DHS Proposes Major Changes to the EB-5 Investor Visa Program

The Department of Homeland Security has proposed sweeping new regulations that could significantly reshape the EB-5 Immigrant Investor Program.

Published on July 2, 2026, the proposed rule seeks to formally implement many of the changes Congress enacted through the EB-5 Reform and Integrity Act of 2022 while introducing stricter compliance, enforcement, fraud-prevention, and national-security requirements.

Importantly, this is only a proposed rule. It is not yet final, and the proposed changes have not automatically taken effect. DHS is accepting public comments through August 31, 2026, before deciding whether to issue a final regulation.

What Is the EB-5 Investor Visa Program?

The EB-5 program offers qualifying foreign investors a pathway to lawful permanent residence by investing capital in a U.S. business that creates at least 10 full-time jobs for qualifying U.S. workers.

The current minimum investment is generally:

$1,050,000 for a standard EB-5 investment; or
$800,000 for an investment in a targeted employment area or qualifying infrastructure project.

Targeted employment areas include certain rural locations and areas experiencing high unemployment. Investors may invest directly in their own commercial enterprise or through a USCIS-designated regional center.

New Investment Amount for High-Employment Areas

One of the most significant provisions would establish a separate investment amount for projects located in areas with particularly low unemployment.

DHS proposes requiring an investment of $1.4 million for projects principally doing business in a defined “high-employment area.” Under the proposal, this would generally include certain metropolitan areas where unemployment is significantly below the national average.

The standard, targeted-area, infrastructure, and high-employment investment amounts would be adjusted for inflation beginning January 1, 2027, and every five years afterward.

Stricter Source-of-Funds Documentation

The proposal would also impose detailed requirements for proving that an investor’s capital was obtained lawfully.

Investors would be expected to trace their funds from their original source through every transfer until the money reaches the new commercial enterprise. Evidence may include bank statements, tax records, employment records, business documents, property-sale records, gift documentation, loan records, and a complete transaction history.

The lawful-source requirement would also apply to administrative fees and other costs connected to the EB-5 investment—not only the minimum investment itself. Investors may also need to identify every person who transferred funds into the United States on their behalf.

DHS recognizes that digital assets may be used as a source of investment funds if they are converted into qualifying tangible capital. However, investors would still have to document ownership, transaction history, lawful acquisition, conversion, and the complete path of those funds.

Clarification of the Two-Year Investment Period

The proposed rule would clarify how long an EB-5 investor must keep the required capital invested.

For qualifying petitions filed on or after March 15, 2022, DHS proposes that the two-year investment period generally begin when the investor’s capital is placed at risk in the new commercial enterprise—not when the investor later becomes a conditional permanent resident.

This could provide greater certainty and flexibility to investors, particularly when immigration processing delays occur long after the original investment was made. However, the investment must still satisfy all EB-5 requirements, remain at risk for the required period, and produce the required number of qualifying jobs.

Greater Protection for Good-Faith Investors

The proposal would provide clearer protections for investors whose regional center is terminated or whose new commercial enterprise or job-creating entity is barred from participating in the EB-5 program.

An affected investor may be able to preserve the original petition and priority date by taking corrective action and submitting an amendment within 180 days after receiving notice from USCIS. Depending on the circumstances, this may involve associating with another approved regional center or investing additional capital in another qualifying enterprise.

These protections are important because investors should not automatically lose their place in the visa line because of misconduct or noncompliance committed by a regional center or project operator beyond their control.

Changes to Job-Creation Rules

DHS is also proposing tighter standards for demonstrating that an EB-5 investment created the required jobs.

Under longstanding USCIS policy, certain investors could receive credit for jobs initially created using temporary bridge financing that was later replaced by EB-5 capital. The proposed rule would eliminate the use of repaid bridge financing as a basis for establishing job creation, although DHS is requesting public comments on whether more limited forms of bridge financing should remain permissible.

The proposal would also eliminate the “troubled business” option, which has allowed some investors to qualify by preserving existing jobs at a struggling business instead of creating 10 entirely new positions. DHS’s proposal focuses the program more directly on new job creation.

Expanded Fraud and National-Security Enforcement

The proposal would formalize broad DHS authority to deny or revoke EB-5 petitions and benefits involving fraud, deceit, intentional material misrepresentation, criminal misuse, or threats to public safety or national security.

Depending on the circumstances, enforcement action could affect regional centers, commercial enterprises, project operators, promoters, individual investors, and previously approved immigration benefits. USCIS could also terminate an investor’s conditional permanent residence where the statutory requirements for such action are met.

The termination of a regional center could also result in the automatic revocation of its approved project applications after the appeals process concludes. Affected investors would generally have 180 days after notification to take appropriate corrective action, subject to the proposed good-faith investor protections.

What Does the Proposal Mean for EB-5 Investors?

Because the rule has not yet been finalized, investors should not assume that every proposed provision currently applies. DHS generally proposes applying the new regulations prospectively to petitions and applications filed on or after the final rule’s effective date, although some provisions would codify policies USCIS has already implemented since the 2022 law took effect.

Before filing, EB-5 investors should evaluate:

How much they are required to invest;
Whether the project will create enough jobs;
Whether they can prove where the investment money came from;
Whether the regional center and project follow EB-5 rules; and
Whether the required investment amount may increase before they file.

The Law Offices of Jacob J. Sapochnick Are Ready to Assist

The proposed EB-5 regulations are detailed and could significantly affect how future investments, regional-center projects, and investor petitions are structured. The Law Offices of Jacob J. Sapochnick are ready to assist investors and families in reviewing their eligibility, documenting the lawful source and path of investment funds, evaluating regional-center projects, and preparing EB-5 petitions under the latest requirements.

Disclaimer: This article is provided for general informational purposes only and does not constitute legal or investment advice. The DHS regulation discussed above is proposed and may change before it becomes final. Every EB-5 case should be evaluated based on its individual facts and the rules in effect at the time of filing.

Contact Us. If you would like to schedule a consultation, please text 619-483-4549 or call 619-819-9204.

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