The EB-5 Immigrant Investor Program was substantially restructured by the EB-5 Reform and Integrity Act of 2022, which was enacted as part of the Consolidated Appropriations Act. The changes were significant — investment amounts increased, set-aside categories were created, and the regional center program was reauthorized with new compliance requirements. Investors and their counsel who are working from pre-2022 frameworks are operating with outdated information.
This piece outlines the most significant changes and their practical implications for investors considering the EB-5 pathway to U.S. permanent residence.
Investment Amount Changes
The standard EB-5 investment amount increased to $1,050,000, up from $900,000. For investments in Targeted Employment Areas — rural areas or areas with high unemployment — the amount is $800,000, up from $450,000. These amounts are subject to inflation adjustment going forward, which is new.
The substantial increase in the TEA investment amount is significant. Much of the EB-5 market prior to the reform consisted of urban projects structured to qualify as TEAs through geographic manipulation — a practice the reform was specifically intended to curtail. The new rural set-aside category (discussed below) partially addresses this, but the overall capital requirements for EB-5 are materially higher than they were under the pre-reform framework.
Visa Set-Asides
The Reform Act created reserved visa categories that were not present in the prior program structure:
Rural Set-Aside
Twenty percent of EB-5 visas in each fiscal year are reserved for investors in rural projects — those located outside metropolitan statistical areas and outside the boundary of any city or town with a population of 20,000 or more. These visas do not retrogress for oversubscribed countries, and any unused rural visas roll over to the general pool. For investors from China, India, or Vietnam — countries with historically long EB-5 backlogs — the rural set-aside represents a materially faster path to permanent residence.
High Unemployment TEA Set-Aside
Ten percent of visas are reserved for investments in high-unemployment TEAs. These are areas where the unemployment rate is at least 150% of the national average. Unlike the rural set-aside, these visas do retrogress for oversubscribed countries.
Infrastructure Set-Aside
Two percent of visas are reserved for investments in projects involving infrastructure — transportation, clean water, broadband, and similar assets. This category is largely untested in practice as of this writing.
Regional Center Reauthorization and Integrity Measures
The regional center program — through which most EB-5 investments are made — was allowed to lapse in 2021 and was reauthorized by the Reform Act with new compliance requirements. Regional centers must now register with USCIS annually, submit compliance reports, and meet enhanced disclosure obligations to investors.
The Reform Act also created a new investor protection framework. Investors have explicit rights to receive audited financial statements, material change notifications, and project updates. Regional centers that fail to comply can have their designation terminated, which would affect all pending investor petitions.
For investors, this means due diligence on the regional center's compliance status and track record is now part of the investment analysis, not just a footnote.
Concurrent Filing
One of the most investor-friendly provisions of the Reform Act is the explicit authorization of concurrent filing — the ability to file an I-526E petition and an adjustment of status application simultaneously, provided a visa number is immediately available. For investors already in the United States in a valid nonimmigrant status, this can significantly reduce the time between investment and work authorization.
The practical impact depends on country of birth and visa availability. Investors born in countries without retrogression — including most European, Latin American, and African countries — can benefit immediately from concurrent filing. Investors born in China, India, or Vietnam face retrogression and will need to evaluate the set-aside categories carefully.
EB-5 remains one of the most viable pathways to U.S. permanent residence for investors who meet the capital requirements and have a medium-term timeline. The reform has made the program more complex to navigate but also more transparent and investor-protective than it was before. Selecting the right project, regional center, and filing strategy requires analysis specific to each investor's circumstances.
This article is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. Laws and regulations change; readers should not rely on this content as a substitute for qualified legal counsel specific to their circumstances. Attorney Advertising.