How the EB-5 Process Works, From I-526E to Green Card

The EB-5 process has two stages. In the first, you invest, file an investor petition with USCIS, and, once it is approved and a visa number is available, receive a conditional green card valid for two years. In the second, you file Form I-829 to show the investment was sustained and the jobs were created, and the conditions come off. Most of the planning and most of the risk sit in stage one, which is what this post covers step by step. The order matters, because mistakes made in the first two steps are hard to fix later.

Step 1: Choose the structure and the project

Your first decision is whether to invest directly in your own business or through a regional center project. A direct investment gives you control, but only direct W-2 jobs count toward the ten-job requirement. A regional center project lets indirect jobs count, which is why most investors choose it, but you are relying on a developer you do not control. Our comparison of regional center and direct EB-5 investment covers the tradeoff.

For a regional center project, do real due diligence before you sign. Read the offering documents, the business plan, the economic report, and the escrow terms. Ask how many investors the project needs, what happens if it falls short, and how and when capital is repaid. Check whether the location qualifies as a targeted employment area, since that sets which minimum investment applies. Our EB-5 investment green card team reviews these documents from the immigration side, which is a different question from whether the deal is a good investment. If you are still deciding whether the EB-5 is the right route at all, our investor and treaty visa overview compares it with the E-2, E-1, and EB-1C.

Step 2: Build the source-of-funds record

Start tracing your money before you move it. USCIS wants to see where the funds were earned and every step they took to reach the enterprise. That can mean years of tax returns, salary records, property sale contracts, share sale documents, gift letters with the donor’s own records, and every bank statement and wire confirmation in between.

Investors are often surprised by how long this takes, particularly when money crossed borders or currencies or passed through family members. Moving funds before the record is assembled can create gaps that are difficult to close afterward.

Step 3: Make the investment

Transfer the capital as the project or your business plan requires. For a regional center project this usually means a subscription agreement and a wire to the new commercial enterprise or to an escrow account. For a direct investment, it means putting the money into the business and spending it on the operation: leases, equipment, payroll. Keep every confirmation. The petition must show the capital was actually placed at risk, not just promised.

Step 4: File Form I-526E or Form I-526

Regional center investors file Form I-526E. Investors in their own enterprise file Form I-526, the standalone investor petition. The petition includes the investment documents, the business plan or project documents, the job creation evidence or economic analysis, and the full source-of-funds record. Check the current USCIS filing fee before you file.

The filing date becomes your priority date. That date decides when a visa number is available to you, which is where the next step comes in.

Step 5: Adjust status or process through a consulate

If you are in the United States in lawful status and a visa number is available under the Visa Bulletin chart USCIS is using that month, you can file Form I-485 to adjust status at the same time as the I-526 or I-526E, or while it is pending. That option came with the 2022 reform law. Concurrent filing lets you request a work permit and travel document on Forms I-765 and I-131 while the case is pending, which can make a long wait far easier to live with.

If you are abroad, or you cannot adjust, you wait for petition approval. The case then moves to the National Visa Center, you file Form DS-260 and civil documents, and you attend an immigrant visa interview at a consulate. You enter the United States as a conditional resident.

Our explainer on priority dates and filing dates shows how to read the Visa Bulletin for your category.

What drives the wait in the EB-5 process

We do not quote processing times, because they change and vary widely between cases. The main drivers are USCIS’s own EB-5 workload, the completeness of the source-of-funds record, and visa availability for your country. Investors from countries with heavy EB-5 demand can face a backlog even after approval. The reserved visa numbers for rural, high-unemployment, and infrastructure projects can move faster than the unreserved category for some nationalities. Check USCIS processing times and the current Visa Bulletin before you plan around a date.

Step 6: Plan for the second stage now

Your conditional green card is valid for two years. Within the 90 days before it expires, you file Form I-829 to remove conditions. That petition looks back at whether the investment stayed at risk and whether the jobs were created. Keep project updates and financial records from the start, and read our guide to removing EB-5 conditions with Form I-829 well before the filing window opens.

If you are planning an EB-5 investment and want the steps sequenced so the record holds up at both stages, a consultation with Capitol Law Partners can map the timeline with you. Schedule a consultation.

This article is for informational purposes only and does not constitute legal advice. No attorney-client relationship is formed by this communication.

Attorney Cagatay Ersoy. Practical strategy for founders, investors, and growing companies.

Need help with this topic? See our EB-5 investor green card page or schedule a consultation.