EB-5 Frequently Asked Questions

The EB-5 Program allocates 10,000 Visas per year for immigrants and their families whose qualifying investments result in the creation or preservation of at least ten full-time jobs for U.S. workers. Of the total, 3,000 visas are specifically allocated to immigrants who invest through USCIS designated Regional Centers.

Unlike many other U.S. visa programs, the EB-5 Visa does not require prior business experience or formal education. The primary requirements focus on the investor’s financial qualifications and the lawful source of their investment funds.

To qualify, an EB-5 investor must:

• Be an accredited investor who meets established suitability standards related to income, net worth, or financial capacity.

• Provide clear and verifiable documentation proving that the investment funds were obtained through lawful means.

These requirements ensure that all EB-5 investments are both compliant and credible, offering foreign investors a direct pathway to U.S. permanent residency while maintaining program integrity.

While the EB-5 Visa program does not require investors to speak English, it is strongly recommended that non-English-speaking investors hire a qualified translator. A translator ensures that the investor fully understands the EB-5 investment terms, offering documents, and legal requirements before making any decisions.

Using a professional translator helps protect the investor’s interests, reduces the risk of misunderstandings, and provides confidence that all aspects of the EB-5 investment have been carefully reviewed.

A new commercial enterprise (NCE), as defined under the EB-5 Visa Program, is a business entity that can take the form of a corporation, limited liability company (LLC), or partnership. It is structured with:

• Managing members or general partners, who actively operate the business and assume its legal debts and obligations.

• Limited partners or members, whose liability is limited to the amount of their investment. These investors share in the company’s profits and cash flow but are not personally responsible for the enterprise’s obligations.

This structure allows EB-5 investors to participate in the financial success of the business while minimizing personal liability, making the NCE an essential component of EB-5 investment opportunities.

The U.S. Citizenship and Immigration Services (USCIS) requires that all EB-5 investors place their funds at risk in order to qualify for the EB-5 Immigrant Investor Program. This means each investor must meet the program’s two key criteria:

• Minimum at-risk capital investment

• Creation of at least 10 new U.S. jobs

While a degree of financial risk is mandatory under EB-5 regulations, the General Partner works to minimize potential exposure by structuring the investment with proper collateral and ensuring that the new commercial enterprise (NCE) maintains strong financial health.

This approach provides investors with compliance under EB-5 guidelines while promoting long-term stability and protection of their capital.

The EB-5 Immigrant Investor Program specifically allows multiple investors to pool their funds in order to establish a new commercial enterprise (NCE) that qualifies all participating investors.

To remain compliant, each EB-5 investor must still individually satisfy the program’s requirements, including:

• Meeting the minimum at-risk capital investment threshold

• Creating at least 10 new full-time U.S. jobs

At Ashcroft Sullivan New England Economic Development Center, we leverage this pooling structure to direct EB-5 investments into high-quality, opportunistic real estate projects. This strategy provides investors with access to institutional-grade opportunities while ensuring compliance with EB-5 regulations.

Each new commercial enterprise carries its own set of risk factors, which are outlined in detail within the project’s offering materials. These risks can vary depending on the enterprise but may include:

• Broader economic conditions

• Failure to meet EB-5 job creation requirements

• Denial of immigration status under the USCIS Immigrant Investor Program

Because risk factors differ from one project to another, it is essential for EB-5 investors to carefully review all offering documents before making an investment decision.

EB-5 investors must demonstrate that their investment capital was obtained through legal means. This is done by providing clear and verifiable documentation such as:

• Tax returns and bank statements

• Business registration and ownership records

• Employment and salary history

• Sale of property or other assets

• Loan agreements backed by personal collateral

• Inheritance or gift records, with supporting evidence

All documentation must establish an unbroken trail showing how the funds were lawfully earned or acquired. Proving the legal source of funds is a critical requirement for EB-5 approval by USCIS.

To obtain residency through the EB-5 Immigrant Investor Program, applicants must satisfy several critical eligibility tests. One of the most important is job creation — each investor must create or preserve at least 10 full-time jobs within a two-year period.

Another essential requirement is proving the lawful source of funds. When Congress created the EB-5 Program in 1990, strict safeguards were included to prevent the use of illegally obtained capital for U.S. immigration purposes. As a result, every EB-5 petition must clearly demonstrate:

• Lawful source of funds — showing the capital was earned or acquired legally.

• Path of funds — documenting the full transfer of capital from its origin to the EB-5 investment.

If either of these requirements is not sufficiently documented, USCIS will deny the petition.

At Ashcroft Sullivan New England Economic Development Centers, investors receive guidance from experienced EB-5 attorneys and our team of professionals to ensure all USCIS expectations are met. We help investors identify, collect, and present the proper documentation to build a strong and compliant EB-5 visa petition.

Under the EB-5 Immigrant Investor Program, USCIS requires every investor to prove that their investment capital was obtained through legal means. This rule was established to prevent individuals from using profits from unlawful activities to secure U.S. residency.

To meet this requirement, investors must provide detailed documentation demonstrating:

• How the funds were earned (such as salary, business profits, property sales, inheritance, or gifts)

• That the funds were lawfully obtained under the laws of the country where they originated

• A clear financial trail showing the transfer of funds from their original source into the EB-5 investment

Failure to clearly prove both the lawful source and the path of funds will result in denial of the EB-5 petition. Thorough documentation is therefore one of the most critical aspects of the application process.

Under EB-5 regulations, every immigrant investor must demonstrate that they have invested (or are actively in the process of investing) the required amount of capital into a new commercial enterprise, and that these funds were obtained through lawful means.

USCIS Regulatory Requirements

According to Section 204.6(j) of the EB-5 rules, an EB-5 petition must include documentation showing that the investor’s capital was lawfully earned and placed at risk. Required evidence may include:

1. Foreign business registration records

2. Corporate, partnership, and personal tax returns (U.S. or foreign) from the last five years

3. Documentation identifying any other source(s) of capital

4. Certified copies of judgments, pending civil or criminal actions, or government proceedings involving the investor within the past fifteen years

Proof of Investment and “At-Risk” Requirement

Before filing an EB-5 petition, the investor must also show that the committed capital was received by the U.S. business or deposited into escrow. Acceptable evidence may include:

• Bank statements showing deposits into a U.S. business or escrow account

• Contracts or agreements demonstrating the investor’s funds have been placed at risk for the purpose of generating a return

USCIS guidance makes clear that it is not enough to provide only bank statements. Investors must also prove the path of funds—the documented trail from the investor’s personal accounts to the U.S. business or escrow account. Without this, the petition will be denied.

Examples of Lawful Sources of Funds

EB-5 capital can originate from many legal sources, such as:

• Business ownership or profits

• Sale of real estate or other assets

• Inheritance

• Gifts

• Loans secured by the investor’s personal assets

Supporting Documentation

Because each investor’s financial history is unique, there is no single checklist that applies to all cases. Instead, documentation should be tailored to the source of funds. Examples include:

• Wills or trust documents for inherited funds

• Stock certificates, dividend records, and account statements for investment income

• Corporate tax returns and payout records for business-generated income

• Loan agreements with proof of collateral for borrowed funds

Key Takeaway

The lawful source of funds and path of funds are two of the most critical requirements in every EB-5 petition. Comprehensive documentation is essential, and working with experienced EB-5 attorneys ensures that all evidence is properly collected and presented in compliance with USCIS standards.

Hiring an immigration attorney is not legally required to file an I-526(E) (Immigrant Petition by Alien Investor). However, due to the complexity of the EB-5 Program, most investors choose to work with experienced EB-5 attorneys.

An attorney can:

• Ensure that the petition is properly completed and submitted

• Help collect and organize required financial and legal documentation

• Advise on proving the lawful source and path of funds

• Communicate with USCIS on the investor’s behalf

• Reduce the risk of delays or denials caused by incomplete or inaccurate filings

While investors may technically file the petition on their own, professional legal guidance greatly improves the chances of approval and helps protect the investment.

When filing Form I-526 (Immigrant Petition by Alien Investor), USCIS requires detailed information and supporting documents to verify both the investment and the investor’s eligibility. While requirements vary depending on the case, a complete petition typically includes:

Investor Information

• Valid passport copies for the investor and qualifying family members

• Birth certificates, marriage certificates, and other civil status documents

• Immigration history, including prior U.S. visas or petitions

Investment Information

• Evidence of having invested, or being in the process of investing, the required capital

• Bank statements and wire transfer records showing the flow of funds into the new commercial enterprise or escrow account

• Business plans and financial projections demonstrating compliance with EB-5 requirements

Source and Path of Funds Documentation

• Personal and business tax returns (usually the past 5 years)

• Business registration records, ownership documents, and financial statements

• Property sale records, loan agreements, or gift documentation (depending on the source of funds)

• Clear evidence tracing the path of funds from the original source to the EB-5 investment

Job Creation Evidence

• Comprehensive business plan showing how at least 10 full-time jobs will be created

• Economic analysis or project documentation supporting job creation projections

Key Point: Every EB-5 petition must clearly prove the lawful source and path of funds and demonstrate that the investment will create the required jobs. Because the documentation burden is extensive, most investors work closely with experienced EB-5 attorneys to prepare a strong petition.

Under the EB-5 Immigrant Investor Program, investors must prove that the capital they are investing was obtained through legal and legitimate means. This requirement was created to ensure that money derived from unlawful activities, such as fraud, corruption, or other criminal conduct, cannot be used to qualify for U.S. residency.

Examples of lawful sources of funds include:

• Earnings from employment or salary

• Profits from a business or investments

• Sale of property or other personal assets

• Inheritance or gifts (with supporting documentation)

• Loans secured by the investor’s own assets

USCIS requires investors to provide clear documentation tracing both the lawful source and the path of funds into the EB-5 investment. Without this evidence, the petition will be denied.

Processing times for EB-5 applications can vary depending on USCIS workload, the investor’s country of chargeability, and the specifics of the investment project. On average:

• Form I-526 (Immigrant Petition by Alien Investor): Processing typically takes 24 to 36 months. Some petitions may be adjudicated faster or slower depending on case complexity.

• Conditional Green Card: Once the I-526 is approved and the visa is available, investors and eligible family members usually receive their two-year conditional green card within 6 to 12 months after completing consular processing or adjustment of status.

Overall, the timeline from filing the I-526 to receiving the conditional green card is often between 30 and 48 months.

Recent data from industry sources sheds light on current I-526E processing times, particularly following the EB-5 Reform and Integrity Act of 2022:

Industry-Collected Processing Times (IIUSA Report)

• Rural TEA projects: Average processing time is around 10 months, with a typical range of 6 to 15 months.

• High-Unemployment Area (HUA) projects: Average is approximately 14 months, with a range between 11 to 16 months.
  These figures come from a large dataset representing nearly 25% of all I-526E filings and about 50% of approvals between June 2022 and August 2024.Invest In the USA

Insights from Industry Operators (EB5 United)

• In their Rural TEA projects, average I-526E processing times were 9.5 to 11.2 months, with some cases approved in as little as 30 to 50 days.EB5 United

• For a recent HUA project, one approval took 25 months—illustrating that processing can vary widely depending on project and regional center.EB5 United

Summary Table

These are the most reliable insights available today, as USCIS does not publish separate, official processing times for Form I-526E. Instead, these findings come from a mix of industry-collected data and reporting by active EB-5 regional centers.

Once an EB-5 investor’s I-526 or I-526E petition is approved and a visa is available, the next step for investors living outside the United States is consular processing. This involves submitting a consulate application (Form DS-260) and attending an interview at a U.S. embassy or consulate in the investor’s home country.

The purpose of the consulate application and interview is to:

• Verify the investor’s identity and eligibility for an EB-5 immigrant visa

• Confirm that all required documentation has been submitted (civil documents, financial records, medical exam, etc.)

• Assess the investor’s background, admissibility, and security clearance

• Provide the opportunity for U.S. officials to ask clarifying questions about the investor’s petition and supporting evidence

If approved, the investor and eligible family members receive immigrant visas, which must be used to enter the United States within the visa validity period (typically six months). Upon entry, they are admitted as lawful permanent residents and receive conditional green cards.

Yes. After an I-526 petition is approved, each qualifying family member (spouse and unmarried children under 21) must complete consular processing before receiving an immigrant visa. While families are usually scheduled for interviews together at the same U.S. consulate, it is possible for family members to attend interviews in different countries if necessary.

This process, called “cross-chargeability” or case transfer, may be used when:

• Family members are living in different countries at the time of interview

• One consulate is more convenient or safer for a family member

• A specific consulate has jurisdiction over the applicant’s residence

In such cases, the National Visa Center (NVC) must be notified in advance, and proper arrangements must be made to transfer the case to the appropriate U.S. embassy or consulate.

EB-5 investors first receive a conditional green card, valid for two years. To remove the conditions and obtain an unconditional permanent green card, the investor must file Form I-829 (Petition by Investor to Remove Conditions).

• The application must be submitted within the 90-day period immediately before the conditional green card expires.

• USCIS will review the petition to confirm that the investor sustained their investment and created (or will create within a reasonable time) the required 10 full-time jobs.

• If approved, both the investor and their qualifying family members receive permanent, unconditional green cards.

Important: Filing too early or too late can cause complications. It is critical to file Form I-829 within the designated 90-day window.

Whether an EB-5 investor receives a refund after an I-526 petition denial depends on the terms of the investment agreement with the regional center or project.

• Administrative fees: These are typically non-refundable, as they cover legal, administrative, and processing costs already incurred.

• Capital investment: Refund policies vary by project. Many EB-5 offerings provide a refund of the invested capital if the I-526 petition is denied, but this is not guaranteed. The refund rights, conditions, and timing should be clearly outlined in the project’s offering documents and escrow agreements.

Because refund policies differ, investors should:

• Carefully review offering documents before committing funds

• Confirm refund terms in writing

• Seek advice from an experienced EB-5 attorney to fully understand the risks

The Ashcroft Sulivan New England Economic Development Center will refund the applicants investment amount as long as the denial was not caused by the investor. If the investor does not willingly provides all information needed during the application process and chooses to with hold information than the denial is due to the investor. So, the Ashcroft Sullivan New England Economic Development Center is not obligated to provide an investment refund.