Practice Areas

Investment Immigration (EB-5)

2025.07.24

Investment immigration (EB5) is an immigration program under which permanent residence is granted if a person makes an investment in the United States at or above a certain threshold. For investment immigration, it is advisable to conduct a legal risk review with an attorney experienced in this area.

1. Investment Immigration (EB-5) | An Immigration Program for Investors

Daeryun Law Firm's Explanation of Investment Immigration (EB5)

Investment immigration (EB-5) is an immigration program that may rank as a priority when Korean investors consider acquiring U.S. permanent residence for the purposes of global business expansion, a stable basis for residence, and their children's education.

Investment immigration (EB-5) is a program based on relatively clear eligibility requirements and the substantive requirement of job creation, and it is drawing attention as a practical alternative in that permanent residence can be acquired without the Labor Certification process.

On March 15, 2022, President Biden signed the Investment Immigration (EB-5) Reform and Integrity Act (EB-5 Reform and Integrity Act), thereby strengthening the existing program's eligibility requirements and introducing new regulations and integrity standards to enhance the program's transparency and reliability.

We comprehensively examine the concept, key requirements, procedures, investment types, recent amendments, and even the points of caution in immigration that an applicant must keep in mind regarding the Investment Immigration (EB-5) program.

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2. Investment Immigration (EB-5) | The Concept and History of EB-5

Relocation Agreement > Filing the Bank of Korea Securities Acquisition Report > Remittance of Investment Funds > Filing the Investment Immigration Petition > USCIS Approval > Filing the Immigrant Visa Application > Embassy Interview > Immigrant Visa Issuance > Entry into the United States > Filing the Petition to Remove Conditions > Receipt of Permanent Residence

The EB-5 program (Employment-Based Fifth Preference Category) is the category corresponding to the fifth preference among U.S. employment-based immigrant visas.

It allows a foreign investor to acquire permanent residence by 1)investing capital at or above a certain amount in a New Commercial Enterprise within the United States and thereby 2)creating Full-Time Employment for U.S. workers at or above a certain threshold.

This is a program introduced to provide the individual foreign investor and their family (spouse and unmarried children under 21 years of age) with the opportunity for permanent residence and economic activity within the United States, while at the same time maximizing the economic ripple effects on U.S. local communities through job creation and capital inflow.

The Introduction and Development of the Regional Center Program

The Regional Center program, introduced as a pilot project beginning in 1992, was designed so that institutions approved on a specific regional basis recruit investors to concentrate capital in large-scale projects and gain recognition not only for direct employment but also for the indirect employment that accompanies economic effects.

Subsequently, the 2022 EB-5 Reform and Integrity Act extended the Regional Center program through September 30, 2027, while at the same time newly introducing strict reporting obligations and fund management standards to enhance integrity, accounting transparency, and oversight.

3. Investment Immigration (EB-5) | Requirements for Eligible Investment Immigration

Investment Immigration (EB-5) Eligibility Requirements

An Investment Immigration (EB-5) investor must invest in a New Commercial Enterprise that meets the requirements below.

Time of Establishment: The enterprise must have been established after November 29, 1990, and if it is an existing enterprise, it is recognized only where it has been substantially converted into a new commercial enterprise through restructuring, reorganization, and the like, or where the investment has increased its asset value or number of employees by at least 40%.
Form: all forms of lawful for-profit enterprise are included, such as a sole proprietorship, partnership, corporation, limited liability company, and a holding company and its subsidiaries.
Excluded Activities: simply owning and operating a personal residence and the like are not recognized as a commercial enterprise.

Investment Amount Requirements

An investor must meet the minimum investment amount required at the time of investment.

Petition Filing Date	Standard Minimum Investment	Targeted Employment Area Investment
On or After March 15, 2022	$1,050,000	$800,000 (infrastructure included)

A Targeted Employment Area (TEA) may be recognized when it is defined as a rural area or an area of high unemployment.

A high-unemployment area must have an unemployment rate that is at least 150% of the national average, and a rural area means an area outside a metropolitan statistical area (MSA) or with a population of fewer than 20,000.

In addition, future investment amounts will be adjusted every 5 years according to the Consumer Price Index (CPI), with the first adjustment applying on or after January 1, 2027.

Eligibility of Capital

Investment capital consists of cash, tangible assets, personal assets, and similar property that the investor owns and controls, valued at fair market value in U.S. dollars.

However, the following types of capital are not eligible.

Assets obtained through unlawful means (such as criminal activity)
Capital raised through bonds, convertible bonds, loans, or similar instruments between the investment enterprise and the investor
Capital secured by a guaranteed return
Capital secured by a redemption right (however, a buyback option exercised voluntarily by the enterprise is permitted)

The investor bears the burden of proving the lawful source and ownership of the capital, and where necessary, a promissory note for payment may be included in part.

Under the EB-5 reform legislation, in each fiscal year a portion of EB-5 visas is allocated to qualified immigrants who invest in certain sectors.

Rural areas : 20%
High-unemployment areas : 10%
Infrastructure projects : 2%

Job Creation Requirements

Through the investment enterprise, an investor must directly create full-time positions (at least 35 hours of work per week) for at least 10 qualified employees.

Investment outside a regional center: Only direct employment is recognized. (The investment enterprise must be the direct employer of the employees.)
Investment within a regional center: Both direct and indirect employment are recognized. However, indirect employment may count toward the job creation requirement up to a maximum of 90%.)

[Types of Jobs]

Direct jobs: An employer-employee relationship is established directly between the enterprise and the employee.
Indirect jobs: Employment that arises externally as a result of the economic ripple effect of the project.
Troubled business: For an enterprise experiencing management difficulties, maintaining existing jobs is also treated as job creation (a net loss for 2 years, with the loss amount equal to 20% or more of net worth).
Eligibility for employment: U.S. citizens, permanent residents, or non-citizen immigrants authorized to work lawfully (excluding the investor, the spouse, children, and persons in nonimmigrant status)

4. Immigrant Investor Program (EB-5) | Application Procedure and Amendments

①Filing the I-526/I-526E Petition

A standalone investor files Form I-526, and a regional center investor files Form I-526E.

Approval may take an average of more than 2 years.

②Visa Application or Adjustment of Status

After approval of Form I-526, an applicant residing abroad applies for an immigrant visa through Form DS-260, while an applicant residing in the United States changes status to conditional permanent resident through Form I-485 (Adjustment of Status).

Conditional permanent residence is valid for 2 years.

③Filing Form I-829 to Remove Conditions

Beginning 90 days before the conditional permanent residence expires, the applicant files Form I-829 to apply for removal of the conditions. Full permanent residence is then granted.

Key Provisions of the EB-5 Reform and Integrity Act

The EB-5 Reform and Integrity Act includes the following key provisions.

Strengthened mandatory reporting for regional centers and the introduction of a new audit requirement
Strengthened verification of the source of an investor's assets
A third-party audit requirement to ensure project transparency
Priority visa allocation for targeted employment areas and infrastructure projects (rural 20%, high-unemployment areas 10%, infrastructure 2%)
Unused visas are carried over for 1 year and, after 2 years, revert to general EB-5 visas.

5. Immigrant Investor Program (EB-5) | Points to Note When Preparing

Points to note when preparing for the Immigrant Investor Program (EB-5)

Documentation of the source of capital
Investment of the investor's own capital
Responding to a visa denial based on an unlawful source of funds
Proceeding through a regional center approved by U.S. Citizenship and Immigration Services
Prohibition of guaranteed-repayment terms
A spouse and unmarried children under 21 years of age may accompany the investor.

An Immigrant Investor Program (EB-5) investor must thoroughly understand the laws and policies of U.S. Citizenship and Immigration Services and comply with all of the eligibility of capital, job creation, application procedure, and the integrity standards of the recent amendments.

Recently, cases of harm caused by investment immigration fraud have also been frequent, so cooperation with a reliable immigration attorney and a certified regional center is important.

If you have any questions regarding the Immigrant Investor Program (EB-5), our firm can assist you, with a task force composed of foreign attorneys advising on U.S. law (United States), foreign attorneys (United States), and immigration attorneys who also hold accountant qualifications, supporting the entire immigrant visa application process, from documenting the source of capital to local communication. Please contact us.