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On February 6, 2025, the U.S. District Court for the District of Columbia ruled against USCIS in a case that challenges how the agency verifies the "source of funds" for EB-5 investors, holding that they are responsible for proving the lawful source of their own initial capital, not the entire history of U.S. Dollars provided by a third-party money exchanger.

Path of Funds: in this decision, the court rejected USCIS’s policy for tracing the path of funds including tracing from the original source, and held the only relevant issue is the immediate source of the funds used for the immigrant’s investment. The court stated there is no regulatory requirement to trace the source of funds “back to persons or entities who provided the funds.”

Loan Proceeds as EB-5 Investment: Zhang v. USCIS is a federal court case addressing how USCIS evaluates the lawful source and path of funds in EB-5 investor petitions. The decision is important because it limits how far USCIS can go in requiring documentation about where investment funds come from. EB-5 investors must demonstrate the lawful source of their investment funds, but USCIS cannot require tracing the funds indefinitely back through multiple third parties where no regulation explicitly requires it.

Foudational EB-5 Case: Imposed strict rules on EB-5 investment structures, prohibiting guaranteed returns and emphasizing that capital must be truly “at risk” for the purpose of generating a return.

This is a precedent EB-5 decision from 1998 establishing that an investor must personally incur debt to invest, rather than the new commercial enterprise (NCE) taking out a loan.

Source of Funds: Reinforced that EB-5 investors must demonstrate lawful source and path of funds with clear documentation, even when funds move through multiple accounts.

Business Plan Requirements: Established that EB-5 business plans must be comprehensive, credible, and detailed to demonstrate job creation, setting the foundational standard for compliant business plans.

Part 106 establishes the USCIS Fee Schedule, outlining the costs for filing immigration benefits, premium processing services, and fee waiver requirements. Part 216 governs the "Conditional Basis of Lawful Permanent Residence Status," detailing how investors and spouses remove the conditions on their green cards. (as of 03-09-2026).

Governs the EB-5 immigrant investor program, requiring foreign nationals to invest in a new commercial enterprise ($800,000–$1,050,000+) that creates at least 10 full-time jobs for U.S. workers. The regulation mandates that capital be "at risk," allows self-petitioning via Form I-526, and defines requirements for Targeted Employment Areas (TEAs). (as of 01-16-2026).

This updated regulation defines quota limits for spouses/children of permanent residents, professionals, and investors, including diversity visas. (as of 01-16-2026).

USCIS published a new EB-5 Policy Memorandum implementing meaningful changes. The most game-changing point is that regional centers no longer must be approved for a proposed enterprise’s project geographic area, industry (NAICS code), business method (loan, equity, or combination), or economic methodology before investors in the enterprise can file Forms I-526 to show EB-5 eligibility. The I-526 petitions must qualify in each respect.

Mandatory Read: this is the current EB-5 program. The EB-5 Reform and Integrity Act of 2022, enacted on March 15, 2022, as part of Public Law 117-103, reauthorized the Regional Center Program until September 30, 2027. It introduced major changes, including increased investment amounts ($800k in TEAs, $1.05M standard), stricter integrity measures, new visa set-asides for rural/high-unemployment areas, and enhanced oversight for regional centers.

The EB-5 Reform and Integrity Act of 2022 (Division BB of the Consolidated Appropriations Act, 2022; Public Law 117-103) was enacted on March 15, 2022. It reauthorized the regional center program through 2027, increased minimum investment amounts to $800,000 in TEAs, $1,080,000 in non-TEAs, and enhanced program oversight.

USCIS Policy Manual Vol 6, Part G, Chapter 2 outlines eligibility requirements for EB-5 investors removing conditions on permanent residence (Form I-829). Investors must prove they sustained their investment, created 10 full-time jobs, and that capital was "at risk" and lawfully obtained.

USCIS Policy Manual Volume 6, Part G, Chapter 3 outlines the adjudication procedures for EB-5 immigrant petitions (Form I-526), focusing on materiality of changes to business plans, capital investment, and job creation. It outlines procedures for EB-5 immigrant investor petitions (Form I-526 andI-526E), focusing on regional center investments, job creation requirements, and deference to prior agency determinations, with specific filing rules for pre- and post-May 14, 2022, petitions. (as of 04-27-2022).

USCIS Policy Manual Volume 6, Part G, Chapter 7 outlines the requirements for EB-5 immigrant investors to file Form I-829, Petition by Entrepreneur to Remove Conditions. Investors must prove they sustained their investment and created 10 full-time jobs within two years of obtaining conditional residence, filing within the 90-day window before their Green Card expires to secure permanent, unconditional residency.

IIUSA Releases Report on Actual I-956F and I-526E Processing Times, Featuring Valuable Data from the EB-5 Industry dated 09-23-2024.

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I practiced immigration law for ten years, with a focus on EB-5 investor visas.

I assisted approximately 700 investors and received numerous industry awards.

In 2020, I became a FINRA-licensed broker to assist EB-5 investors with the project selection process.

I have since retired from the practice of law and created a library of EB-5 practice tools for immigration attorneys, based on my 10 years of legal experience.

Attorneys can use these tools to enhance their knowledge when preparing EB-5 petitions, as well as benefit from time-saving techniques and quality control procedures.

The information is available through an attorney portal and is free to users.

I also provide additional support to attorneys whose clients utilize my brokerage services.

I hope you find these tools valuable and are able to better serve your EB-5 clients.

— Irina A. Rostova