The September 30, 2026, grandfathering deadline under the EB-5 Reform and Integrity Act of 2022 (RIA) has passed. Investors filing in late 2026 or 2027 can still choose either the direct or regional center path, but regional center petitions filed after the deadline do not carry grandfathering protection and depend on congressional reauthorization of the program, which is currently authorized through September 30, 2027.
How the Two Compare
Both EB-5 paths share the same core requirements: a minimum investment of $800,000 in a targeted employment area or infrastructure project ($1,050,000 elsewhere), lawful source of funds, at-risk capital in a new commercial enterprise, and at least 10 full-time jobs per investor. Both lead to a two-year conditional green card. The key differences lie in how each investment is structured and how job creation is calculated.
Under the regional center model, investors invest in projects sponsored by USCIS-designated regional centers. Capital from multiple investors is pooled into a new commercial enterprise. Regional centers file Form I-956F, Application for Approval of an Investment in a Commercial Enterprise, to seek USCIS approval of each project, including its business plan, economic analysis, and offering documents. The investor petition used for regional center investments is Form I-526E, Immigrant Petition by Regional Center Investor, which documents the investor’s qualifying investment and the lawful source of the funds. Because job creation can be measured through economic modeling, regional center projects may count direct, indirect, and induced jobs toward the 10-job requirement. The program is currently authorized through September 30, 2027.
Under the direct model, a single EB-5 investor places capital into a new commercial enterprise without a regional center sponsor. The investor petition used for direct investments is Form I-526, Immigrant Petition by Standalone Investor, which documents the investor’s qualifying investment, the lawful source of the funds, and a business plan showing how the enterprise will create at least 10 full-time jobs. Only direct jobs count toward the 10-job requirement: full-time positions (at least 35 hours per week) held by qualifying employees of the enterprise or its wholly owned subsidiaries.
Important 2026 and 2027 Dates
The Regional Center Program is currently authorized through September 30, 2027. Congress has reauthorized the Regional Center Program multiple times since creating it in 1992, most recently through the RIA in March 2022. The program lapsed from June 2021 until the RIA’s passage.
The RIA’s grandfathering provision applies to regional center petitions filed on or before September 30, 2026. If the program’s authorization lapses, USCIS will continue processing those petitions. Petitions filed on or after October 1, 2026, are not covered by this provision, so their processing after September 30, 2027, would depend on congressional reauthorization.
As of this writing, reauthorization legislation has not been enacted. Direct EB-5 is not subject to either date because it is a permanent provision of the Immigration and Nationality Act and does not require congressional reauthorization.
Investment Amounts for 2027 Investors
The RIA requires the minimum investment amounts to adjust automatically for inflation every five years. The first increase takes effect on January 1, 2027, and it is based on how much consumer prices have risen since 2022. The new amounts will apply to anyone who files on or after January 1, 2027, whether they invest directly or through a regional center. The new amounts have yet to be announced, so any investor planning to file in 2027 should budget for a higher minimum.
How Involved Do You Want to Be?
One of the biggest practical differences between the two paths is how hands-on the investor will be. A direct investor usually runs or helps run the business, from hiring employees to making day-to-day decisions, and is responsible for making sure the business creates the required jobs.
A regional center investor, by contrast, typically joins as a passive partner. The regional center and the project developer handle the business operations, and the investor’s role is generally limited to the rights that come with ownership. Investors who want to build or run their own company in the United States may prefer the direct path, while those looking for a more passive investment might choose a regional center.
This difference is especially important for investors in the United States on an H-1B visa. H-1B workers may only work for an employer that has filed an H-1B petition for them. Investing money alone does not count as work, however, any work outside the H-1B employer, including managing or working in a direct EB-5 business, may be treated as unauthorized employment and could jeopardize the investor’s H-1B status. Because regional center investments are typically passive, many H-1B holders may find them a natural fit.
Looking Ahead
For investors who did not file by the grandfathering cutoff, 2027 brings a tighter planning window: higher investment minimums for petitions filed on or after January 1, 2027, and the hoped-for reauthorization of the Regional Center Program beyond September 30, 2027.
Starting early gives investors time to compare projects, assemble source-of-funds documentation, and time their filing with these dates in mind. Whichever route an investor chooses, a well-documented investment and a clear record of the lawful source of funds remain the foundation of a successful EB-5 case.
For questions about the EB-5 program, please contact Jacqueline Treviño at jtrevino@psbplaw.com.