The Department of Homeland Security (DHS) has released a proposed rule on investment immigration, aimed at implementing and formally establishing several provisions of the 2022 EB-5 Reform and Integrity Act (RIA). Despite many changes having already been implemented since the enactment of the RIA, this new proposal provides crucial details for enforcement and implementation, introducing several new definitions and proposing significant increases in the investment thresholds for specific projects related to national security.
The proposal was published in the Federal Register on July 2, 2026, and the DHS will subsequently accept public comments for a period of 60 days.
The proposal largely formalizes the statutory changes established by the 2022 EB-5 Reform and Integration Act, covering enhanced integration, regional center oversight, immigrant investment oversight, audit and compliance requirements, among others. Many such provisions have been implemented in practice since March 2022.
One of the most significant changes in the proposal is the establishment of a new immigrant investment category for High Employment Areas (HEA). For projects located in High Employment Areas, the minimum immigrant investment amount will be raised to $1.4 million, compared to the current standard minimum investment of $1.05 million. This is the first time that DHS has formally defined High Employment Areas as an independent investment category.
The proposed regulation defines High Employment Areas as regions with an unemployment rate lower than the national average and where the national average unemployment rate is at least 150% of the regional unemployment rate. This new category is distinct from Targeted Employment Areas (TEAs), which still apply the $800,000 lower investment threshold.
The proposal provides detailed guidance on what investments qualify as “immigrant investments”, including requirements related to cryptocurrency.
The regulation will formally incorporate requirements from existing precedents, where comprehensive immigrant business investment plans must include detailed information on recruitment schedules, investment timelines, company structure, funding requirements, and marketing plans, with regional oversight centers rigorously reviewing the commitment to provide new employment numbers as promised in the project documents.
The proposal clarifies the meanings of “invested” or “actively in the investment process”.
Merely expressing an investment intention will no longer meet the conditions. Investors must demonstrate that funds have been invested and are at commercial risk by the latest conditional permanent residency date.
The proposal also mandates that the required investment funds must be in place and available for creating employment opportunities at the time of submitting the immigration application.
The Department of Homeland Security proposes that reinvestment of funds (for regional center investment projects) will only be allowed when necessary to maintain the funds at “risk”.
The proposal offers clearer guidelines on when reinvestment is allowed after the repayment of the original investment.
As required by the Regulatory Impact Analysis (RIA), the Department of Homeland Security will formally establish broad regulatory powers, including mandatory audits every five years, document retention requirements, on-site inspections, expanded reporting obligations, and formal compliance procedures.
The proposal also specifies enforcement measures, ranging from violation notices and monetary penalties to suspensions and permanent bans from participation.
The proposed regulation explicitly authorizes the United States Citizenship and Immigration Services (USCIS) to collect biometric information during the processing of EB-5 immigrant applications.
While the USCIS has increasingly requested biometric information in many immigration benefit applications, this proposal formally incorporates this authorization into the EB-5 regulatory framework.
The proposal provides reassuring guidance on the issue of retaining priority dates.
In circumstances where investors generally will be allowed to retain their established EB-5 priority date if they take appropriate measures to maintain the eligibility requirements:
– Regional Center disqualification occurs;
– New business enterprise disqualification occurs;
– Certain significant changes occur; or
– Other qualifying circumstances arise.
The proposed rule embodies the ongoing efforts of the Department of Homeland Security (DHS) to fully implement the 2022 EB-5 Reform and Integrity Act, providing clearer explanations for the agency’s longstanding practices. While much of the proposal formalizes existing policies, certain provisions—such as the $1.4 million investment requirement for High Employment Areas and the new regulatory definitions regarding capital, investment timing, and fund redeployment—may have significant implications for future EB-5 planning and project design.
Stakeholders have 60 days following the publication of the proposal in the Federal Register to submit comments for the DHS to consider when issuing the final rule. Given that the proposal may impact investors, regional centers, and project developers, relevant parties should carefully review the proposed regulations and consider participating in the rulemaking process.