EB-5 Green Card Through Real Estate: A Foreign Investor’s Guide

The EB-5 program is the only immigration category that opens the door to a U.S. green card for those who make a significant investment in the American economy. Among the most sought-after assets by foreign nationals, real estate consistently ranks at the top — combining visibility, appreciation potential, and a legal framework familiar in virtually every market worldwide. For those evaluating the EB-5 route, understanding how real estate investment fits within USCIS rules is the first step toward a realistic plan.

How EB-5 Works in 2026

Following the program’s overhaul through the EB-5 Reform and Integrity Act of March 2022, the minimum investment rose to $1.05 million in a U.S. commercial enterprise, or $800,000 for projects located in a Targeted Employment Area, rural area, or qualifying federal infrastructure project. Capital must be genuinely at risk — guaranteed-return structures do not qualify — and the investment must create at least 10 full-time direct jobs for U.S. workers.

The program offers two main structures: investors may take direct control of the enterprise in what is known as a Standalone model, or pool capital through a Regional Center, a USCIS-approved organization that aggregates funding from multiple investors into larger-scale projects. The choice between these two paths determines the level of operational involvement and the type of real estate accessible.

What Defines a Targeted Employment Area

A TEA is a geographic designation that reduces the minimum investment to $800,000. USCIS recognizes two categories: rural areas, defined as outside any metropolitan statistical area and outside any city or town with a population of 20,000 or more per the most recent census; and high-unemployment areas, where the unemployment rate is at least 150% of the national average. The 2022 reform transferred exclusive authority over unemployment-based TEA designations from the states to USCIS, which reduced the use of census boundary manipulation tactics previously used to qualify prime urban projects.

Path 1: Real Estate Regional Center

Approved Regional Centers frequently develop real estate projects — hotels, student residential buildings, commercial developments, shopping centers, hospitals, and senior living complexes. The investor enters as a limited partner in a capital pool, receives a proportional stake, periodic distributions as outlined in the offering documents, and exit rights at the end of the holding period. All job creation engineering is managed by the Regional Center, which uses USCIS-accepted econometric models to count direct, indirect, and induced jobs.

This route tends to be the preferred choice for professionals without construction experience, physicians, executives, or families who want to keep their personal lives separate from business operations. Financial returns are typically more modest than in direct projects, but the documentary predictability and the Regional Center’s approval track record reduce immigration risk.

Path 2: Buying Property to Launch a Business

For entrepreneurially minded investors, the EB-5 Standalone model allows for combining real estate acquisition with the creation of a new business. The property may be a retail store, restaurant, boutique hotel, laundromat chain, or any enterprise capable of sustaining the required 10 jobs. The bulk of the capital goes toward acquiring and buildout of the property, with the remainder covering working capital, hiring, and operating expenses.

An important caveat: a residential property held solely for passive rental income does not satisfy EB-5 requirements. The program demands active business operations, with employees on payroll and revenue generation. Commercial properties with hotel management, operational leasing, franchises with dedicated staff, or similar ventures meet the requirement; a purely passive income-generating acquisition does not.

Strategic Advantages of the EB-5 Route

The most obvious benefit is a green card for the entire family. Spouses and unmarried children under 21 receive permanent residence derived from the principal petition. There are no English proficiency requirements, minimum age thresholds, or academic qualifications required of the investor — unlike employment-based EB categories.

Access to U.S. higher education as a permanent resident unlocks scholarships, public financing, and in-state tuition rates at public universities — a cost reduction that can exceed $100,000 per child over the course of an undergraduate degree. After five years as a permanent resident, the investor may apply for naturalization via Form N-400.

From a financial standpoint, there is return potential through property appreciation, Regional Center distributions, or operating profits from the business itself. EB-5 also provides global mobility and asset protection in a stable jurisdiction — factors increasingly weighed by high-net-worth families from markets with greater political or currency volatility.

Process Steps and Costs

Processing begins with project selection, due diligence on the Regional Center or the viability of a direct enterprise, documentation of lawful source of funds, and preparation of a business plan. The investor then files Form I-526 (Standalone) or I-526E (Regional Center). Once the petition is approved, the path diverges: adjustment of status via Form I-485 for those already in the U.S. under valid immigration status, or consular processing via Form DS-260 and an interview at the U.S. consulate in the country of residence.

Initial residency is conditional, valid for two years. Before it expires, the investor files Form I-829 to remove conditions, demonstrating that capital remained at risk and that the 10 required jobs were created. Once I-829 is approved, a permanent green card valid for ten years is issued and is renewable.

Current USCIS fees, in effect since April 2024, are as follows:

These amounts are separate from Regional Center administrative fees — typically between $30,000 and $60,000 — immigration and tax attorney fees, project financial due diligence costs, and required medical examinations.

Taxation and Financing

Foreign nationals who purchase real estate in the U.S. are subject to FIRPTA withholding on sales, and rental income is taxed at 30% of gross proceeds unless the investor elects net-basis taxation under IRC Section 871(d), allowing deduction of operating expenses. Tax treaties between Brazil and the U.S. do not eliminate U.S. tax obligations, though Portugal, Italy, Spain, and other European countries have agreements that may reduce double taxation.

Even without a U.S. credit history, foreign nationals can obtain real estate financing through Foreign National Loans, which assess foreign income, liquid assets, and typically require an LTV of 60% to 70%. This mechanism allows investors to leverage part of the acquisition — though EB-5 requires that the invested capital come from a documented lawful source and remain at risk through I-829 approval.

Victoria Harper

Editor-in-Chief

Meet the author

Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.