discuss strategies for minimizing the U.S. tax impact of foreign-source ordinary and capital income before establishing U.S. tax residency, provide an overview of the current EB-5 program for nonresidents seeking to establish permanent residency through investment in the U.S. economy, and examine tax planning opportunities for structuring U.S. investments. Joining Kate on the panel are George McCormick of BakerHostetler and Connor Southwell of Withum Smith + Brown, PC.

Click here to register.

The EB-5 Immigrant Investor Program remains a powerful pathway to U.S. permanent residency while supporting economic growth and job creation. 2026 is a pivotal year: grandfathering protections under the Reform and Integrity Act (RIA) remain available, fee adjustments are pending, and USCIS adjudication trends continue to evolve. Investors who act strategically—by filing early, documenting comprehensively, and monitoring compliance—may be best positioned for success.

I-526 Filing (Initial Petition & Investment)

1. Leverage grandfathering before program changes
Investors may wish to file their I-526 forms before Sep. 30, 2026, to lock in current investment thresholds and TEA benefits under the RIA before any new regulations or fee increases take effect.

2. Act before potential price hikes
Following a late 2025 court-ordered fee reduction, filing now allows investors to take advantage of lower EB-5 filing fees.

3. File early to avoid retrogression delays
Visa backlogs in set-aside categories (TEA, rural, and infrastructure) remain a concern, particularly for applicants from China and India. Early filing may secure investors’ priority dates and position them ahead of future cut-off dates.

4. Submit a well-documented petition
Investors may wish to work with counsel to organize timelines, source-of-funds evidence, business registrations, and tax documentation. Clear documentation may reduce the likelihood of receiving Requests for Evidence (RFEs).

5. Provide comprehensive tax filings
Include seven years of U.S. and foreign tax returns—or official proof of no tax obligations—to meet regulatory requirements.

6. Include complete business registration records
Corporate filings, licenses, shareholder agreements, and proof of good standing for all entities generating EB-5 funds are essential.

7. Reconsider older source-of-funds documentation
Funds originating many years ago are harder to verify and may contain gaps. Given increased USCIS scrutiny, consider providing more recent source-of-funds evidence.

8. Exercise caution with loans
Loans from the New Commercial Enterprise or any entity associated with the Regional Center may trigger USCIS scrutiny. Investors may wish to discuss any such loans with counsel in advance.

9. Avoid installment funding
USCIS currently disfavors phased contributions. Full upfront funding might reduce the likelihood of RFEs or denials, particularly when seeking grandfathering protection.

10. Document all capital transfers thoroughly
Investors should consider maintaining wire confirmations, bank statements, and reconciliations in order to ensure traceable, auditable transfers.

11. Address Communist Party membership proactively
Discuss any membership in the past five years with counsel and consider selecting the optimal primary applicant to avoid eligibility issues.

12. Perform rigorous due diligence on Regional Centers and projects
Verify USCIS approval, financial stability, construction timelines, and job creation projections. Investors may wish to work with a U.S.-licensed broker/dealer or business advisor.

Adjustment of Status (AOS) / Consular Processing

13. Consider concurrent filing strategically
Concurrent I-526 and AOS filing may provide work authorization and travel flexibility for applicants in the United States on valid nonimmigrant status. Confirm eligibility and timing with counsel.

14. Maintain underlying visa status
Fallback status prevents unlawful presence if an applicant’s EB-5 petition is denied and may allow alternative green card options or appeals to be filed.

15. Track visa bulletin movement and country-specific limits
Retrogression may occur, particularly for China and India. Monitor the visa bulletin monthly to ensure timely AOS or consular filing.

16. Keep documentation organized for consular interviews
Investors should have their I-526 approval, tax filings, investment records, and corporate documentation ready for review.

17. Expect potential delays due to security checks
Background checks and name matching may slow processing, so investors may wish to build extra time into their planning.

18. Disclose status violations, unauthorized work, or criminal issues proactively
Applicants may wish to discuss any potential issues with counsel early to prevent denials or complications.

19. Apply for a Reentry Permit for extended travel
U.S. permanent residents must maintain at least 180 days of residence annually. For planned absences longer than 180 days, a Reentry Permit allows up to two years abroad without risking green card status.

20. Renew EAD and AP documents proactively
For AOS applicants, investors may wish to file extensions at the 180-day mark to avoid work or travel interruptions, as automatic extensions have been discontinued.

I-829 / Removal of Conditions

21. Prepare early for I-829 filing
Maintain communication with the Regional Center to track project completion, job creation, and capital investment from I-526 through I-829. Alert counsel to any delays or issues promptly.

22. Align I-829 filings with original investment documentation
Cross-check I-829 submissions against I-526 to avoid inconsistencies that might trigger RFEs.

23. Consider mandamus for excessive I-829 delays
Mandamus litigation might be an effective tool to compel USCIS action when processing times exceed norms.

24. Plan travel around the I-829 receipt notice
Filing an I-829 extends conditional permanent resident status and provides up to 48 months of work and travel authorization. Investors may wish to avoid international travel until the receipt notice is issued, as it is required for reentry.

Naturalization Planning

25. Track residency requirements for U.S. citizenship
EB-5 investors may apply for naturalization five years after receiving the conditional green card. Maintain detailed records of physical presence and residence after conditional green card approval.

26. Prepare early for the naturalization interview and civics/English test
USCIS has increased the number of questions and expectations for passing. Begin study and preparation well in advance of eligibility.

2026 might be a strategic year for EB-5 investors. With grandfathering protections still available, potential fee increases on the horizon, and heightened scrutiny on compliance, proactive planning is essential. Investors who file early, maintain comprehensive and organized records, monitor Regional Center and project compliance, and address potential issues with counsel in advance may be best positioned for success. Approaching each stage of the EB-5 lifecycle—from I-526 filing, through AOS or consular processing, I-829 removal of conditions, and eventual naturalization—with diligence and foresight may help investors navigate evolving regulations and optimize their path to U.S. residency and citizenship.

The January 2026 Visa Bulletin appears to deliver positive developments for employment-based immigration, with notable forward movement across most categories. Both Final Action Dates (Chart A) and Dates for Filing (Chart B) reflect improved visa availability, and USCIS will continue accepting adjustment-of-status applications under Chart B for January.

EB-5 (Unreserved) Highlights

  • China (Mainland-Born)
    • Final Action Dates: Advanced from July 15, 2016, to Aug. 15, 2016 (31-day progression);
    • Dates for Filing: Moved to Aug. 22, 2016, marking a similar one-month gain.
  • India:
    • Final Action Dates: Jumped from July 1, 2021, to May 1, 2022;
    • Dates for Filing: Jumped to May 1, 2024, a 761-day advancement, the largest among EB categories.
  • All Other Countries: Remain current for EB-5 unreserved visas, with no backlog.

Reserved EB‑5 Categories

All three set-aside categories, Rural, High Unemployment, and Infrastructure, remain current in both charts, with no retrogression.

Implications for EB-5 China Applicants

While China’s one-month advancement may seem modest compared to India’s leap, it represents steady progress for a category historically burdened by long backlogs. For investors who have been waiting for years, even incremental movement may be meaningful.

Key Takeaways

  • Priority Date Eligibility: For applicants whose EB-5 priority date is before Aug. 15, 2016, their petitions are now eligible for approval under the current bulletin. However, eligibility does not guarantee approval in January; it simply means a case may proceed when a visa number is available and all processing steps are complete.
  • Adjustment of Status Filing: Applicants with priority dates before Aug. 22, 2016, may file under Chart B, as USCIS continues to accept filings based on projected visa availability. Processing timelines will depend on USCIS workload and visa number allocation.
  • Consular Processing (Outside the United States): If applicants are abroad and their priority dates are current under the Final Action Dates chart (e.g., before Aug. 15, 2016), the National Visa Center (NVC) can schedule their immigrant visa interviews once their cases are documentarily qualified. Timelines vary based on NVC scheduling and consular appointment availability.

EB-5 investors may see these advancements as a promising start to 2026, particularly those from China and India. The advancements suggest continued momentum in employment-based immigration.

For more details, please refer to the Visa Bulletin for January 2026.

The United States has introduced a new immigration pathway aimed at attracting ultra-high-net-worth individuals: the Gold Card Program, created by Executive Order 14351 in September 2025. Because this program arises from executive action rather than an act of Congress, it operates outside the traditional statutory framework that governs the EB-5 immigrant investor program. As a result, it presents both opportunities and legal uncertainties for prospective applicants.

Below is a detailed analysis of the Gold Card program’s structure, requirements, risks, and how it compares to the long-established EB-5 investor visa category.

What the Gold Card Program Is—and Why It Is Different

Unlike EB-5, Congress did not enact the Gold Card. It is an executive initiative, implemented solely through presidential authority. That distinction has significant implications:

  • It may be modified, suspended, or rescinded by a future administration.
  • It does not include statutory grandfathering protections. Investors who begin the process today do not have guaranteed eligibility if the program is later withdrawn or struck down by a court.
  • It relies on existing immigrant categories (EB-1A and EB-2 NIW) for visa issuance, meaning adjudications may still need to satisfy the regulatory standards for extraordinary or exceptional ability in the national interest. For example, EB-1A normally requires the applicant to have “sustained national or international acclaim.” Exceptional ability EB-2 normally requires the applicant to have an advanced degree and meet other criteria, in addition to meeting the requirements for a National Interest Waiver.

In effect, the Gold Card overlays a financial-contribution model onto existing immigrant visa frameworks, creating a hybrid program that blends donation-based residency incentives with employment-based visa adjudications.

Key Features of the Gold Card

Although the Gold Card uses employment-based categories, the distinguishing elements relate to its funding mechanism, processing model, and tax-related incentives.

Donation Model: Applicants must make a non-refundable “gift” to the U.S. government:

  • $1 million per individual applicant, including each family member; or
  • $2 million for corporate-sponsored applicants, plus $1 million per dependent; and
  • $15,000 USCIS processing fee per person.

Unlike EB-5, the funds are not invested, do not carry job-creation obligations, and are not returned under any circumstances.

New Fast-Track Petition: Form I-140G

The program introduces Form I-140G, a petition similar to a premium-track I-140 but tied to visa availability. Petition processing may be completed in weeks, but immigrant visa issuance still depends on priority date movement and the applicant’s country of birth. Applicants born in certain countries may still experience long wait times for the immigrant visa due to existing EB-1 and EB-2 visa backlogs.

No Adjustment of Status

Significantly, Gold Card applicants must process through a U.S. embassy or consulate abroad. The program explicitly bars Adjustment of Status, eliminating the ability to apply from within the United States. It is unclear why.

Platinum Tier

A forthcoming $5 million Platinum contribution offers extended U.S. presence (up to 270 days annually) and preferential tax treatment on foreign-source income. It does not provide permanent residency; rather, it functions as a long-term entry and tax-benefits privilege for globally mobile individuals.

Navigating Requirements and Process

Although the Gold Card avoids the rigorous EB-5 job-creation framework, it still requires detailed documentation.  The current process appears as follows:

  1. Source and Path of Funds: Applicants must prove lawful origin of the gifted amount, consistent with employment-based immigrant standards. It appears the source and path of funds requirements is similar to EB-5 standards.
  2. Filing of Form I-140G with the donation documentation and fees.
  3. USCIS Adjudication under EB-1A or EB-2/NIW standards.
  4. Consular Processing and visa issuance once the priority date is current.

The reliance on EB-1 and EB-2 legal standards introduces a substantive evaluation that some high-net-worth individuals may not expect; the financial contribution does not necessarily override statutory eligibility requirements.  Further clarification on this point is required from USCIS.

Comparison to the EB-5 Immigrant Investor Program

Created by Congress in 1990, EB-5 remains the only statutory investment-based pathway to a U.S. green card. It requires:

  • $800,000 investment in a Targeted Employment Area (TEA) or $1,050,000 outside a TEA.
  • Creation of 10 full-time U.S. jobs.
  • Capital at risk throughout the investment period.
  • Eligibility for Adjustment of Status and concurrent filing inside the United States.
  • Access to grandfathering protections for those who apply before Sept. 30, 2026, under the Reform and Integrity Act.

EB-5’s core advantages are family coverage, permanence, and legal stability. Its disadvantages are longer timelines and the need to satisfy job-creation and project-risk requirements.

Side-by-Side Analysis

AspectGold Card (EO 14351)EB-5 Investor Visa (Statute)
AuthorityExecutive order; vulnerable to legal challenge and repeal; no grandfatheringCongressional statute; RIA provides statutory grandfathering through Sept. 30, 2026
Cost$1M per family member; $2M if company-sponsored; $5M Platinum tier; $15k per person filing fee$800k–$1.05M investment covers entire family
Family CoverageEach family member pays full gift and feeOne investment covers spouse and children under 21
RefundabilityNoneInvestment generally returnable after project exit or if petition is denied
RequirementsNo job creation or business risk; gift treated as government donationMust create 10 full-time jobs; capital must remain at risk
TimelinePetition may be processed within weeks; visa issuance tied to EB-1/EB-2 backlogsFour to six years typical for permanent residency
Green Card OutcomePermanent residency unless program is repealedTwo-year conditional residency, then permanent upon I-829 approval
Preference CategoryEB-1A or EB-2/NIWEB-5
Process(1) Register on trumpcard.gov, (2) File I-140G, and (3) Consular process only(1) File I-526E, (2) AOS or consular, and (3) File I-829 after two years

Sample Cost Comparison: Family of Six

The contrast in total cost is stark:

Gold Card

  • Donation: $1,000,000 × 6 = $6,000,000
  • USCIS fees: $15,000 × 6 = $90,000
  • Total: $6,090,000

EB-5

  • Investment: $800,000 (TEA)
  • USCIS fees: $3,675
  • Total: $803,675

For large families, the Gold Card’s per-person model makes it more expensive than EB-5.

Practical Considerations for Investors

While the Gold Card potentially offers speed and eliminates job-creation risk, the program presents legal and strategic uncertainties:

  • Regulatory durability is weak compared to EB-5’s statutory foundation.
  • Visa availability remains tied to EB-1 and EB-2 demand, meaning individuals from high-demand countries may still face backlogs.
  • The high per-person cost may outweigh benefits for families.

EB-5, despite its longer timeframe and job-creation obligations, aims to provide stability, family efficiency, and an established statutory framework—elements some investors value when making long-term relocation plans.

The Gold Card represents an untested pathway for those seeking rapid U.S. residency through financial contribution. EB-5 remains the more established, predictable option for investors prioritizing statutory protection, family coverage, and long-term stability. The optimal route depends on the applicant’s priorities: speed and simplicity versus durability and cost efficiency.

On Nov. 12, 2025, a federal court determined that USCIS unlawfully increased EB-5 filing fees without completing a fee study that was required to be completed under the EB-5 Reform and Integrity Act of 2022 (RIA). The RIA, passed in April 2022, required USCIS to complete a fee study and to set USCIS filing fees according to the amount of time required to adjudicate the different types of EB-5 cases, including Form I-526E Petitions, Form I-829 Petitions, and Form I-956/I-956F Applications. However, USCIS did not timely complete the fee study; instead in April 2024, USCIS increased EB-5 filing fees significantly and without first completing the required fee study.

Following a recent lawsuit, a federal court determined that USCIS’ April 2024 fee increase was unlawful and arbitrary. The court also held that the fees should revert to the pre-April 2024 fees until USCIS finalizes the fee study. While the USCIS website on fees has yet to be updated, parties to the litigation have confirmed informally that USCIS will accept new applications, including Form I-526E Petitions, Form I-829 Petitions, and Form I-956/I-956F Applications, with the older fees. New guidance may be forthcoming from USCIS on the fees.

Importantly, USCIS now has completed its fee study as part of a Notice of Proposed Rulemaking (NPRM), which is currently in a 60-day comment period. Once the NPRM is published in final, the EB-5 filing fees may increase to the amounts listed in the completed fee study. The result is a short window of time where EB-5 filing fees for various applications are reduced to pre-April 2024 amounts.

EB-5 stakeholders who are filing cases presently should discuss with their lawyer regarding the USCIS filing fees to be paid.

In the latest podcast episode of the Immigration Insights Series, hosts Kate Kalmykov and Jennifer Hermansky, shareholders in Greenberg Traurig’s Immigration & Compliance Practice, address the latest challenges and opportunities facing EB-5 investors and regional centers in 2025.

With the Sept. 30, 2026, RIA grandfathering deadline approaching, a surge of investors are seeking to lock in the $800,000 minimum investment before anticipated changes.

The discussion covers the nuances of using loans—including third-party and affiliate financing—and the heightened scrutiny from USCIS on lawful sources of funds.

Kate and Jen also explore installment funding, outlining recent shifts in adjudication trends, aggressive denials, and best practices for documentation and investor preparedness.

The episode concludes with strategies for contesting denials, navigating appeals, and the broader implications for projects and regional centers.

Click here to listen to the full episode.

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:

  • Books, ledgers, and records for the preceding five years,
  • Evidence submitted with prior filings and certifications,
  • Government, commercial, and public records, and
  • Questionnaires and potential interviews with Regional Center representatives.

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:

  1. Reviewing their recordkeeping systems for the past five years,
  2. Confirming that all job creation and investor tracking documentation is organized and accessible,
  3. Designating an internal audit contact and preparing for potential remote or in-person review, and
  4. Working with counsel to prepare for an in-person review.

Key Takeaway

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.

This article discusses how timely and fully committed investment payments improve the odds of approval for petitions under the EB‑5 Immigrant Investor Program, with firms warning that partial payments which aren’t clearly documented or promptly funded are causing denials. Greenberg Traurig Immigration & Compliance practice group Co-Chair, Kate Kalmykov, emphasizes that the investor must either fully invest the required funds or have subsequent installment funds identified and sourced for use in the job-creating enterprise at the time of filing.

Read “Timely Partial Payments are Key to Successful EB-5 Applications, Attorneys Say.”

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.

Proposed EB-5 Fee Reductions

According to the newly proposed rule, the following filing fees are set to decrease:

  • Form I-526E (Immigrant Petition by Regional Center Investor): from $11,160 → $9,625;
  • Form I-956F (Application for Approval of an Investment in a Commercial Enterprise): from $47,695 → $29,935;
  • Form I-956 (Application for Regional Center Designation): from $47,695 → $28,895;
  • Form I-956 (Amendment): from $47,695 → $18,480; and
  • Form I-956G (Regional Center Annual Statement): from $4,470 → $2,740.

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.

Why This Matters

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).

Litigation Concerns and the RIA Fee Study

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.

What Comes Next

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.

The U.S. Department of State’s National Visa Center (NVC) has issued updated guidance that impacts employment-based immigrant visa applicants, including EB-5 investors. This change is especially relevant for globally mobile professionals and investors residing outside their country of nationality.

Key Policy Changes

Applicants must now

  • Interview for the immigrant visa in their country of residence, or
  • Request to interview for the immigrant visa in their country of nationality, subject to approval.

To attend the immigrant visa interview at a consular post, applicants must submit proof of legal residence in the country where their case is assigned. This applies to all employment-based categories, including:

  • EB-1 (Executives, Researchers)
  • EB-2 (Advanced Degree Professionals, NIW)
  • EB-3 (Skilled Workers)
  • EB-5 (Investors)

Acceptable Proof of Residency Includes

  • Passport with a residency stamp,
  • Valid work or student visa,
  • Legal permanent resident card or landing document,
  • Refugee or humanitarian documentation, or
  • Other official documentation confirming lawful residence.

Importantly, having a visitor visa would not qualify an applicant to interview in a country; evidence of a longer-term visa or status is required.

Designated Processing Posts for Countries Without US Consular Operations

Applicants from countries where the United States does not conduct routine visa services must attend interviews at designated alternate posts. Below is a summary of current assignments:

NationalityDesignated Location(s)
AfghanistanIslamabad
BelarusVilnius, Warsaw
ChadYaoundé
CubaGeorgetown
HaitiNassau
IranDubai
LibyaTunis
NigerOuagadougou
RussiaAstana, Warsaw
SomaliaNairobi
South SudanNairobi
SudanCairo
SyriaAmman
UkraineKrakow, Warsaw
VenezuelaBogotá
YemenRiyadh
ZimbabweJohannesburg

Important Takeaways

  • Third-country processing is not permitted unless special circumstances apply.
  • Traveling to another country solely to apply for a visa does not qualify as a special circumstance.
  • There may be delays if applicants do not provide sufficient proof of residence in the assigned country.
  • Existing appointments for nonimmigrant visas may not be canceled, but applicants may be refused under INA §214(b) if they cannot prove residence.

Considerations for Employers and Investors

  • Confirm assigned consular posts.
  • Gather and submit appropriate residency documentation.
  • Contact your immigration counsel to request a transfer or explain special circumstances, if needed.

It is critical for companies and EB-5 investors to prepare documentation and coordinate through counsel with the NVC to enhance timely and compliant visa processing.