The Department of Homeland Security (DHS) has published a proposed rule that would comprehensively implement the EB-5 Reform and Integrity Act of 2022 (RIA) and significantly reshape the administration of the EB-5 Immigrant Investor Program and Regional Center Program. The proposal introduces new compliance requirements, expanded government oversight, enhanced fraud-prevention measures, and important protections for qualifying investors.
The proposed rule, scheduled for publication in the Federal Register on July 2, 2026, is intended to align DHS regulations with the statutory reforms enacted through the RIA and establish a comprehensive regulatory framework for EB-5 stakeholders.
Key Proposed Changes
Enhanced Integrity and National Security Measures
One of the most significant aspects of the proposal is the expansion of DHS enforcement authority.
The proposed regulations would provide USCIS with explicit authority to:
- Deny or revoke EB-5 petitions and applications based on fraud, material misrepresentation, criminal misuse, or national security concerns;
- Suspend, debar, or terminate regional centers and other participating entities;
- Impose monetary penalties and other sanctions for violations; and
- Conduct expanded background checks and compliance reviews.
The proposal also establishes new standards governing promoters, migration agents, regional center principals, and other individuals involved in EB-5 projects.
New Investment Thresholds
The proposed regulations formally incorporate the investment amounts established by the RIA:
- $1.05 million standard minimum investment;
- $800,000 for investments in Targeted Employment Areas (TEAs) or qualifying infrastructure projects.
The rule further recognizes statutory provisions requiring automatic inflation adjustments beginning in 2027 and every five years thereafter.
Regional Center Program Reforms
The proposal would significantly expand compliance obligations for regional centers.
Among other requirements, regional centers would be required to:
- Maintain enhanced monitoring and oversight procedures;
- File annual compliance reporting;
- Undergo audits and site visits;
- Maintain additional records;
- Report material changes to ownership, management, or operations; and
- Comply with new fund administration and accounting controls.
USCIS also proposes mandatory project approvals through Form I-956F before investors may file EB-5 petitions associated with a regional center project.
Registration of EB-5 Promoters
For the first time, the regulations would establish a formal registration framework for direct and third-party promoters.
Promoters would be required to:
- Register with USCIS;
- Disclose compensation arrangements;
- Maintain written agreements;
- Follow anti-fraud requirements; and
- Accurately describe EB-5 benefits and risks to investors.
Violation of these requirements could result in suspension or permanent debarment from the program.
Changes to Job Creation Requirements
The proposal modifies several longstanding job-creation policies.
Key changes include:
- Requiring at least 10 full-time jobs per investor;
- Defining full-time employment as at least 35 hours per week;
- Eliminating job-sharing arrangements;
- Limiting reliance on indirect job creation in certain scenarios; and
- Requiring the use of transparent and economically valid job-creation methodologies.
The proposal would also eliminate certain previously recognized methodologies, including the use of visitor spending projections and troubled-business job retention models.
New Rules for Targeted Employment Areas
The RIA transferred authority for TEA determinations from state governments to DHS, and the proposed rule provides detailed standards for those designations.
Among the proposed changes:
- USCIS would retain exclusive authority to designate high-unemployment areas;
- High-unemployment areas generally must meet a threshold of at least 150% of the national unemployment rate;
- Rural and infrastructure project designations continue to receive visa set-asides; and
- New requirements would govern census tract calculations and supporting evidence.
Investor Protections
The proposal includes several provisions designed to protect good-faith investors.
Notably, investors affected by:
- Regional center termination,
- New commercial enterprise debarment, or
- Job-creating entity debarment
could preserve eligibility by filing amendments and maintaining compliance with statutory requirements. Investors may also retain previously established priority dates in qualifying circumstances.
These provisions are intended to reduce the risk that investors lose their immigration benefits because of misconduct or compliance failures by project sponsors.
Increased Audits, Site Visits, and Biometrics
USCIS proposes a substantial increase in oversight activities, including:
- Regular site visits to EB-5 projects;
- Audits of regional centers;
- Biometrics collection for individuals associated with regional centers, new commercial enterprises, and job-creating entities; and
- Expanded recordkeeping requirements.
According to DHS, these measures are intended to strengthen program integrity and reduce opportunities for fraud and abuse.
DHS is accepting public comments on the proposed rule for 60 days following publication in the Federal Register.
Erickson Insights and Analysis
This proposed rule represents the most comprehensive overhaul of the EB-5 regulatory framework in years and formally implements many of the integrity and compliance provisions introduced by the EB-5 Reform and Integrity Act of 2022.
As this rulemaking progresses, Erickson Immigration Group will continue monitoring developments and sharing updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or if you have case-specific questions.