Navigating a Dynamic EB-5 Industry: Key Takeaways from the IIUSA Passport Series in Mumbai

By Joan Hull, Director of EB-5 Capital Development, Brevet Capital

Today I had the privilege of speaking on the panel “Navigating Changes and Challenges in a Dynamic EB-5 Industry” at the IIUSA Passport Series in Mumbai, alongside moderator Lee Li of IIUSA and fellow panelists from Peachtree Group, Civitas Capital Group, CMB, and FRR Immigration. The room was full of Indian investors, migration agents, and immigration attorneys, and the conversation reflected exactly where the EB-5 program stands in 2026: strong demand, real deadlines, and a maturing regulatory framework that rewards careful preparation. Here is a recap of the themes we covered and what they mean for prospective investors from India.

India Is Now Driving EB-5 Demand

For years, EB-5 demand was defined by a single country. That has changed. In the first quarter of FY2026, Indian investors filed 668 I-526E petitions, surpassing China to become the largest EB-5 investor market for the quarter. Total filings reached 1,765 investors, a 12 percent increase over the prior quarter and a 24 percent increase year over year, representing an estimated 1.4 billion dollars in new EB-5 investment in a single quarter.

Why India, and why now? A few reasons came up repeatedly on the panel. Many Indian applicants are already in the United States on H-1B or F-1 status, which lets them file for adjustment of status concurrently with their I-526E petition and obtain work authorization and travel permission while they wait. The EB-5 green card is also not tied to a specific employer or school, which is a meaningful contrast to the H-1B and student visa paths that so many families are trying to move beyond. For investors weighing years of uncertainty in employment-based categories, a direct route to permanent residency is compelling.

The Dates That Matter Most: September 30, 2026 and January 1, 2027

If there was one message the panel wanted every attendee to leave with, it was to understand the EB-5 calendar. Two dates stand out.

September 30, 2026 is the grandfathering deadline. Under the EB-5 Reform and Integrity Act of 2022 (RIA), any I-526E petition filed on or before this date is protected. USCIS must continue to process it under the rules in effect at the time of filing, even if the Regional Center Program is not reauthorized when its current authorization ends on September 30, 2027. Filing on or before September 30, 2026 insulates an investor from the political uncertainty that has historically surrounded EB-5 reauthorization.

January 1, 2027 is the expected investment increase. The RIA includes an inflation adjustment that recalculates the minimum investment every five years, with the first adjustment scheduled for January 1, 2027. The current 800,000 dollar minimum for Targeted Employment Area projects is expected to rise, with some estimates pointing to roughly 937,500 dollars. Investors who file before that date may lock in today’s lower amount.

There is a third date worth knowing. The reserved visa set-asides and the Regional Center Program authorization are currently set to expire on September 30, 2027 unless Congress acts. For investors from high-demand countries, the practical takeaway is simple: preparation started today is preparation aimed at the September 2026 window, not a year from now.

The Immigration Process and the Investment Process Are Two Different Things

A recurring point on the panel is that EB-5 begins as an immigration question but

quickly becomes an investment decision, and both deserve equal diligence.

On the immigration side, the journey runs from the I-526E petition, to conditional permanent residence, to the I-829 petition to remove conditions. Regional Center investment remains the dominant path by a wide margin. In Q1 FY2026, investors filed 1,667 I-526E petitions through Regional Centers compared with only 98 direct I-526 filings, a ratio of roughly 17 to 1. The reason is job creation. Regional Center projects can count indirect and induced jobs through economic modeling, which direct investments cannot, and that flexibility materially strengthens the immigration case.

On the investment side, the RIA created three reserved visa categories funded by a carve-out of the annual allocation: 20 percent for rural projects, 10 percent for high-unemployment areas, and 2 percent for infrastructure. For oversubscribed countries like India, these reserved categories have offered shorter waits than the unreserved pool, which is a major reason rural and high-unemployment TEA projects have attracted the majority of recent filings.

Source of Funds: Start Early

Source of funds is where many EB-5 cases succeed or stall. Investors need to document not just that they have the capital, but the lawful path that capital took to reach them. For Indian families, common sources include business income, sale of property, gifts from family members, salary and bonus accumulation, and investment proceeds. Each requires a clear, traceable paper trail. My advice to attendees was the same advice I would give privately: begin assembling source of funds documentation before you select a project, because a well-prepared file protects both your timeline and your peace of mind.

Investor Protections and the Road Ahead

The RIA rebuilt EB-5 around integrity, and that framework is one of the reasons demand has grown. Fund administration requirements, mandatory audits, redeployment rules, and stronger USCIS oversight all exist to protect investor capital. At the same time, approval rates have tightened. The I-526E approval rate declined to 81 percent in Q1 FY2026, the lowest since the RIA took effect, which tells you that USCIS is scrutinizing petitions more closely. That is not a reason for concern. It is a reason to choose projects and sponsors that are built to withstand scrutiny.

When evaluating any EB-5 project, the questions I encourage investors to ask are straightforward. Is the project in a qualifying TEA at the 800,000 dollar level? Is the senior financing already closed? Does the projected job creation comfortably exceed the requirement? Who is the sponsor, and what is their track record of returning capital? These are the same standards we hold ourselves to at Brevet.

A Clearer Path for Prepared Investors

The theme that tied our panel together was preparation. EB-5 is a marathon, not a race. The investors who do best are the ones who understand the calendar, assemble their source of funds documentation early, choose projects and sponsors that can withstand USCIS scrutiny, and treat the immigration and investment sides of the decision with equal care.

Thank you to IIUSA, to Lee Li, and to my fellow panelists for a substantive conversation, and to everyone in Mumbai who joined us. The EB-5 landscape is dynamic, but for prepared investors the path has rarely been clearer.