By David Wang, Attorney at Law, Wang Law LLC – Chicago & Montreal Offices

Disclaimer

This publication provides general information and legal analysis regarding the EB-5 Immigrant Investor Program from the perspective of a U.S. immigration attorney. It is intended for educational purposes only and does not constitute legal advice, create an attorney-client relationship, or substitute for individualized counsel. Investors should consult qualified legal professionals before making decisions related to immigration or securities investments.

I. Introduction

Since the passage of the EB-5 Reform and Integrity Act of 2022 (RIA), investors have increasingly questioned how the statutory investment amounts are determined, what constitutes a Targeted Employment Area (TEA), and how Direct EB-5 projects differ from Regional Center offerings. A recurring misconception—especially among first-time investors—is the belief that the $800,000 investment level is inherently tied to Regional Center projects. In fact, investment thresholds derive strictly from federal statute and TEA status, not from whether the project is “Direct” or “Regional Center.” This article provides a detailed legal analysis of the EB-5 framework, supported by citations to the Immigration and Nationality Act (INA), the Federal Register, USCIS Policy Manual, and binding administrative precedent such as Matter of Ho.

II. Statutory Framework: Why the Investment Amount Is $800,000 or $1,050,000

Under INA §203(b)(5), as amended by the RIA in 2022, EB-5 investments fall into two tiers:

• $1,050,000 – Standard minimum investment
• $800,000 – For investments located in a Targeted Employment Area (TEA) or qualifying infrastructure projects

RIA Text (Official Source)

“…the minimum investment amount shall be $1,050,000, and the reduced amount shall be $800,000 for investments in a targeted employment area or an infrastructure project…”
— EB-5 Reform and Integrity Act of 2022, §102(b)(5)
https://www.congress.gov/bill/117th-congress/house-bill/2471

Legal Conclusion

✔ The investment amount is determined by TEA status—not by Direct vs. Regional Center classification.
✔ Both Direct and Regional Center projects may qualify for the $800,000 threshold if located in a TEA.

III. TEA Requirements Under Federal Law

TEA determinations are governed by statute and regulatory criteria:

1. Rural TEA

A “Rural Area” must:

• Meet the definition in 7 U.S.C. §1991
• Be outside a metropolitan statistical area (MSA)
• Have a population under 20,000

2. High-Unemployment TEA

Federal regulation requires: “…an unemployment rate of at least 150 percent of the national average…”
— Federal Register, 87 FR 82909 (Dec. 1, 2022)
https://www.federalregister.gov/documents/2022/12/01/2022-25826/

IV. Direct EB-5 Projects: Why No Official List Exists

Contrary to common assumptions, USCIS does not maintain any public list of Direct EB-5 projects, because:

• Direct investments involve private operating businesses, not government-authorized offerings
• Businesses may be investor-owned (self-directed EB-5)
• Securities laws restrict public marketing of private offerings

USCIS confirms that Direct EB-5 investors must create 10 direct, W-2 full-time jobs:

“Direct EB-5 investments must result in the creation of 10 full-time positions for qualifying U.S. workers.”
— USCIS Policy Manual, Vol. 6, Part G, Chapter 2
https://www.uscis.gov/policy-manual/volume-6-part-g

V. Regional Center EB-5: USCIS Lists Centers, Not Projects

Unlike Direct projects, Regional Centers (RCs) are designated by USCIS.
However, USCIS only publishes the list of approved Regional Centers, not their individual investment projects.

Official USCIS Regional Center List

🔗 https://www.uscis.gov/working-in-the-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-immigrant-investor-regional-centers/approved-eb-5-immigrant-investor-regional-centers

The list includes:

• Active Regional Centers
• Terminated Regional Centers
• States and geographic scope

Why USCIS cannot publish project lists

EB-5 investment offerings are typically conducted under:

• Securities Act of 1933
• Regulation D (Rule 506)
• Regulation S

These regulations prohibit general public solicitation of private-placement securities.

VI. Precedential Case Law: Matter of Ho and Business Plan Requirements

The foundational legal standard for EB-5 business plans comes from the binding AAO decision:

Matter of Ho (Authoritative Precedent)

Matter of Ho, 22 I&N Dec. 206 (AAO 1998) holds that every EB-5 petition must include:

“a comprehensive description of the business, market analysis, personnel plan, and detailed job creation timeline.”

Official PDF:
🔗 https://www.justice.gov/sites/default/files/eoir/legacy/2014/07/25/3362.pdf

Legal Significance

✔ Applies equally to Direct and Regional Center filings
✔ USCIS continues to rely on Matter of Ho when adjudicating I-526/I-526E petitions
✔ Insufficient business plans remain a leading cause of RFEs and denials

VII. Direct vs. Regional Center EB-5: A Legal Comparison

Legal Issue	Direct EB-5	Regional Center EB-5
Job creation requirement	Must be direct jobs	May include indirect & induced jobs
Economic models	Not required	Required (RIMS II, IMPLAN)
USCIS project listings	None	RC list only
Minimum investment	TEA: $800k / Non-TEA: $1.05M	Same
Governing structure	Investor equity in operating business	LP/LLC structure through RC
Key authority	INA §203(b)(5)(A)	INA §203(b)(5)(B)(iii)
Risk profile	Operational risk	Developer/market risk

VIII. Due Diligence Factors: What EB-5 Investors Must Review

Wang Law LLC conducts due diligence in the following areas:

1. Economic Job Creation Models (RC only)

• RIMS II (Bureau of Economic Analysis)
• IMPLAN (Input-Output modeling)

2. Capital Structure Analysis

• Senior debt v. mezzanine debt
• Developer equity
• Repayment waterfall
• Bankruptcy searches (PACER)
  https://pacer.uscourts.gov/

3. Redeployment Requirements

USCIS mandates sustainment of capital: “The capital must remain at risk until the end of the sustainment period.” — USCIS Policy Manual, Vol. 6, Part G

4. Verification of TEA Designation

Compliance with updated labor and census data is essential.

IX. Conclusion

Based on statutory authority, administrative precedent, and USCIS policy:

1. The $800,000 minimum investment applies only when the project is located within a TEA—not because it is a Regional Center project.
2. Direct EB-5 projects have no official USCIS list; they require individualized legal review.
3. USCIS publishes only the list of approved Regional Centers, not the underlying projects.
4. Matter of Ho applies universally to all EB-5 business plans.
5. Post-RIA compliance obligations are substantially heightened, increasing the need for professional legal counsel and due diligence.

X. Contact Wang Law LLC for EB-5 Representation

Chicago Office (USA)
Wang Law LLC
203 N LaSalle Street, Suite 2100
Chicago, IL 60601
📞 +1 312-519-1115
📧 info@wanglaw.com
🌐 https://www.wanglaw.com

By Wang Law LLC — Immigration Attorneys

The U.S. Department of Labor (DOL) has released the FY 2025 Q3 PERM labor certification statistics, and the numbers reveal a dramatic shift in the employment-based immigration landscape. For thousands of international students and foreign professionals hoping to secure permanent residency through EB-2 or EB-3, the environment has become significantly more challenging.

PERM—Permanent Labor Certification—is the mandatory first step for most employer-sponsored green card categories. When PERM filings decline, green-card sponsorship opportunities shrink accordingly. The latest data paints a clear picture: U.S. employers are submitting far fewer PERM cases than in previous years, signaling a growing reluctance to sponsor foreign workers.

PERM Filings Drop 37.5% — The Steepest Decline Since 2017

According to DOL: Applications Received — FY 2025

Quarter	Filings
Q1 (Oct–Dec)	34,187
Q2 (Jan–Mar)	21,167
Q3 (Apr–Jun)	28,379
Total FY25-to-Date	83,733
YOY Change vs FY 2024	–37.5%

This marks the largest third-quarter decline since FY 2017. Employers are filing dramatically fewer cases, directly limiting green card opportunities for foreign workers.

Applications Processed — FY 2025

Action	FY 2025 Total	Q1	Q2	Q3
Certified	95,185	22,758	32,289	40,138
Denied	2,213	958	530	725
Withdrawn	4,865	1,689	1,507	1,669

Certification numbers remain high because DOL is working through older cases, but new filings are sharply declining, signaling reduced employer demand.

🌎 Top 10 States for PERM Employment — FY 2025

PERM work locations reflect economic shifts across the country.

State	Certified Cases	Share
California	17,635	18.5%
Texas	9,426	9.9%
Georgia	6,664	7.0%
New York	6,582	6.9%
New Jersey	4,507	4.7%
Illinois	4,129	4.3%
Florida	4,010	4.2%
Washington	3,440	3.6%
Massachusetts	3,051	3.2%
Roving Worksites	4,714	5.0%

California alone accounts for nearly one in five PERM jobs, much of it tied to tech and scientific fields.

🏢 Top 10 Industries Sponsoring PERM — FY 2025

Industry	Certified Cases	Share
Professional, Scientific & Technical Services	26,386	27.6%
Manufacturing	17,521	18.4%
Finance & Insurance	7,456	7.8%
Information	7,404	7.8%
Accommodation & Food Services	6,666	7.0%
Admin, Support & Waste Management	5,851	6.1%
Health Care & Social Assistance	5,723	6.0%
Retail Trade	3,439	3.6%
Education Services	2,696	2.8%
Transportation & Warehousing	2,319	2.4%

Tech and scientific services dominate, but manufacturing remains strong due to robotics, EV supply chain growth, and engineering roles.

👨‍💻 Top 10 Occupations Receiving PERM Certifications — FY 2025

Occupation	Certified	Share
Software Developers	22,419	23.6%
Computer Systems Analysts	4,531	4.8%
Meat, Poultry & Fish Cutters/Trimmers	3,905	4.1%
Data Scientists	3,073	3.2%
Fast Food & Counter Workers	2,912	3.1%
Landscaping & Groundskeeping Workers	2,400	2.5%
Medical & Clinical Laboratory Technologists	1,882	2.0%
Project Management Specialists	1,830	1.9%
Software QA Analysts & Testers	1,679	1.8%
Industrial Engineers	1,561	1.6%

The PERM labor market is polarizing: high-skilled tech roles dominate, while lower-skilled EB-3 “Other Worker” positions are also rising.

Why Are Employers Pulling Back From PERM?

Wang Law LLC has identified several key factors:

1. Long Processing Times-PERM adjudication + prevailing wage can easily take 18–36 months.

2. Higher Legal and Compliance Burdens-Recruitment documentation, good-faith hiring proof, and audit rates have all increased.

3. Corporate Uncertainty-Tech layoffs, hiring freezes, and shifting labor demands make long-term sponsorship risky.

4. Government Scrutiny Is Rising-DOL and USCIS both tightened review standards on employment-based immigration.

The result is Employer enthusiasm for green card sponsorship has fallen dramatically.

Impact on International Students and Foreign Professionals

For F-1, STEM OPT, and H-1B holders, this trend has major consequences:

✔ Fewer employers willing to start PERM

Tech companies and financial firms are especially conservative.

✔ Increased risk of “falling out of status”

When PERM is delayed or denied, workers often run out of H-1B time.

✔ Less job mobility and higher dependence on a single employer

An unstable environment places heavy pressure on foreign workers.

What Are the Alternatives? (NIW / EB-1A / EB-5)

To reduce dependency on employers, more individuals are turning to:

⭐ EB-1A — Extraordinary Ability

• No employer required
• No PERM
• Rapid adjudication

⭐ EB-2 NIW — National Interest Waiver

• Self-petition
• Ideal for researchers, engineers, data scientists, healthcare workers

⭐ EB-5 (Investment Green Card) — Now allows Concurrent Filing

• File I-526E + I-485 together
• Receive EAD (work permit) + Advance Parole
• No H-1B / OPT dependence
• No employer sponsorship required

For many families, EB-5 has become the most stable long-term solution for securing permanent residency without employment risk.

Conclusion: The U.S. Immigration Landscape Is Shifting — Act Early

The FY 2025 PERM data shows a clear, undeniable trend: Employer-sponsored green cards are becoming harder to obtain. International students, H-1B professionals, and U.S.-based families must plan proactively to avoid falling into an immigration “dead zone.”

Wang Law LLC assists clients nationwide with:

• EB-1A / EB-2 NIW
• PERM / I-140
• EB-5 Concurrent Filing
• Marriage-based and family immigration
• Student status preservation and change of status

If you or your family need a customized strategy, contact us for a consultation.

Wang Law LLC — Immigration Attorneys
📍 Chicago & Montréal
📞 312-519-1115
📧 info@wanglaw.com
🌐 www.wanglaw.com

What Is the Visa Bulletin and Why Does It Matter to EB-5 Investors?

The Visa Bulletin is a monthly publication by the U.S. Department of State. It determines when a green card applicant can proceed to the final stage of their application based on their priority date and country of birth.

For EB-5 investors, the Visa Bulletin controls when you (and your family) can:

• Submit your I-485 Adjustment of Status (if in the U.S.)
• Have your immigrant visa issued by a U.S. consulate (if abroad)

EB-5 Visa Categories Explained

Under the EB-5 Reform and Integrity Act of 2022, the EB-5 category was divided into:

Category	Reserved For	Allocation
Unreserved	General investors	68%
Rural (Set-Aside)	Rural area projects	20%
High-Unemployment (Set-Aside)	TEA zones (Urban or rural)	10%
Infrastructure (Set-Aside)	Public/private infrastructure	2%

Each category follows its own Visa Bulletin status.

Visa Bulletin for June 2025 – EB-5 Final Action Dates

Summary (Final Action Dates – Chart A)

EB-5 Category	China	India	Other Countries
Unreserved (C5, T5, I5, R5, NU, RU)	22JAN2014	01MAY2019	Current
Rural Set-Aside (20%)	Current	Current	Current
High-Unemployment Set-Aside (10%)	Current	Current	Current
Infrastructure Set-Aside (2%)	Current	Current	Current

• “Current” (C) = No backlog; visas are available immediately.
• Date shown = Backlog; only applicants with earlier priority dates may proceed.

How to Find and Interpret Your EB-5 Priority Date

Your priority date is the date your I-526 or I-526E petition was filed with USCIS. You can find it on your I-797 receipt notice.

Compare this date with the “Final Action Date” in the current Visa Bulletin. If your priority date is before or equal to the listed date, you are eligible to proceed.

Key Observations in 2025

• China-born investors in unreserved projects continue to face long wait times — more than 11 years of backlog.
• All reserved categories (Rural, High-Unemployment, Infrastructure) are Current for all countries, including China and India.
• Concurrent filing (I-526E + I-485) is only available to investors in the U.S. whose category is Current.

Backlog vs. No Backlog: What Should EB-5 Investors Choose?

Factor	Backlogged (Unreserved)	No Backlog (Reserved)
Green Card Wait Time	5–15+ years (varies)	~2 years (typical)
Eligibility for I-485	Limited by cutoff	Available if Current
CSPA Child Age-Out Risk	High	Low
Best for China/India nationals	No	Yes
Stability	Lower	Higher

Strategic Tip: Choose a reserved project, especially a Rural project, to avoid delays and maximize your investment outcome.

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Recommendations for EB-5 Investors

If you already invested in an unreserved project and are stuck in backlog:

• File a mandamus action if your case is unreasonably delayed.
• Consider re-investing in a reserved project if eligible.

If you are planning a new EB-5 investment in 2025:

• Prioritize reserved projects, especially rural area offerings.
• Use a lawyer to vet the regional center and perform due diligence.

Frequently Asked Questions (FAQs)

Q1: I filed my I-526 in 2017 and was born in China. Can I get a green card in 2025?

Only if your priority date is before Jan 22, 2014, based on the June 2025 bulletin for unreserved EB-5. Otherwise, you must wait.

Q2: If I invest in a rural EB-5 project now, will I be subject to a backlog?

No, as of June 2025, all reserved categories including rural are Current — no backlog.

Contact Wang Law LLC

We provide comprehensive support for EB-5 investors from initial investment structuring to green card filing. With years of experience and bilingual service (English & Chinese), we help investors make smart, compliant decisions.

• Website: www.wanglaw.com
• Email: david@wanglaw.com
• Phone: +1 (312) 519-1115
• Serving U.S., Canada, China-based clients

Overview of EB-5 Visa Category Allocation (FY 2025)

Under U.S. immigration law, 7.1% of the worldwide employment-based green card quota is allocated to EB-5 investors. Following the 2022 EB-5 Reform and Integrity Act, 32% of EB-5 visas are reserved for the following special categories:

• 20% for Rural Projects
• 10% for High-Unemployment Area Projects
• 2% for Infrastructure Projects

The remaining 68% are categorized as “unreserved” and are subject to country caps and possible backlogs.

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What Is the EB-5 Backlog?

A visa backlog occurs when the demand for EB-5 green cards exceeds the annual supply for applicants from a specific country. When this happens, only those with a priority date earlier than the posted “Final Action Date” in the Visa Bulletin can move forward to green card approval.

• “C” = Current: no backlog; visas available for all qualified applicants.
• Date shown = Backlogged: only those with priority dates before that date may proceed.

Final Action Dates for EB-5 (Visa Bulletin – June 2025)

Category	China (Mainland-born)	India	All Other Countries
Unreserved (C5, T5, I5, R5, NU, RU)	📌 22JAN2014 (backlogged)	01MAY2019	Current ✅
Reserved – Rural (20%)	Current ✅	Current ✅	Current ✅
Reserved – High Unemployment (10%)	Current ✅	Current ✅	Current ✅
Reserved – Infrastructure (2%)	Current ✅	Current ✅	Current ✅

For Chinese-born applicants, only reserved EB-5 categories are current in 2025. All unreserved projects are significantly backlogged.

Comparison: Backlogged vs. No-Backlog EB-5 Projects

Factor	Backlogged Projects (Unreserved)	Reserved Projects (Rural, TEA, Infrastructure)
Green Card Wait Time	5+ years (China)	1.5–2 years (typical)
Priority Date	Backlogged	Current
Child Aging-Out Risk	High	Low (protected under CSPA)
Investment Amount	$800K / $1.05M	$800K (with faster processing)
Concurrent Filing (I-526E + I-485)	Not always available	Yes (if in the U.S.)
Risk of Policy Change	Higher over long wait	Lower with quicker approval

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FAQs

Q1: I’m born in mainland China. How can I avoid the backlog?

Answer: Only by choosing a reserved EB-5 project (rural, high-unemployment, or infrastructure) can you bypass the current unreserved category backlog. These categories are “current” in 2025.

Q2: Are all rural or TEA projects guaranteed to be “no backlog”?

Yes, as of the June 2025 Visa Bulletin, all reserved EB-5 categories are marked “C” (Current). Rural projects are prioritized by law and typically see the fastest processing under USCIS.

Strategic Recommendations

You should strongly consider a reserved EB-5 project if you:

• Have children nearing age 21
• Want to obtain a green card in 2 years or less
• Plan to adjust status inside the U.S. via concurrent filing
• Prefer less exposure to policy or quota risk

Tip: Choose a reputable project from an approved regional center with full fund transparency and compliance with USCIS integrity rules.

Wang Law LLC – Your Trusted EB-5 Partner

Our firm specializes in EB-5 immigration law and regularly represents investors from China, Canada, and beyond. We assist with:

• Project due diligence (no referral bias)
• Source of funds and fund path compliance
• I-526E petition preparation
• Concurrent I-485 filing (U.S.-based applicants)
• CSPA strategy to protect aging-out children

📞 Schedule a Consultation With Us

• Wang Law LLC/WANG LAW GROUP
• Website: www.wanglaw.com
• Email: david@wanglaw.com
• Phone: +1 (312) 519-1115
• Based in Illinois, serving clients across the U.S., Canada, and China