The EB-5 visa program is at a crucial juncture, presenting a unique opportunity for potential investors to engage before the program needs to be renewed in 2027.
Foreign investor interest in EB-5 visas has also been influenced by President Trump’s recent proposal for a $5 million U.S. gold card and the evolving U.S. immigration landscape.
“The looming program sunset date in 2027 is creating a sense of urgency for some of my clients, while others have expressed grave concerns about the current administration’s anti-immigration stance,” said Oliver Yang of Reid & Wise. “This concern has certainly been exacerbated by some executive actions on immigration policies in the first 100 days of this administration.”
Tammy Fox-Isicoff of Rifkin & Fox-Isicoff PA highlights the need for investors to act swiftly before potential price hikes and program changes.
“With a threatened end of the program, and a potential $5 million price tag, which is more than $4 million over the current EB-5 program, I would take advantage of the EB-5 program now. Only a fool would wait,” she says.
Attorney Richard Gump of Law Offices of Richard A. Gump, Jr. shares a more tempered view, suggesting that while the program’s impending sunset may warrant attention, it may not be the central concern.
“While I believe some investors may be influenced by the upcoming sunset, I don’t think it is a major factor because it has always been reauthorized. Since RIA, I don’t believe it will face a sundown regardless of Trump’s actions, and I don’t believe Trump is against EB-5,” he adds.
Yang also highlights the advantages within the EB-5 framework, stating that the EB-5 program is rare. “…If not the only, viable options for many of my clients, particularly those who can benefit from concurrent filing and secure employment authorization within a relatively short timeframe.”
The urgency of EB-5 applications before the 2027 deadline
The EB-5 program is scheduled to end in fiscal year 2027. However, the final applications must be submitted a year earlier, as the “grandfathering” provisions of the EB-5 Reform and Integrity Act (RIA) will expire in October 2026. If the program is not reauthorized in 2027, any petitions submitted after that month will not be processed.
EB-5 attorneys agree that new investors should act swiftly because the window is narrowing.
Yiran Cheng, Head of Communications of the American Immigrant Investor Alliance (AIIA), points out the potential pitfalls of waiting too long.
“Based on the program’s history, whereby its authorization lapsed in 2022 and Congress took several months to enact a new bill, investors are highly advised to complete the EB-5 process as early as possible,” he says. “It’s uncertain whether reauthorization and negotiations over any reforms will be completed before the deadline. Congress does not have a good track record of getting things done on time. Investors and the industry should be mindful.”
Marjan Kasra from Lawmaks notes the strategic advantages available to investors today.
“The 2027 deadline under the RIA creates a clear window of opportunity for investors to plan their EB-5 journey with more confidence,” she adds. “Given the program’s history of short-term reauthorizations and uncertainty, the current stability encourages investors to act sooner rather than later, especially as visa retrogression and processing timelines continue to evolve.”
Adding to the urgency, Farah Abbas of Abbas Law Firm advises on the program’s current status: “As it currently stands, the EB-5 program is codified in the law through September 2027. You can consider yourself safe within the program if you file your Form I-526 petition by September 2026.”
Meanwhile, Tahmina Watson of Watson Immigration Law reflects on the broader implications of changing political climates.
“While investors often make decisions based on short-term considerations, many may view the 2027 deadline as giving them ample time to decide whether to invest in the EB-5 program. In my opinion, however, the 2027 timeline could be overtaken by the potential ‘Trump effect’ on other visa processes. In 2017, during heightened scrutiny and widespread denials of H-1B visas, interest in the EB-5 program surged as an alternative pathway. I anticipate a similar pattern could emerge again, driving renewed urgency among investors sooner than expected.”
Fox-Isicoff introduces another layer of complexity, citing the growing interest in the program due to external pressures.
“With the threat of the gold card looming over us and a potential, albeit slim, chance of the EB-5 program being canceled, EB-5 applications are up. Expect backlogs to grow,” she says.
RIA safeguard: investor funds secure until the program’s end
The RIA is a critical piece of legislation for the future of the EB-5 program as it establishes the necessary structure, oversight, and legal protections for investors and regional centers from its enactment in 2022 until the program concludes.
Watson notes how the legislation provisions maintain investor confidence through oversight and mandatory background checks for regional centers, and other enhanced compliance measures.
“Equally important is the need to safeguard the program’s integrity by identifying and eliminating any attempts to defraud investors or undermine the program,” she says.
Gump underscores the RIA as a “careful compromise by Congress” and trust it will be “a safeguard to continuing EB-5 well beyond 2027, hopefully with some tweaks such as additional visas and a definite timeframe for the investment to be at risk.”
Congress is needed to cancel the EB-5 program
EB-5 attorneys emphasize that President Trump cannot cancel the EB-5 program unilaterally through an executive order. He would need approval from Congress. Since the EB-5 program enjoys bipartisan support, obtaining such approval poses a significant challenge, which enhances the program’s stability and reliability.
“We are confident that the Trump Administration will not cancel the EB-5 program,” Cheng from AIIA says. “Our lobbying team has been in regular contact with the congressional representatives, and the current language that has been circulated does not replace the existing program.”
Meanwhile, Kasra of Lawmaks cautions that the administration’s more restrictive immigration stance may lead to increased scrutiny or unfavorable policy shifts.
“Investors should factor political uncertainty into their timeline,” she adds.
Watson notes: “Ultimately, the future of EB-5, and any potential new visa category, lies in the hands of Congress, and its course of action in the coming months remains uncertain.”
Additionally, Trump requires Congress’s approval for the creation of the U.S. gold card, an initiative that Fox-Isicoff says, “at this point, it is far from a reality.”
EB-5 application fees may not remain the same
The application fees associated with the EB-5 visa remain competitive, especially when compared to the $5 million of Trump’s golden visa and despite the recent fee increase.
Abbas notes there is little clarity surrounding the gold card application process compared with EB-5 regarding costs.
“What we’ve seen of the Gold Card program is that it’s a straight purchase of the card. That means you pay $5 million, and you get the Gold Card. This is not an investment, like the EB-5 program, where you are eligible to get your funds back after a certain period,” he said.
For Fox-Isicoff, the financial implications of the gold card program could present challenges for many potential investors. Many “will not be able to afford the $5 million program. If sourcing and tracing funds are required in the gold card program, this may prove an insurmountable obstacle to people from most countries.”
Watson highlights the typical profile of an EB-5 investor compared to the potential Gold Card ones:
“Those who invest $800,000 or $1,050,000 through the EB-5 program are often prominent business leaders in their home countries. While it is well known that most investors participate through the EB-5 Regional Center program, some do choose to invest directly in job-creating enterprises. In either case, the current investment levels attract individuals who actively contribute to the U.S. economy, create jobs, and continue to work and build their lives here.”
Gump emphasizes the program’s job creation aspect, indicating that it caters to different investor goals.
“Thus, either an investor wants to invest in a for-profit visa with a return of capital plus income, or they want to buy a visa and have $5 million to do so. Those are entirely different goals of entirely different investors.”
Kasra adds that understanding these differences can help potential investors recognize the benefits of the EB-5 program.
“As a proven, cost-effective path that also includes the benefit of obtaining a green card for the entire family,” Kasra says of EB-5.
However, Yang points out that, despite the current competitiveness, future increases in application fees are likely.
“The cost of obtaining an EB-5 green card is bound to increase, regardless of who occupies the White House. For many investors, it is still not too late to act.”
Concurrent filing adds to convenience, but backlog may change the game
Investors applying for the EB-5 visa can benefit from concurrent filing.
“The benefits of concurrent, filing, and priority processing, both part of the current EB-5 program are tremendous,” Fox-Isicoff said.
However, concurrent filing is currently available only to petitioners in EB-5 categories where the Visa Bulletin priority date is current. Yiran Cheng explains, “For Mainland China and India-born investor-petitioners, the only category where the priority date is current are the Reserved/TEA set-aside categories.”
Abbas highlights how concurrent filing can offer a solution to those from countries with longer waiting periods.
“If you’re from a backlogged country, this can be even more important and could allow you to remain in the US. in lawful status for months or years while waiting for a visa number to become available,” he says.
Nevertheless, demand for EB-5 visas in creating set-aside categories is on the rise, which may result in application backlogs, as cautioned by the government earlier this year.
As of the publication date, EB-5 visas in the three reserved categories for Indian and Chinese nationals remain valid.
“The backlog of set-aside applications is bound to hit the fan soon, and it will begin to limit rural and [HUA] developments and impact the ability to file concurrently for a green card,” Grump said.
“It will be critical to ensure that potential investors are able to file concurrent adjustment applications,” Gump said. “Without this option, a backlog would eliminate an important alternative pathway that many investors may rely on. Ultimately, this could result in the loss of both valuable investment and the immigrants who wish to remain in the U.S. and contribute to the economy.”
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