EB-5 visa

The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990. It provides a method for eligible immigrant investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a U.S. business (known as a "new commercial enterprise") as long as it creates at least 10 new, full-time jobs for Americans and work-authorized immigrants. The EB-5 program is intended to encourage both "foreign investments and economic growth." The EB-5 Immigrant Investor Visa Program is one of five employment-based (EB) preference programs in the United States.

Based on the EB‐5 Reform and Integrity Act, which was signed into law on March 15, 2022, the minimum investment requirement to qualify under the EB-5 program is $1,050,000. The investment requirement is reduced to $800,000, however, if the investment is made in a qualifying infrastructure project or Targeted Employment Area (TEA). Most immigrant investors who use the EB-5 program invest in a TEA—a rural area or area with the high unemployment rate in order to invest less capital. Investors who make a TEA investment or an infrastructure investment for the $800,000 investment minimum qualify for EB-5 "set aside" visas, which are broken down into three categories: infrastructure projects; projects in high-unemployment areas; and projects in rural areas.

Applicants have the choice of investing directly or through a "larger investor pool via regional centers (RCs)", which are federally approved investment issuers that "connect foreign investors with developers in need of funding, and take a commission." In practice, investors may either pursue a direct investment or invest through a USCIS-approved regional center, which allows indirect job creation to be counted toward EB-5 eligibility. Regional centers are usually private, for-profit businesses that are approved by the U. S. Citizenship and Immigration Services (USCIS) which is part of the Department of Homeland Security.

As of April 4, 2023, there are 640 USCIS-approved regional centers, and as of March 2023, the "vast majority" of EB-5 visas were "granted through regional center[s]." By 2015, the EB-5 program had become an "important source of capital for developers" and for the regional centers. If an EB-5 investment is made in a regional center, the jobs may be created indirectly through economic activity, as opposed to a direct investment.

As of April 23, 2020, 78,278 investors have applied for the EB-5 program. Nationals from a relatively small set of countries dominate participation in the EB-5 program. In fiscal year 2022, nationals from China, India, and Vietnam comprised more than three-quarters of EB-5 admissions, with China alone representing 56.3% of all admissions.In fiscal year 2025, the U.S. Department of State announced that all available immigrant visas in the EB-5 unreserved category had been issued, resulting in visa unavailability for the remainder of the fiscal year. The annual limits will reset at the start of fiscal year 2026 on October 1, 2025.On December 20, 2019, President Donald Trump signed a law extending the Regional Center Program through September 30, 2020. On March 15, 2022, President Joe Biden signed a law extending the regional center program through September 30, 2027.

The future standing of the EB-5 visa remain unknown following the introduction of the Trump Gold Card program. An analysis provided by KPMG indicate that the EB-5 program may still be operational in the foreseeable future.