The EB-5 process, stage by stage

An EB-5 case has two broad halves. The first half establishes that the investor has made a qualifying investment with lawfully sourced funds and is eligible to immigrate; it ends with conditional permanent residence. The second half shows that the investment was sustained and the required jobs were created; it ends, if approved, with permanent residence without conditions.

Several stages involve different agencies. USCIS decides the investor petition, any adjustment of status application and the petition to remove conditions. The U.S. Department of State, through the National Visa Center and U.S. embassies and consulates, handles immigrant visas for applicants outside the United States.

1. 01

   Step 1: Planning and eligibility

   Before choosing a project, the investor generally works with a qualified U.S. immigration attorney to confirm the basic picture: available funds and where they came from, family members to include (spouse and unmarried children under 21), any admissibility concerns, current immigration status if already in the U.S., and whether visa availability for their country of birth is likely to affect timing. Tax and financial planning with a qualified tax adviser often begins here as well.

2. 02

   Step 2: Choosing a project and reviewing offering documents

   Most investors choose between a direct investment and a regional center project. Regional center offerings are typically made through a private placement memorandum, subscription agreement and business plan. These documents should be reviewed by advisers who are independent of the project, including a licensed securities professional where appropriate. USCIS approval of a project application concerns immigration eligibility, not the merits or safety of the investment. See our due diligence questions.

3. 03

   Step 3: Documenting the source of funds

   The investor gathers evidence that the invested capital, and often the funds for fees, came from a lawful source, and traces how the money moved to the U.S. enterprise. Gifts and loans can be lawful sources when properly documented. This step can take considerable time, so many investors begin it early. See source of funds and gift and loan funds.

4. 04

   Step 4: Making the investment and filing Form I-526 or I-526E

   The investor transfers the capital to the new commercial enterprise (or shows it is actively in the process of being invested) and files the petition with USCIS: Form I-526 for a direct investment or Form I-526E for a regional center investment. The filing date generally becomes the investor's priority date, which determines their place in line for a visa.

5. 05

   Step 5: Waiting for visa availability

   An immigrant visa must be available before the investor and family can obtain residence. Availability depends on the visa category (unreserved, rural, high-unemployment or infrastructure) and the applicant's country of birth, and is published in the monthly Visa Bulletin (opens in a new tab). For some applicants a visa is available right away; for others there may be a wait. See how to read the Visa Bulletin.

6. 06

   Step 6: Consular processing (DS-260) or adjustment of status (I-485)

   Applicants outside the U.S. generally complete consular processing: after the petition is approved and a visa is available, they file Form DS-260 and attend an interview at a U.S. embassy or consulate. Applicants already in the U.S. in a lawful status may be able to file Form I-485 to adjust status without leaving. Under the 2022 Act, some may file I-485 concurrently with, or while, their I-526 or I-526E is pending. See the concurrent filing section below.

7. 07

   Step 7: Conditional permanent residence

   Conditional residence begins when the applicant is admitted on an immigrant visa or when USCIS approves the I-485. It lasts 2 years. During this period the investment generally needs to remain at risk and the enterprise continues its job-creation activity.

8. 08

   Step 8: Form I-829: removing the conditions

   In the 90 days before the second anniversary of becoming a conditional resident, the investor files Form I-829 with evidence that the investment was sustained and the job-creation requirement was met. Missing this window can have serious consequences, so the date should be calendared from the start. If approved, the investor and included family members may receive permanent residence without conditions.

9. 09

   Step 9: Possible later eligibility for naturalization

   Permanent residents may later become eligible to apply for U.S. citizenship through naturalization, subject to the general requirements that apply to all applicants, such as periods of residence and physical presence. An attorney can explain how these rules apply to an individual case.

The 2022 Act allows a person who is physically present in the United States to file Form I-485 together with, or while they have pending, an I-526 or I-526E petition, if an immigrant visa is immediately available to them and they meet the other requirements for adjustment of status. Visa availability for this purpose is shown by the USCIS adjustment of status filing charts (opens in a new tab) for the relevant month.

While the I-485 is pending, the applicant may apply for employment authorization and advance permission to travel. Whether concurrent filing is available and advisable depends heavily on maintaining lawful status, which makes individual legal advice essential. Students and professionals in particular should read concurrent filing and discuss their situation with a qualified U.S. immigration attorney.

Each stage above involves specific forms: the investor petition (I-526 or I-526E), the green card application (DS-260 abroad or I-485 in the United States), and later the petition to remove conditions (I-829). Applicants filing in the United States may also file for work authorization and advance parole alongside an I-485. Our article on EB-5 forms and the filing process explains what each form is for, who files it and how they fit together.

For a sense of how the stages may unfold over time, see the indicative EB-5 timeline, which sets out the sequence separately for applicants inside and outside the United States. Any durations shown there are indicative only; actual timing depends on the individual case, USCIS and Department of State workloads, and visa availability.

It is natural to want a schedule, but no one can promise one. Processing times at USCIS and the Department of State change frequently, visa availability can move forward or backward from month to month, and USCIS may request additional evidence at any stage. The current official estimates are on the USCIS processing times page (opens in a new tab).

Families with children approaching 21 should be especially careful about timing, because age can affect whether a child remains eligible as a derivative. See planning for children and age.

• Review the EB-5 requirements to understand what each filing must prove.
• Start organizing records early with our source of funds guide.
• Explore EB-5 projects for structured project information, and prepare questions using our due diligence guide.
• Check the current Visa Bulletin explanation for your category and country of birth.

Every stage benefits from qualified, independent advice. You can request a consultation to be connected with appropriate professionals, such as a qualified U.S. immigration attorney. EB5 Circle does not provide legal, investment or tax advice.