For EB-5 immigrant visa applicants, obtaining permanent residency in the U.S. can mean choosing a commercial real estate (CRE) project in which enough jobs are created to meet USCIS requirements, and the project is finished (and your capital is returned)

The process can feel complicated because it can be. But if you take it step by step, you can make choices that fit your goals and increase your confidence.

Recent changes in U.S. immigration law have made the EB-5 program even more attractive to investment visa candidates. Certain visa holders, such as international students (F-1) and professionals on H-1B visas, can now file their EB-5 application at the same time as their green card application. This “concurrent filing” option often means receiving work and travel authorization in as little as six months. That makes selecting the suitable project even more important, since your investment is tied both to your immigration status and a project’s financial future.

So how should EB-5 investors look at CRE opportunities? Here’s a simple, four-step process.

Step 1: Establish Your Investment Goals

If you’re like many EB-5 investors we’ve talked to, capital preservation, the safe return of your investment, is more important than generating income or long-term growth. To be sure, your immigration process depends on your money staying invested long enough to create the required jobs and your money remains “at risk” to satisfy the sustainment period. You don’t want unnecessary risks threatening either the security of your investment or your petition. So, it’s especially important to choose projects with credible sponsors, strong business plans, and a clear path to repaying you. Of course, the investment is not just financial—it is tied to your immigration journey.

Step 2: Understand the Market

Not every real estate project is built the same way. Industry experts often use four categories to describe them:

• • Core: Very stable properties, like a fully leased apartment building in a top city. They bring in steady income and usually don’t need much work.
  • Core+: Almost as safe as core, but with a few opportunities for improvement, maybe some light renovations or upcoming lease turnovers.
  • Value-Add: Properties that need more significant work, such as upgrades, better management, or repositioning to attract tenants.
  • Opportunistic or Distressed: The riskiest category, with the potential for large gains—but also larger losses, usually involving brand-new construction or major redevelopment in less proven markets.

Naturally, EB-5 investors often prefer “core” or “core+” projects because they are relatively safer. You want stability while you wait for USCIS approval.  But here’s the reality: EB-5 was designed to create jobs in the U.S. That means, as a practical matter, projects frequently involve new construction or major redevelopment, which usually fall into the “value-add” category. These projects produce the jobs USCIS requires, but they also have a lot more moving parts and, therefore, more risk than a simple, already-stabilized property.

This is why due diligence matters so much. Even if a project is “value-add,” a strong sponsor, solid financing, and USCIS approval of the project’s Form I-956F can help balance those risks and give you more confidence in your choice.

Step 3: Consider the Investment Structure

Real estate projects can be structured in different ways. At the simplest level, you’ll hear about debt and equity:

• • Debt: You act as the project’s lender. It owes you interest and repayment of principle, and often your loan is secured by the property itself. This option usually carries less risk and provides more predictable income.
  • Equity: You become a co-owner of the project and share its profits. The upside can be higher, but so is the risk. If the project doesn’t go as planned, repayment is less certain.

For many EB-5 investors, debt investments are the safer bets since they emphasize capital protection and repayment—goals that line up with your immigration application timeline. Equity investments may be better suited to seasoned investors or those working with a sponsor they know and trust.

Step 4: Do Your Homework (or Get Help)

Even the best plan on paper won’t succeed without the right people running the project. That’s why due diligence is critical. Before investing, investigate:

• • Who is behind the project: Has the developer completed similar projects before, on time and on budget?
  • Broker-dealer review: Has a registered broker-dealer in the U.S. reviewed the offering? This extra layer of oversight is required for U.S. investors and helps ensure key details have been examined.
  • Regulatory status: Has USCIS approved the project’s Form I-956F? This approval signals that USCIS has reviewed the project structure and, therefore, your application is more likely to be granted.

If you don’t have the time or background to dig into all these considerations yourself, consider working with an experienced investment bank that specializes in EB-5 projects. Their role is to evaluate the sponsor’s track record, the financial plan, and immigration compliance aspects, so you don’t have to carry that weight alone.

Bringing It All Together

Commercial real estate needs to offer EB-5 investors more than a financial return; it also needs to deliver the jobs and economic activity that USCIS requires to support their path to permanent residency.

The trick is to follow a well-established process: define your goals, understand the market, choose the right security type for you, and do your homework or get help from professionals. By doing so, you can approach EB-5 investment choices with confidence.

Most of all, remember what’s at stake. This isn’t just about dollars and cents. It’s about building a secure future for your family in the United States. With thoughtful guidance and the benefit of recent program improvements like concurrent filing, your investment can work toward two goals at once: financial return and your new life in America.

For more information about EB-5 investments, please turn to Carofin’s Library Index.