State of the EB-5 Program

The EB-5 program is entering its most consequential phase since the 2022 Reform and Integrity Act. Through the first three quarters of FY2025, USCIS received 5,079 new investor petitions — with I-526E filings (4,826) vastly outpacing legacy I-526 (253), confirming the program's full transition to the post-reform framework.

Adjudication velocity is accelerating. The I-526E approval rate hit 94% in Q3 FY2025, with USCIS completing 1,113 I-526E cases in a single quarter — more than the prior two quarters combined. Meanwhile, the legacy I-526 backlog continues its managed decline, dropping from over 9,000 cases at the start of FY2024 to 1,822 by Q3 FY2025.

The combined pending backlog stands at 10,787 petitions. The I-526E queue (8,965) is growing as new filings outpace adjudications, while the I-526 queue (1,822) is on a clear path to resolution. This two-speed dynamic — a shrinking legacy backlog alongside a growing new one — is the defining feature of the current program.

On the visa issuance side, U.S. embassies and consulates issued 9,534 EB-5 immigrant visas through the first eleven months of FY2025. The early months saw heavy Chinese issuances (940 in October alone), but South Korea has emerged as the top issuance country since April 2025 as China-born applicants face final action date backlogs.

Processing times vary significantly by reserve category. Rural-designated projects enjoy priority processing at 11–17 months, while high unemployment area petitions take 24–36 months. Unreserved I-526E petitions — the bulk of the queue — range from 36 to 52 months.

The critical date on every investor's calendar: September 30, 2026 — the grandfathering deadline after which the EB-5 Reform and Integrity Act's investor-protection provisions may no longer shield pre-existing investments.