For foreign nationals who aim to obtain permanent residency in the United States, the EB-5 visa program, created in 1990 to stimulate the U.S. economy, is one of the most straightforward pathways.

The number of EB-5 applications increased in the last few years, especially from countries like India and China, creating backlogs due to limited visa availability. However, in 2022, the EB-5 Reform and Integrity Act (RIA) was signed into law. This brought substantial improvements, some aimed at reducing processing times and streamlining the application process.

The EB-5 process consists of several steps and can range from a few months to several years before a U.S. permanent residency (Green Card) is issued. Two key factors influence the timeline of the EB-5 process: the processing time of petitions and the availability of visas. In this article, we will outline the EB-5 timeline for prospective investors, including the process for each step, and explain how choosing EB-5 projects in rural targeted employment areas (TEAs) will help accelerate the process.

Selecting a Project and Making an Investment

1. Submit an Accredited Investor Letter

Before choosing an EB-5 project, investors must carefully evaluate the offering documents and gather all the necessary information. After selecting a project, they must make a qualifying investment and gather the required documents for their I-526E petition.

For those investing in regional center projects, an accredited investor letter is typically required. To qualify as an accredited investor, an individual must meet at least one of the following criteria:

• Have a net worth of over $1 million (excluding their primary residence) either alone or with a spouse.
• Have earned an individual income of $200,000 or a joint income of $300,000 in the past two years, with a reasonable expectation of maintaining or increasing that income this year.

An immigration attorney can assist in obtaining this letter.

2. Prepare Documentation for Source of Funds

EB-5 applicants must provide a source-of-funds report to demonstrate that their investment capital was legally obtained. This documentation typically includes financial statements, tax returns, and business records. Acceptable sources of funds might include salary, business earnings, inheritances, gifts, or proceeds from real estate sales, among others.

3. Finalize the Subscription Agreement and Invest

Once the documentation is ready, investors complete a subscription agreement and acknowledge escrow requirements, allowing them to officially invest in their chosen EB-5 project. This step usually involves filling out some personal information and signing the agreement. The investor can then transfer funds to the designated escrow account.

These initial steps generally take only a few days to complete.

Filing Form I-526E

The I-526E petition is a critical component of the EB-5 process. It is usually prepared with the help of an immigration attorney who will ensure all documents are accurate and complete. This stage can often be completed within a few weeks, especially when working with experienced professionals.

Approval of the I-526E Petition

The time it takes to get approval for the I-526E petition can vary widely—ranging from a few months to several years. According to USCIS processing times, pre-RIA petitions for investors from China took an average of 91 months, while other applicants faced an average of 55 months.

However, the new RIA provisions have significantly reduced processing times for many applicants. Particularly, those investing in rural targeted employment areas (TEAs) can expect much faster approval times.

The priority processing for rural investments is a standout feature of the RIA, providing a distinct advantage that is not available for other investment categories. Furthermore, if a selected EB-5 project has received I-956F approval from USCIS, it indicates that the project meets EB-5 standards, potentially speeding up the application process.

Applying for an Immigrant Visa

Investors can move forward with their application for a U.S. permanent residency once a visa is available. Eligibility is based on the status of their category in the most recent Visa Bulletin and the priority date assigned to their I-526E petition by USCIS. If a category is listed as “current” in the Visa Bulletin, applicants can apply for an immigrant visa right away, regardless of their priority date.

Seeking guidance to secure your Green Card without delay is essential for applicants facing visa retrogression. In the past, Indian and Chinese investors had to wait for many years for their Green Cards, even after their EB-5 petition approval. However, with the introduction of set-aside visa categories under the RIA, investors from these countries now have a convenient way to avoid the long wait for visa availability.

The new law has carved out a 32% reserved quota within the overall EB-5 visa allocation for targeted employment areas, with 20% for rural TEAs, 10% for high-unemployment TEAs, and 2% for specific infrastructure projects. This set-aside quota has visas for qualifying investors from any country, and it is estimated that the rural category has the most potential to keep providing fast-track Green Cards to investors.

Investors Applying From Outside the U.S.

Investors applying from outside the U.S. need to go through consular processing at the U.S. consulate or embassy in their country of residence. After the I-526E approval, they will receive their visa fee bill from the National Visa Center (NVC) and must submit Form DS-260 and the required supporting documents. The NVC will then process the application and schedule a visa interview for the applicants.

Upon approval, investors and their eligible family members will receive an immigrant visa, allowing them to move to the United States and receive their conditional Green Card, which is valid for two years.

Processing times through this pathway can fluctuate based on various factors.

Investors Already Residing in the U.S.

Investors already residing in the U.S. on a valid non-immigrant visa can file Form I-485 for adjustment of status concurrently with Form I-526E without having to wait for the latter’s approval. This provision not only provides applicants with permanent resident benefits within a few weeks of applying but also accelerates their Green Card journey. Additionally, it allows the applicant to legally remain in the U.S. until the adjudication of their application, which is especially attractive to foreign nationals with an expiring visa status.

Applicants from backlogged countries like China and India can apply for concurrent filing by investing in certain projects, even if their countries are facing visa retrogression in the unreserved category. The best option for Chinese and Indian investors is currently the rural TEA category, since it is not expected to face backlogs in the near future.

These investors can also apply for employment authorization and a travel permit, which would generally be processed within about four to 12 weeks.

On average, I-485 processing times take about a year, but this can vary based on the specifics of each case. After that, investors receive their conditional Green Cards.

Filing Form I-829

The I-829 petition is the final step in the EB-5 investor’s journey to obtain a permanent Green Card. It must be filed within the last 90 days before the expiration of the conditional Green Card, and its purpose is to show that the investor has fulfilled all EB-5 program requirements. Once filed, USCIS will send a receipt notice to each applicant, which extends their permanent resident status while the petition is under review. The average processing time for I-829 petitions is 41 months as of October 2024, according to the USCIS website.

Upon approval, applicants will receive lawful permanent resident status and a new unconditional Green Card, which can be renewed every 10 years. After five years of permanent residency, which includes the initial two years, investors can apply for U.S. citizenship by naturalization.

Get Help in Obtaining Your Permanent Residency

The retailored EB-5 program has opened up numerous new investment prospects for entrepreneurs interested in obtaining U.S. permanent residency in a relatively short period. For foreign investors looking to secure a Green Card as soon as possible, investing in rural TEA projects is undoubtedly the best choice.

Regardless of your specific needs, your immigration lawyer can assist you in identifying the most appropriate project for you. Working with experienced EB-5 industry professionals can also help you smoothly navigate this process.

If you want to learn more about the EB-5 investment timeline, you can schedule a complimentary call with EB5AN’s knowledgeable team.