The EB-5 Reform and Integrity Act of 2022

Investment amounts

$800,000 for a qualifying investment in a targeted employment area (TEA: a rural or high-unemployment area) or an eligible infrastructure project, and $1,050,000 for other qualifying investments. The Act also provides for inflation adjustments every five years, based on the Consumer Price Index for All Urban Consumers (CPI-U), beginning with petitions filed on or after January 1, 2027. See the 2027 investment adjustment.

Reserved visas

20% of EB-5 visas each fiscal year are reserved for rural projects, 10% for high-unemployment areas and 2% for infrastructure projects. See reserved visa categories.

TEA determinations

USCIS, rather than state governments, now determines whether a project is in a targeted employment area.

Project filings

Under the new framework, the regional center must file a project application on Form I-956F before an investor in that project files Form I-526E.

Concurrent filing

A person physically in the United States may file to adjust status (Form I-485) together with, or while, an EB-5 petition is pending, if a visa is immediately available and other requirements are met. See concurrent filing.

Integrity measures

New requirements and oversight covering regional centers, investment offerings and the movement of investor capital.

The Act imposed reporting, recordkeeping and integrity requirements on regional centers.

• Annual statements: each regional center files an annual statement on Form I-956G (opens in a new tab).
• Integrity fees: regional centers pay fees that fund program integrity work. Fee amounts are not restated here; see the USCIS fee schedule (opens in a new tab).
• Audits: USCIS audits each regional center at least once every five years, examining records and the flow of investor capital.

For investors, these rules make certain information more available, but they do not replace your own review. Investors may want to examine the fund-management arrangements, financial reporting, related-party transactions and budgets, and to understand the roles of the new commercial enterprise (NCE, the entity that receives investor capital) and the job-creating entity (JCE, the business that uses the capital and creates the jobs). See regional center due diligence.

EB-5 offerings must comply with securities laws and with EB-5 disclosure requirements. Before investing, review the core documents:

• Private placement memorandum (PPM) and subscription agreement.
• Business plan and risk disclosures.
• Fee structure and how capital will be allocated.
• Repayment assumptions.

The rules that govern a petition generally depend on when it was filed. The summary below is general; transition rules can be complex, and a qualified U.S. immigration attorney should confirm how they apply to a particular case.

For petitions under the post-May 14, 2022 rules, the documentation requirements generally include personal tax returns covering the preceding 7 years, subject to applicable provisions and exceptions. See source of funds.

The Act authorized the Regional Center Program through September 30, 2027. It also protects petitions filed on or before September 30, 2026 from being affected by a future lapse of the program; that date has now passed. Whether the program is reauthorized beyond September 30, 2027 is up to Congress, and investors should verify legislative developments rather than assume reauthorization. See Regional Center Program authorization.

Oversight rules support the program's administration, but they do not remove investment or immigration risk. Read understanding EB-5 investment risk.

• Learn how the process works step by step on the EB-5 process and EB-5 forms and filing process.
• Use regional center due diligence and how to evaluate an EB-5 project when reviewing an offering.
• Check current updates on the USCIS EB-5 updates page (opens in a new tab).
• Ask a qualified U.S. immigration attorney which rules apply to your filing date. You can request a consultation to be connected with qualified professionals.