The EB-5 U.S. Investment Immigration Program is an immigration program that allows investors and their eligible family members a spouse and unmarried children under the age of 21 to obtain U.S. permanent residency by making a qualifying investment and creating at least 10 full-time jobs in the United States.
The minimum investment amount is USD 1,050,000 for a standard investment area, or USD 800,000 for a Targeted Employment Area (TEA) or a qualifying public infrastructure project.
After approval of the investor’s EB-5 immigrant petition, Form I-526E, the investor may proceed with the process to obtain two-year conditional permanent residency. If the investment satisfies the required job creation criteria during the conditional residency period, the investor may then file Form I-829 to remove the conditions and obtain lawful permanent residency without conditions.
From the U.S. government’s perspective, the purpose of the EB-5 program is to attract foreign capital and create jobs in the United States. From the investor’s perspective, the primary objectives are to obtain U.S. permanent residency and to seek the return of invested capital.
Unlike certain investment immigration programs in Canada or Europe, the EB-5 program does not provide a government guarantee for either permanent residency approval or repayment of the invested capital. In fact, guaranteed returns or guaranteed repayment are prohibited under EB-5 rules.
The outcome depends on multiple factors, including the immigration company selected by the investor, the regional center, the project structure, and the successful execution of the project.
U.S. permanent residency through EB-5 is based on a real investment and the required job creation. The return of capital, on the other hand, generally depends on the successful completion of the project and the project’s ability to repay investors through a sale, refinancing, or other exit strategy.
Because EB-5 investment involves investment risk, complex procedures, and legal relationships among multiple parties, investors should fully understand the structure of the program and the related legal and financial considerations before making an investment decision. Careful selection of the immigration company, regional center, and project is therefore essential.
The EB-5 U.S. Investment Immigration Program was established by the U.S. Congress in 1990 as an immigration program designed to attract foreign capital investment, create jobs, and promote economic growth in the United States. In 1992, Congress introduced the Regional Center Program, also known as the EB-5 Pilot Program, to further expand the use of EB-5 investment for broader economic development.
When the EB-5 program was first enacted, the U.S. economy was relatively strong, and the program did not initially receive significant attention. However, following the 2008 financial crisis, EB-5 began to gain prominence as a meaningful source of large-scale project financing. As a result, the EB-5 program created new opportunities for multiple stakeholders, including U.S. policymakers, real estate developers, workers, and foreign investors. Over the years, the program has continued to evolve through regulatory improvements and expanded benefits, with the aim of fulfilling its core purpose: attracting investment, creating jobs, and supporting economic development in the United States.
Through legislation in 2001, the U.S. Congress brought greater structural stability to the EB-5 immigrant investor program. This allowed for the introduction of EB-5 projects with enhanced stability, while still retaining the fundamental nature of an investment—namely, the "at-risk" requirement.
Under EB-5 law, "at-risk" means that the investor's capital is subject to potential loss. Consequently, acquiring a green card through this investment cannot be guaranteed. Therefore, it is strictly prohibited by law to guarantee either the repayment of the principal investment or the acquisition of a green card.
What does the "At-Risk" nature entail?
First, investors must evaluate and assess the financial risks involved in the investment project.
Second, investors must recognize that obtaining a green card is only possible if their petition and visa are successfully approved during the USCIS and visa processing stages.
Third, investors must understand that there is a possibility they will not receive a permanent (unconditional) green card if the job creation requirements are not fully satisfied.
The core of the indirect investment method—the Regional Center Program (formerly the Pilot Program)—is that U.S.-designated EB-5 Immigrant Investor Regional Centers create investment opportunities on behalf of foreign investors. A major advantage of this route is that the responsibility of creating 10 jobs per investor practically shifts from the individual investor to the Regional Center. Project sponsors in the U.S. take on the responsibility of generating 10 or more direct or indirect jobs within the designated area. The reason the Regional Center program has become the most common method for EB-5 investment is that it is extremely difficult for individual investors to make direct investments, manage projects on a daily basis, and ultimately prove the job creation requirements entirely on their own. From the perspective of developers receiving the investment, utilizing these Regional Centers also serves as a much more stable and reliable channel for securing large-scale funding.
Targeted Employment Area, TEA
If an investment project is located in a Targeted Employment Area (TEA), the minimum investment requirement is reduced to $800,000, rather than the standard $1.05 million. A TEA is defined as either a rural area with a population of 20,000 or less, or an area experiencing an unemployment rate of at least 150% of the national average. Therefore, a manufacturing facility located in a rural area, or a project situated in an urban area that is adjacent to a zone with high unemployment, can qualify for TEA designation.
Capital can include cash, equipment, inventory, other tangible property, cash equivalents, and indebtedness secured by assets owned by the EB-5 immigrant investor. In the case of indebtedness, the immigrant investor must be personally and primarily liable for the debt, and the assets of the New Commercial Enterprise (NCE)—upon which the petition is based—must not be used to secure any of the indebtedness. All capital shall be valued at fair market value in United States dollars (USD). Assets acquired by unlawful means, such as criminal activities, shall not be considered investment capital under Section 203(b)(5) of the Immigration and Nationality Act (INA). Therefore, the immigrant investor must establish that they are the legal owner of the invested capital and that the funds were obtained through lawful sources. Under certain circumstances, a promissory note may also be included as capital. The minimum investment amounts, based on the filing date of the petition and the location of the commercial enterprise, are as follows:
| Filing Date | Minimum Investment Amount | TEA Minimum Investment Amount | Non-TEA Minimum Investment Amount |
| Before 11/21/2019 | $1,000,000 | $500,000 | $1,000,000 |
| 11/21/2019 ~ 06/22/2021 | $1,800,000 | $900,000 | $1,800,000 |
| 06/23/2021 ~ 03/14/2022 | $1,000,000 | $500,000 | $1,000,000 |
| 03/15/2022 – Present | $1,050,000 | $800,000 | $1,050,000 |
The EB-5 Immigrant Investor Program grants U.S. permanent residency to foreign investors and their eligible family members who create at least 10 jobs by investing a minimum of $800,000 in a Targeted Employment Area (TEA), Rural Area, or Infrastructure Project, or $1.05 million in standard (non-TEA) areas. On March 15, 2022, U.S. President Joe Biden signed the legislation passed by Congress, officially enacting the EB-5 Reform and Integrity Act (RIA) of 2022.
The most significant difference between the revised act and the previous law is the increase in the minimum investment threshold. The required investment amount for Targeted Employment Areas (TEAs), Rural Areas, and Infrastructure Projects has been raised from the previous $500,000 to a minimum of $800,000. For investments in standard area projects, the required amount is now $1.05 million. These amounts will remain unchanged for five years following the enactment of the new law. Starting January 1, 2027, the minimum investment amounts will be adjusted every five years to account for inflation.
The EB-5 Immigrant Investor Program offers two paths: direct investment and indirect investment. The vast majority of investors opt for the indirect route. The primary reason for this preference is that, unlike direct investment, the indirect method (the Regional Center Program) is much more convenient, as the Regional Center manages all day-to-day operations and project oversight on behalf of the investors.
Although the structure of an indirect investment through a Regional Center involves various affiliated entities, it is fundamentally composed of the following key parties: the Investor, the Investment Company (New Commercial Enterprise, or NCE), the Regional Center, the Project Company (Job Creating Entity, or JCE / Developer), and the Migration Agency.
STEP 1 USCIS Approval I-526E Petition
The process begins with selecting an EB-5 investment program and preparing the required documents, followed by transferring the investment funds and filing the immigrant petition, Form I-526E, with USCIS.
If the investor is already in the United States, they may be eligible for concurrent filing by submitting Form I-485 together with the I-526E petition, subject to visa availability. Through concurrent filing, investors may also apply for Advance Parole (Form I-131) and Employment Authorization (Form I-765), allowing them to travel and work while their green card application is pending.
STEP 2 Obtain Conditional Permanent Residency
After the I-526E petition is approved, the case is transferred to the National Visa Center (NVC), and Packet 3 is issued. The investor then pays the visa fee and submits Form DS-260 to the NVC. After completing the immigrant visa interview at the U.S. Embassy in Seoul, the investor receives conditional permanent residency, which is valid for two years.
STEP 3 Remove Conditions I-829 Petition
Within the 90-day period before the conditional green card expires, the investor files Form I-829, the petition to remove conditions on permanent residency. After filing the I-829 petition, the investor receives a receipt notice, which should be carried together with the green card. Once the petition is approved, the investor obtains full lawful permanent residency without conditions.
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ⓒ 2004
02-563-5638
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Kookmin Emigration Corporation 4F Dukkubi Bldg., 310, Teheran-ro, Gangnam-gu, Seoul ㅣ T. 02-563-5638 ㅣ F.02-555-5805 ㅣ E.kmc@e-min.co.kr
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