How Long Does EB-5 Take — and Why Filing Your U.S. Green Card Petition Now Matters
May 23, 2025 · EB-5 · 21 min read
The EB-5 program — a lawful route to U.S. permanent residence through investment — faces the prospect of being replaced altogether.
The EB-5 program — a lawful route to U.S. permanent residence through investment — faces the prospect of being replaced altogether. A proposed “Gold Card,” requiring an investment of up to US$5 million, is being pushed hard by the U.S. administration. If it is implemented, filing an EB-5 petition on today’s terms would no longer be possible.
The question is no longer whether the rules will change, but when — and how much time is left to act. That makes the practical question how long does EB-5 take from start to finish: EB-5 is still accepting petitions as usual, yet a petition cannot be assembled in a matter of days. Only investors who begin now will realistically have enough time to complete the work before the program could close.
A shifting policy landscape: could the Gold Card replace EB-5?
As announced, the Gold Card would require a US$5 million investment paid directly to the U.S. government, with no job creation requirement, no project to invest in, and no return of capital. In effect, it would make U.S. permanent residence available on the basis of a payment to the government rather than a qualifying investment.
At the same time, technology billionaire Elon Musk is reported to be directly building the software and the online filing process for the program. According to The New York Times, the system was designed to cut adjudication to as little as two weeks — far faster than current EB-5 processing. The fact that the U.S. administration and influential figures such as Elon Musk are actively driving the program forward suggests it is gaining momentum and could displace EB-5 at any point.
EB-5, meanwhile, continues to accept and adjudicate petitions as usual. The EB-5 Reform and Integrity Act of 2022 (RIA) is explicit on one point: an EB-5 petition properly filed on or before September 30, 2026 must continue to be adjudicated by USCIS even if authorization for the regional center program lapses, and visas already issued are not revoked because the program has ended. This provision is known as grandfathering. It preserves your right to have the EB-5 petition decided under the current framework; it is not a guarantee of approval, and it does not fix the investment amount, which is scheduled to adjust for inflation from January 1, 2027.
Filing a valid EB-5 petition, however, takes roughly 6–12 weeks of preparation, which includes:
- Planning your strategy and assembling documentation that evidences a lawful source of funds.
- Selecting a suitable project and completing due diligence on it.
- Preparing and translating the supporting documents.
If you wait for the law to change before starting, you may well run out of time to file while the current rules still apply.
| Read more: The “Gold Card” and the future of the EB-5 investment immigration program
5 reasons to file your EB-5 petition now, before a US$5 million Gold Card could replace the program
1. EB-5 processing times have shortened considerably
Investors from countries where EB-5 visa numbers remain available no longer face the 5–7 year wait for an EB-5 visa that was common in earlier years. Following reported process improvements and additional adjudication staff at U.S. Citizenship and Immigration Services (USCIS), that waiting period has shortened considerably.
As reported in May 2025, processing times for Form I-526E were around 3 years, while petitions tied to rural targeted employment area (TEA) projects had been approved in as little as 12 months. On those figures, an investor and family could receive an EB-5 visa in as little as 1.5 years, and on average in around 2.5 years. Check the current USCIS processing times before relying on these ranges.
2. Some countries, including Vietnam, are not yet oversubscribed for visa numbers
According to the April 2025 Visa Bulletin, EB-5 petitions from countries such as China and India were subject to retrogression. Vietnam, by contrast, was listed as “Current.” Where a country is listed as Current, an immigrant visa number is available, so a petition with an approved Form I-526E can move to visa processing without waiting in line for a number, and the petition itself may also be reached sooner.
If filing volumes keep rising sharply, particularly in the rural set-aside category, a Final Action Date could be imposed, as happened in 2018–2019, when investors from Vietnam waited up to 3 years for a visa.
3. You can file Form I-526E and Form I-485 concurrently if you are in the United States
Investors currently in the U.S. can file two petitions concurrently:
- Form I-526E, the petition for a conditional green card
- Form I-485, application to adjust status
Concurrent filing is available only when an immigrant visa number is immediately available under the Visa Bulletin for your category and country. Where it is available, filing Form I-485 allows applicants to remain in the United States in a period of authorized stay while the petition is pending, without departing even if their prior nonimmigrant status, such as a student visa, expires.
4. The gap between EB-5 and the Gold Card, and what happens if you miss the window
As a legal matter, immigration specialists note that replacing or eliminating EB-5 in favor of the Gold Card would require an act of Congress, which would face significant obstacles.
Over the longer term, however, implementation of the Gold Card remains possible. In that case, the investment required for a U.S. green card would no longer be US$800,000 but as much as US$5 million, with no return of capital.
Comparing the two programs shows the scale of the loss investors could face by waiting:
Criteria
EB-5 (current)
Gold Card (proposed)
Investment
US$800,000
US$5,000,000
Return of capital
Repayment possible after 5–7 years
None
Job creation
10 jobs required
Not required
Statutory basis
Yes, enacted by Congress
None to date; a political announcement only
Legal status
The regional center program is authorized through September 30, 2027 under the EB-5 Reform and Integrity Act of 2022 (RIA)
Under development, with no defined process
Waiting until the Gold Card replaces EB-5 would mean:
- An investment 6 times higher for the same residency objective.
- Requirements that are not yet defined, with the potential for delays or new legal exposure.
- Uncertainty over accompanying conditions such as job creation and residency maintenance.
Investors who delay therefore take on not only materially greater cost, but also a more passive position on their family’s immigration future.
5. Investor allocations in well-structured EB-5 projects are filling quickly
One trend in the EB-5 market is clear: well-documented, carefully structured projects are in shorter supply. Experienced investors look first for clear legal documentation, an established developer, transparent repayment terms, and steady construction progress — and these are the offerings that become fully subscribed soonest.
While the supply of projects meeting those criteria is limited, new EB-5 filings rose markedly across 2024 and 2025, in the post-pandemic period, particularly from markets such as Vietnam, China, India, and Brazil. That demand means allocations in well-structured projects are often fully subscribed within a short window.
Delaying an EB-5 filing therefore narrows the choice of suitable projects and can extend the timeline to a green card, with knock-on effects for the family’s wider plans.
EB-5 petition filings from fiscal year 2022 through the first quarter of 2025 (Source: IIUSA)
EB-5 projects IMM Group is presenting, selected for green card eligibility and repayment structure
IMM Group was among the first firms in Vietnam to advise on the EB-5 immigrant investor program. Our principal criterion is to put forward only EB-5 offerings whose structure addresses both green card eligibility and a defined repayment mechanism for investors. We also set the filing strategy and help investors prepare the petition correctly from the outset. Every project we present has been through detailed due diligence focused on those two elements. Because EB-5 law requires capital to remain at risk, neither the green card nor the return of capital can be guaranteed.
1. Aspen Mountain Hotel: a rare rural EB-5 project eligible for priority processing
- The redevelopment of a long-established hotel into a luxury property in Aspen, Colorado, one of the world’s best-known and most exclusive ski destinations.
- Strong commercial potential from a prime location, where demand for high-end accommodation outstrips local supply.
- The project qualifies as rural, which brings priority processing of Form I-526E and access to the rural set-aside visas.
- The project has received Form I-956F approval from USCIS, confirming that the investment meets the program’s requirements.
- EB5 Capital is an experienced regional center with a record of EB-5 project approvals and close oversight of how EB-5 capital is deployed.
- An established, experienced developer that has provided a completion guaranty and a guaranty of the EB-5 loan under the project documents. Neither is a guarantee that capital will be returned.
- Meets the US$800,000 investment threshold.
| Read the full Aspen Mountain Hotel project profile here.
2. Tumbleweed Energy Storage, a project with substantial U.S. government support
- The expansion of a utility-scale battery energy storage facility in California.
- Electricity storage services, infrastructure central to the transition to clean energy.
- An offtake agreement is in place, supporting stable revenue and long-term commercial operation.
- CanAm is an experienced regional center, positioning the project documentation to meet EB-5 adjudication requirements, with close oversight of how EB-5 capital is deployed.
- The developer is a leading energy infrastructure developer in North America.
- Meets the US$800,000 investment threshold.
| Read the full Tumbleweed project profile here.
3. An EB-5 project offered exclusively through IMM Group in Vietnam: the Whisky Hollywood hotel, now operating
Whisky Hotel project
Alongside its rural projects, IMM Group is also presenting the Whisky Hotel, an EB-5 project offered exclusively through IMM Group in Vietnam, which combines a set of features rarely found together in the market.
- Located in the heart of Hollywood, America’s best-known entertainment district. The hotel is complete and has been operating since mid-March, which removes much of the construction and job-creation risk carried by projects still on paper or under construction.
- The project has created 637 actual jobs, more than 3 times the EB-5 program requirement, which strengthens the position of investors seeking removal of conditions on their green cards.
- Strong earnings potential, with 2 of the world’s largest sporting events scheduled for Los Angeles: the 2026 World Cup and the 2028 Olympics.
- On the capital side, the entire EB-5 loan is secured against the hotel asset, with a further personal property of Adoflo Suaya, a successful businessman well known in Hollywood’s restaurant, hotel, and real estate sectors, pledged as additional collateral. A collateral package of this kind is uncommon in the current EB-5 market, though no collateral arrangement removes the requirement that EB-5 capital remain at risk.
- The developer was vetted by Refinitiv, a leading global due diligence and screening provider.
- The project has also received Form I-956F approval from USCIS, confirming the project’s standing under the EB-5 program, which supports both green card eligibility and the repayment structure for investors.
- Meets the US$800,000 investment threshold.
| Read the full Whisky Hotel project profile here.
IMM Group: your strategic partner on the EB-5 U.S. green card journey
The global investment migration landscape is constantly shifting and increasingly complex. Investors need an advisory partner who not only helps them prepare a sound application but also gives their family peace of mind about the future. For the EB-5 Immigrant Investor Program, as for all of our global investment migration solutions, IMM Group acts as a strategic advisory partner, supporting you with experience and integrity.
IMM Group is a pioneering, long-established firm with more than 21 years of hands-on experience in Vietnam. We see ourselves as more than advisors: we design global investment and citizenship solutions built on:
- Rigorous due diligence and risk management: Having successfully handled hundreds of applications, including complex cases, we conduct multi-layered project due diligence and protect investors’ interests rigorously, including during periods of market stress.
- In-depth professional advice and full transparency: Every IMM Group consultant and case manager holds the Certification in Investment Migration — Cert (IM) — awarded by the Investment Migration Council (IMC). Our team provides a comprehensive analysis of benefits and risks so you can make decisions based on complete and accurate information. We put our clients’ long-term interests first.
- Integrity and commitment at every stage: Guided by our philosophy, “Serving with Authentic Values,” IMM Group commits to supporting you from the first step until you are settled. Integrity is our foundation, reflected in our readiness to protect client interests and to proactively refund service fees when risks beyond the client’s control arise (as set out in the contract).
- Giving back: Since 2025, IMM Group has operated as a nonprofit enterprise, committing a share of its annual profits to the Be Better Fund. By choosing IMM Group, you join us in supporting meaningful initiatives and the social responsibility and human values we pursue.
If you are considering a U.S. green card through the EB-5 Immigrant Investor Program, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess how your circumstances fit the program’s requirements. We will keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
- Tags:
- Aspen Mountain Hotel
- EB-5 program
- Tumbleweed project
- Gold Card
- U.S. green card
- EB-5 visa
- Whisky Hotel
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