DHS Proposes Major EB-5 Investor Visa Overhaul: New USCIS Rule in 2026

The Department of Homeland Security has unveiled a comprehensive proposed rule to overhaul the EB-5 investor visa program, directly implementing provisions of the EB-5 Reform and Integrity Act of 2022. The rule represents one of the most significant regulatory updates to the investor visa program in recent years. A major change under the proposal is the elimination of the 'troubled business' pathway, which previously allowed investors to qualify by preserving jobs in struggling companies rather than creating new ones. This pathway had been a source of controversy and potential abuse within the program. The proposed rule also significantly expands USCIS's fraud-detection and visa revocation authority, giving the agency stronger tools to act against bad actors in the EB-5 space. Regional centers — pooled investment vehicles used by many EB-5 applicants — would face tighter oversight requirements under the new framework. Additionally, the rule targets promoters and brokers who market EB-5 opportunities to foreign investors, bringing them under formal regulatory scrutiny for the first time. This addresses longstanding concerns about unregulated intermediaries in the EB-5 ecosystem. While EB-5 is distinct from EB-3 employment-based immigration, this regulatory shift signals broader USCIS enforcement priorities in 2026. Stakeholders have 60 days from publication to submit public comments on the proposed rule.