USCIS - New data: EB-5 Program Shows Strong Growth in 2025

The U.S. Citizenship and Immigration Services (USCIS) has released new data for fiscal year 2025, marking the third consecutive year of steady growth in EB-5 applications and signaling continued recovery and investor confidence in the program.

Most investors continue to favor Regional Center (RC) projects over direct investments, reflecting the ongoing appeal of structured, professionally managed investment opportunities. However, both categories saw year-over-year growth, indicating broader overall demand.

In 2025, a total of 6,307 investors selected Regional Center projects, compared to 4,567 in the previous year—an increase of more than 38%. Direct investment in standalone businesses remained significantly less common, accounting

for just over 5% of all applicants, with 353 filings in 2025 versus 281 the year before. While still a small share of the market, this segment also demonstrated modest growth.

For the first time, USCIS provided detailed insights into investor nationalities and project types within the Regional Center category, offering a clearer picture of current market dynamics.

The most popular EB-5 project types in 2025 were Targeted Employment Area (TEA) categories:

• Rural projects: 3,589 applications

• High Unemployment Areas (HUA): 2,430 applications

Together, these categories accounted for the overwhelming majority of filings. By contrast, the unreserved (non-TEA) category saw only 42 applications, underscoring the strong impact of TEA incentives on investor decision-making. An additional 246 filings either indicated both HUA and Rural classifications or were categorized as unknown.

From a geographic perspective, China remained the leading source of EB-5 applicants, with India following closely behind. Notably, investors from both countries showed a strong preference for Rural projects over HUA projects—likely influenced by visa availability considerations and processing advantages. In contrast, applicants from other regions demonstrated a slight preference for HUA projects, suggesting differing investment strategies and priorities across markets.

Overall, the 2025 data highlights not only continued growth in the EB-5 program but also a clear consolidation of investor preferences around TEA-designated projects—particularly in the Rural category.