DHS published a notice of proposed rulemaking on July 2, 2026 that would implement the EB-5 Reform and Integrity Act of 2022 (RIA), which substantially reforms and adds significant integrity provisions to the employment-based fifth preference (EB-5) visa category for alien investors and the associated Regional Center Program. Written comments must be submitted on or before August 31, 2026. At over 107,000 words, this is one of the most extensive EB-5 regulatory documents USCIS has issued, and it will directly affect how you structure and advise investor petitions, design projects, and manage compliance.
What changed
The Department of Homeland Security has published a proposed rule that would comprehensively implement the EB-5 Reform and Integrity Act of 2022 (RIA) and significantly reshape the administration of the EB-5 Immigrant Investor Program and Regional Center Program. The proposal introduces new compliance requirements, expanded government oversight, enhanced fraud-prevention measures, and important protections for qualifying investors.
Key structural changes include:
Enhanced USCIS Enforcement Authority One of the most significant aspects of the proposal is the expansion of DHS enforcement authority. The proposed regulations would provide USCIS with explicit authority to deny or revoke EB-5 petitions and applications based on fraud, material misrepresentation, criminal misuse, or national security concerns.
Mandatory Project Approval USCIS proposes mandatory project approvals through Form I-956F before investors may file EB-5 petitions associated with a regional center project. This is a critical workflow change: regional center investors will no longer be able to file Form I-526E without pre-approval of the underlying project.
Regional Center Compliance The proposal would significantly expand compliance obligations for regional centers. Among other requirements, regional centers would be required to maintain enhanced monitoring and oversight procedures and comply with new fund administration and accounting controls.
Promoter Registration For the first time, the regulations would establish a formal registration framework for direct and third-party promoters who must accurately describe EB-5 benefits and risks to investors. Violation of these requirements could result in suspension or permanent debarment from the program.
Inflation Adjustments The rule further recognizes statutory provisions requiring automatic inflation adjustments beginning in 2027 and every five years thereafter.
Why it matters
This proposed rule, if finalized, will fundamentally change how you structure EB-5 client advice and strategy.
For regional center investors: The mandatory Form I-956F approval requirement creates an additional approval step before you can file your client’s I-526E petition. This means sequencing and timing strategies will need adjustment, and project sponsors will face new documentation and approval burdens.
For practitioners serving multiple investors in the same project: Regional centers now face expanded compliance and oversight obligations. You should understand which regional centers have robust controls in place, as noncompliance could trigger enforcement action that affects your client’s petition.
For those involved in project sponsorship or promotion: If you work with regional centers, project developers, or EB-5 promoters, this rule establishes formal registration and conduct standards. Promoters must now disclose risks transparently, and violations trigger debarment.
For all investors: The proposal creates new investor protections and automatic revocation frameworks. USCIS is signaling a more rigorous integrity posture, which means petitions will be scrutinized more carefully for fraud, misrepresentation, and national security concerns.
For timing-sensitive matters: The grandfathering provision of the 2022 RIA expires September 30, 2026. Any proposed changes in the final rule will not apply to petitions filed before that date. Investors and sponsors should understand the current deadline and the potential cost of delay.
Way forward
1. Read the proposed rule on the Federal Register and identify impacts to your practice area. The NPRM is lengthy, but the Executive Summary and “Discussion of Proposed Rule” sections outline key changes. Focus on provisions affecting how you advise clients, structure projects, and file forms.
2. Consult with your regional center or project sponsor partners about Form I-956F readiness. If mandatory project approval becomes final, regional centers will need to redesign their intake and approval workflows. Understanding the proposed framework now gives you early visibility into process changes.
3. Consider whether to submit a public comment by August 31, 2026. If the proposed rule would negatively impact your clients, a detailed comment citing real-world effects can influence the final rule. Comments addressing investor protections, TEA methodology, bridge financing, Regional Center compliance, and job-creation policies are particularly valuable.
4. Verify current client petitions against the proposed framework, but do not panic. The proposed changes will not take effect unless and until DHS publishes a final rule — a process that typically takes a year or more, and which may also face legal challenges. Petitions filed before finalization are governed by current rules. Confirm your timeline and advise clients accordingly.
Disclaimer
This article is general information, not legal advice. Fola Form is a software platform, not a law firm. You must consult with a licensed immigration attorney to assess how the proposed rule may affect your specific case or client situation. Policy can change without notice. Verify all information against the primary source linked above before filing, advising clients, or taking action.