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Can an EB-5 investor transfer the application to his/her spouse?

No, once a foreign national files Form I-526 as the principal applicant, his/her spouse cannot become the principal applicant. The investor could withdraw the application and refile, but this will have financial repercussions (e.g., filing fees, legal fees, administrative fees, etc.) as well as an effect on immigration (e.g., a new priority date and, therefore, longer wait for permanent resident status).