Ed Beshara, Beshara P.A., Immigration Attorney

Key immigration risks for investors in 2025?

One of the biggest risks continues to be project failure or non-compliance with USCIS rules, which can jeopardize immigration outcomes. Although the Reform and Integrity Act (RIA) has added safeguards, issues such as job creation shortfalls or material changes to the investment can still result in denied petitions. Another significant risk is delays—especially for investors from retrogressed countries like China or India—leading to prolonged wait times. Choosing a reputable project with a strong compliance framework is critical to mitigating these risks.

 

Impact of the RIA on EB-5 applications?

The RIA has significantly reshaped the EB-5 landscape. While it created a more robust regulatory structure, it also introduced complexities—such as the requirement for project registration, fund administration, and annual audits. These changes increase transparency but may slow down project readiness. On the upside, set-aside visa categories (rural, high-unemployment, infrastructure) have created new opportunities for faster processing if investors and projects qualify.

 

Advice on choosing between direct and regional center investments?

Direct EB-5 investments offer more control and transparency but come with higher risks and require the investor to play an active management role. Regional center investments, on the other hand, allow for passive participation and pooled job creation through economic modeling, which is appealing for most investors. For clients with a business background or already in the U.S., a direct investment might be attractive. But for most overseas investors, the regional center route is the safer and more convenient path.

 

Common legal pitfalls delaying I-526E or I-829 approvals?

Incomplete documentation, poor project compliance, and issues with source-of-funds tracking are the leading causes of delays or denials. Other common problems include lack of clarity around job creation timing, redeployment plans after loan repayment, or failure to notify USCIS of material changes. Choosing experienced immigration counsel and investing in projects with a clean compliance history is key.

 

Are litigation trends in EB-5 rising?

Yes, litigation has become more common, particularly against developers, fund managers, and even migration agents when projects fail or funds are misused. There’s also a rise in litigation tied to delays in adjudication, especially for mandamus filings. With RIA’s increased requirements, litigation around regulatory violations may also increase. This makes it more important than ever for all stakeholders to ensure documentation, disclosures, and investor communications are ironclad.

 

Challenges in source-of-funds documentation by country?

Each country presents unique challenges. For example, in India, strict foreign exchange controls can delay fund transfers and require multiple layers of documentation. In China, issues with gifting, capital transfer quotas, and incomplete tax records are common. Turkey and parts of Latin America often deal with informal wealth transfers that are difficult to document. The best way to manage this is early planning, collaboration with local accountants, and using structures that minimize USCIS red flags.

 

How can project sponsors help streamline SOF?

Sponsors and broker-dealers can assist by preparing investor-friendly documentation—clear offering memoranda, escrow structures, and transfer instructions. Additionally, having compliance-ready templates for capital subscription, proof of fund usage, and project job creation models that support the investor’s filing can reduce the attorney’s burden. Pre-screening investors for common SOF red flags also helps.

 

Currency transfer restrictions and tax concerns?

Many investors face new reporting obligations in their home countries when transferring large sums abroad. Some governments impose exit taxes, while others have introduced new audits for foreign investments. Moreover, USCIS now scrutinizes the legality of foreign exchange transactions. Investors should consult with both U.S. and home-country tax advisors before initiating transfers to avoid missteps.

 

Concurrent filing trends?

Concurrent filing is a popular tool for EB-5 investors already in the U.S. on valid visas like H-1B or F-1. It allows them to file for adjustment of status alongside the I-526E, granting work and travel authorization while they wait. It’s especially appealing to Indian and Chinese investors. However, it only works if visas are available under the visa bulletin, and applicants must avoid unlawful presence or status violations.

 

Common AOS (Adjustment of Status) pitfalls?

Adjustment delays often result from incomplete forms, poor timing, or conflicts between visa categories. Some investors mistakenly assume concurrent filing protects them from status expiration or overlook the need to maintain valid status until their green card is approved. Others fail to report travel abroad properly, invalidating their application. Immigration attorneys play a key role in monitoring these risks post-filing.

 

Marko Issever, America EB5 Visa, Broker-Dealer

How do you conduct due diligence?

We conduct comprehensive due diligence on each EB-5 offering, focusing on both immigration and financial viability. We assess the developer’s track record, loan structure, job creation model, project timelines, and market assumptions. Legal compliance, alignment with RIA requirements, and third-party validations (like fund administrators and auditors) are mandatory. We only list projects we believe are reasonably structured to support successful EB-5 outcomes.

 

How do you handle foreign migration agents under U.S. law?

Foreign agents can market EB-5 offerings overseas, but they must not solicit or negotiate securities with U.S. persons unless they’re registered with FINRA/SEC. We ensure they are not paid by the developer or regional center, or the investor, to avoid triggering U.S. compensation restrictions. We also mandate disclosure of their role and compensation in offering documents to preserve transparency and compliance. 

 

How do you stay compliant with SEC/FINRA rules?

We operate under a registered broker-dealer platform and follow strict protocols on investor suitability, disclosure, supervision, and marketing. All marketing materials are reviewed for compliance. We verify investor accreditation, assess financial profiles for suitability, and document all communication. We do not guarantee immigration outcomes or provide legal advice, and our compensation is disclosed per SEC guidelines.

 

How are you compensated?

Our firm is compensated by the issuer—typically the regional center or NCE—via a placement fee. This fee is disclosed in the offering memorandum, and investors are never charged directly. We are prohibited from taking any undisclosed referral fees from migration agents. The structure is designed to ensure investor transparency and to avoid conflicts of interest under U.S. securities laws.

 

Post-subscription responsibilities?

While our primary regulatory responsibility ends at subscription, we often assist investors with post-investment updates, monitoring construction milestones, and supporting I-829 documentation needs. We maintain communication with the NCE and keep investors informed of material changes. Our role is to protect investor interests and ensure transparency throughout the lifecycle of the investment.

 

What types of EB-5 projects are most attractive now?

Rural and TEA (targeted employment area) projects are drawing the most interest due to visa set-asides and priority processing. Infrastructure projects are also gaining attention, though fewer are available. Investors prefer low-risk real estate developments—particularly those with short loan terms, strong collateral, and reputable developers. The demand has shifted toward smaller, more transparent projects post-RIA.

 

Emerging regions or trends in investor demographics?

We’re seeing strong growth in interest from India, Brazil, Vietnam, South Africa, and Turkey. These investors are often younger professionals or business owners who value mobility, education, and future planning for their children. Concurrent filing options have boosted demand from Indian H-1B and Chinese F-1 visa holders already in the U.S. The new visa categories have diversified the global investor base.

 

How do you handle competing projects?

We conduct side-by-side comparisons and present multiple options, ensuring suitability matching. Each investor’s priorities—immigration speed, capital preservation, industry preference—are different. We don’t “push” one project but help the investor make an informed choice. That said, we only offer projects that meet our strict due diligence standards.

 

Most requested investor protections today?

Investors today demand strong escrow protections (e.g., fund release upon I-526E receipt), early exit rights, and clear redeployment strategies. Many want assurance their capital will not be tied up indefinitely or at risk of job creation failure. We look for projects with clear contingency plans and conservative financial structures.

 

Misconceptions about broker-dealers in EB-5?

A common misconception is that we “sell visas,” when in fact, we sell securities and have a legal duty to act in the investor’s financial best interest. Another is that we control project outcomes—we don’t; we merely vet them and present investment options. Lastly, investors often confuse migration agents and broker-dealers; only the latter are registered and regulated under U.S. law.