EB-5 Visa Denial Rate: What the Data Shows (2026) | EB5Status

The EB-5 I-526E denial rate is approximately 10% as of FY2024, down from a peak of 32.5% during the FY2022 transition period. As of March 2026, the most common denial reasons are insufficient source of funds documentation, deficient job creation projections, and regional center compliance issues.

Key Facts

• I-526E denial rate (FY2024): approximately 10% (389 denials of 3,776 completed)
• I-829 denial rate (FY2024): approximately 2.6% (112 denials of 4,230 completed)
• Most common denial reason: insufficient source of funds documentation
• FY2022 peak denial rate: 32.5%, reflecting RIA transition disruption
• Source: USCIS Quarterly Statistics, FY2019 through FY2024. Blue trust tier.

The numbers behind EB-5 adjudication#

This article presents verified USCIS data on denial rates, identifies the most common reasons for denial, and examines what investors can do to reduce their risk.

All statistics cited in this article are derived from USCIS published data, including the USCIS Quarterly Statistics reports and the USCIS Annual Report. Where USCIS does not publish granular data, estimates are noted and sourced accordingly. Consult an immigration attorney licensed in your jurisdiction for personalized guidance.

Source: USCIS Quarterly Statistics; USCIS Processing Times Tool, March 2026. Blue trust tier.

I-526E denial rates: the initial petition#

The I-526E petition (formerly I-526) is where USCIS evaluates the investor's eligibility, the lawfulness of the capital source, the qualifying nature of the investment, and the job creation projections. It is the most heavily scrutinized stage of the EB-5 process.

Historical data#

I-526/I-526E denial rates have varied over time, reflecting changes in USCIS adjudication standards, the quality of filings, and shifts in program regulations:

Source: USCIS Quarterly Statistics, FY2019 through FY2024. Blue trust tier. Figures are rounded; some petitions in each fiscal year result in administrative closure or withdrawal rather than approval or denial.

Trend analysis#

Approval rates have improved over the past five fiscal years. Several factors contribute to this trend:

The EB-5 Reform and Integrity Act of 2022 (RIA) imposed new compliance requirements on regional centers, including mandatory audits, fund administration protocols, and integrity fund contributions. These requirements have improved the quality of project documentation submitted with I-526E petitions.

Increased attorney specialization. The EB-5 legal community has matured. Attorneys who specialize in EB-5 filings have developed more refined documentation strategies, particularly for source of funds, which is the most common trigger for Requests for Evidence and denials.

USCIS guidance clarification. USCIS has issued multiple policy alerts and stakeholder engagement communications that clarify adjudication standards, reducing ambiguity in filing requirements.

Source: EB-5 Reform and Integrity Act of 2022; USCIS Policy Alerts. Blue trust tier.

Denial vs withdrawal#

Not all unsuccessful petitions result in denial. Some petitions are withdrawn by the investor before USCIS issues a decision. Withdrawals may occur because the investor chooses to pursue a different project, because the underlying project has changed materially, or because the investor's circumstances have changed.

USCIS reports withdrawals separately from denials. Including withdrawals in the "unsuccessful" category would increase the apparent failure rate, but withdrawals do not carry the same legal consequences as denials. A withdrawn petition does not trigger removal proceedings or create a negative inference for future filings.

Source: USCIS Form I-526/I-526E adjudication data. Blue trust tier.

I-829 denial rates: removing conditions#

The I-829 petition is filed approximately two years after the investor receives conditional permanent residency. It requires the investor to demonstrate that the investment was sustained throughout the conditional period and that the required jobs were created (or will be created within a reasonable period).

Historical data#

I-829 denial rates are consistently lower than I-526E denial rates:

Source: USCIS Quarterly Statistics, FY2019 through FY2024. Blue trust tier. Figures are rounded.

Why I-829 denial rates are lower#

The lower I-829 denial rate reflects a selection effect: investors who reach the I-829 stage have already passed the more rigorous I-526E review. The issues most likely to cause denial (source of funds deficiencies, project viability) are evaluated at the I-526E stage. The I-829 review focuses on whether conditions were met, not on re-adjudicating eligibility.

The most common reasons for I-829 denial include:

Insufficient job creation. If the project did not create the required 10 full time jobs per investor, and there is no reasonable prospect of job creation within a reasonable period, USCIS will deny the I-829.

Investment not sustained. If the investor withdrew capital during the conditional period, or if the capital was returned to the investor before conditions were removed, the investment was not "sustained" as required.

Fraud or material misrepresentation. If USCIS discovers that the original I-526E petition contained material misrepresentations, it may deny the I-829 and initiate removal proceedings.

Source: USCIS Policy Manual, Volume 6, Part G, Chapter 7; AAO decisions on I-829 denials. Blue trust tier.

Common reasons for I-526E denial#

The following reasons account for the majority of I-526E denials:

1. Source of funds deficiencies#

The most common reason for I-526E denial is inadequate documentation of the lawful source of investment capital. USCIS requires a complete paper trail demonstrating that the investor's funds were earned, received, or obtained through lawful means. Common deficiencies include:

Gaps in the chain of documentation (funds that cannot be traced from their origin to the escrow account). Reliance on self serving statements without corroborating evidence. Failure to document foreign sourced income in a manner acceptable to USCIS adjudicators. Inadequate translation or authentication of foreign documents.

Source: USCIS Policy Manual, Volume 6, Part G, Chapter 4; Matter of Ho, 22 I&N Dec. 206 (AAO 1998). Blue trust tier. For detailed guidance, see the EB5Status source of funds documentation guide.

2. Material change to the project#

USCIS evaluates the I-526E petition based on the business plan and offering documents submitted at the time of filing. If the project materially changes after filing (construction scope changes, developer substitution, change in job creation methodology), USCIS may issue an RFE or deny the petition on the grounds that the investment no longer matches the approved terms.

The "material change" doctrine has generated litigation and policy evolution. The EB-5 Reform and Integrity Act of 2022 clarified certain aspects of the analysis, but the doctrine remains one of the more complex areas of EB-5 adjudication.

Source: Matter of Ho; USCIS Policy Alert PA-2020-09. Blue trust tier.

3. Job creation deficiencies#

The EB-5 program requires the creation of at least 10 full time positions per investor. For regional center projects, these jobs may be direct, indirect, or induced, as calculated by an approved economic methodology (typically RIMS II or IMPLAN). Petitions are denied when the economic analysis is deficient, the assumptions are unreasonable, or the projected job creation does not meet the regulatory threshold.

4. Investment not at risk#

USCIS requires that the investor's capital be genuinely "at risk" in the commercial enterprise. Arrangements that guarantee the return of capital, provide an assured rate of return, or shield the investor from economic loss violate the at risk requirement. USCIS has denied petitions where the investment structure contained provisions that effectively eliminated the investor's exposure to loss.

Source: 8 CFR 204.6(j); Matter of Izummi, 22 I&N Dec. 169 (AAO 1998). Blue trust tier.

Request for Evidence (RFE) rates#

Before denying a petition, USCIS typically issues a Request for Evidence (RFE) giving the investor an opportunity to address identified deficiencies. RFE rates are higher than denial rates, meaning many petitions with initial deficiencies are approved after supplemental documentation is provided.

Estimated RFE rates for I-526E petitions range from 20% to 35% in recent fiscal years. USCIS does not publish precise RFE statistics, but this range is derived from practitioner surveys and USCIS stakeholder engagement disclosures.

An RFE is not a denial. It is an opportunity to supplement the record. Investors who respond thoroughly and promptly to RFEs have a higher approval rate than those who provide incomplete responses or miss the response deadline (typically 84 days).

Source: USCIS RFE issuance practices; AILA (American Immigration Lawyers Association) practice advisories. Gray trust tier (derived from practitioner data). For strategies to address RFEs, see the EB5Status RFE guide.

How to reduce denial risk#

Based on the data, the following strategies are most effective at reducing EB-5 denial risk:

Thorough source of funds documentation#

Because source of funds deficiencies are the leading cause of denial, the best risk reduction strategy is to prepare a thorough, well organized source of funds package before filing. This includes:

A narrative memorandum explaining the complete path of funds from original source to escrow account. Supporting documents for every link in the chain (employment records, tax returns, business financial statements, bank records, real estate transaction documents). Professional translations and authentications for all foreign language documents. An immigration attorney's review of the complete package before submission.

Selection of a well structured project#

Investors who select projects with strong developer track records, adequate non EB-5 capitalization, realistic job creation projections, and clear exit strategies face lower denial risk. The project's compliance history with USCIS, including any prior RFEs or denials associated with the same regional center or NCE, provides useful data.

Experienced immigration counsel#

EB-5 petitions prepared by attorneys with substantial EB-5 experience consistently show higher approval rates than those prepared by generalist practitioners. Source of funds documentation, economic analysis, and securities compliance require specialized knowledge.

Timely and complete RFE responses#

For petitions that receive an RFE, the quality and timeliness of the response is determinative. Investors should work with counsel to address every issue raised in the RFE, provide supplemental evidence, and respond well before the deadline.

Trends to watch#

Several factors may affect denial rates in coming fiscal years:

Increased USCIS adjudication capacity. USCIS has hired additional officers to reduce the I-526E backlog. Higher throughput may lead to more consistent adjudication standards.

RIA compliance enforcement. The EB-5 Reform and Integrity Act's compliance requirements are reducing the number of poorly structured projects reaching the petition stage, which may continue to improve approval rates.

Gold Card alternative. The availability of the Gold Card program may shift some applicants away from EB-5, potentially reducing demand and concentrating the remaining EB-5 applicant pool among more sophisticated investors with stronger filings.

For the latest denial rate data, consult the EB5Status statistics dashboard.

Disclaimer#

This article presents publicly available data and analysis for informational purposes. EB5Status is not a law firm and does not provide legal advice. Immigration law is complex and fact specific. Consult an immigration attorney licensed in your jurisdiction for personalized guidance regarding your individual circumstances.

Related Research#

• Latest visa bulletin predictions: how visa availability affects your EB-5 timeline
• EB-5 success rate and approval data: the companion analysis to denial rates
• I-526E processing timeline: current USCIS processing data by visa category
• Current EB-5 processing times dashboard: live data for all form types
• EB-5 statistics dashboard: quarterly filing and adjudication data

Sources and Methodology#

All denial and approval statistics are sourced from USCIS Quarterly Statistics reports and cross referenced with USCIS annual data releases. For a full explanation of how EB5Status verifies and publishes adjudication data, see our methodology page.

• USCIS Quarterly Statistics (primary data source)
• EB5Status Statistics Dashboard (interactive denial and approval tracking)
• EB5Status Denial Reasons Analysis
• EB5Status Methodology

Source: All data in this article is current as of March 2026 and subject to change based on USCIS policy updates, legislative action, or regulatory revision.