Event Coverage
Attorney Matt Schulz gives update on EB-5 Immigrant Investor Visa Program
On Tuesday, June 10, 2025, attorney Matt Schulz of Schulzlaw spoke about updates and changes to the EB-5 Immigrant Investor Visa program, which offers a route to U.S. permanent residency through investment and job creation. Specifically, it provides foreign investors a U.S. Green Card in exchange for a substantial investment that generates or preserves at least 10 full-time jobs for U.S. workers. Key requirements include an investment of $800,000 in Targeted Employment Areas (TEAs) or $1.05 million in non-TEAs, and proof of lawful source of funds.
Schulz explained that the EB-5 visa process involves several stages with varying processing times and referenced a case from 2013 that is only being reviewed in 2025, demonstrating the potential for significant delays. He noted that visa limits lead to significant backlogs for individuals from high-volume countries, stating that "wait time really varies depending on place of birth, with exceptionally long waits for those born in mainland China."
The current processing times for the EB-5 visa program are lengthy: I-526 petitions can take up to 61 months, Conditional Permanent Residency 8 to 14 months (and can be filed concurrently), and the I-829 petition 35 to 52 months. Investors must also maintain their investment and meet job creation requirements for two years to keep their conditional permanent residency.
According to Schulz, the EB-5 Reform and Integrity Act of 2022 (RIA) introduced significant changes to the program, which includes reserving 32% of annual visas for specific investments: 20% for rural areas, 10% for high-unemployment areas, and 2% for infrastructure projects.
Rural Area Investments get top priority processing and the largest visa quota, accelerating I-526 petition adjudication and immigration. High-Unemployment Area Investments (150% of national average unemployment) also receive priority processing and a large visa quota, but less than rural areas. Infrastructure Project Investments (public works administered by government entities) have the smallest reserved visa quota but still benefit from priority processing.
The Act also shifted TEA designation authority to U.S. Citizenship and Immigration Services (USCIS), which limited combining adjacent areas for high-unemployment calculations, and increased government oversight with penalties for mishandling EB-5 funds, requiring Regional Centers to file annual reports.
This especially applies to the roles of the New Commercial Enterprise (NCE) and the Job-Creating Enterprise (JCE). The NCE is where the investor places capital and holds an equity position rather than a loan. The JCE is the operating business creating 10 full-time jobs. While an NCE can be a JCE, in regional center projects, the NCE often finances the JCE for job creation.
Job creation, a key aspect, can be either direct (within the business itself) or indirect (often through the investment's broader impact). While financial returns are considered, the main driver for many investors is securing permanent residency for their families, particularly for their children's educational and career prospects in the U.S.
Along with the extended processing times, Schulz said that the program also faces other challenges with its intricate nature and potential risks like defaults and fraud. He said he generally advises his clients against this choice due to these reasons.
"Every time people talk to me about EB-5," he said, "I tend to talk them out of it. The other ways [of immigration] don't tie you into these complex rules so there's more flexibility. My personal idea for an ideal EB-5 investment is buying a beautiful house in the countryside and running it as a boutique hotel with a garden and a restaurant. Once I stop that business, I'd still have that beautiful house."
READ MORE
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.