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For investors pursuing an EB-5 immigrant investor visa from Dubai, recent USCIS decisions highlight an important compliance issue: the structure of EB-5 financing.

Several reported I-526E denials have involved investments funded through loans issued by the same EB-5 Regional Center or affiliated project entities sponsoring the offering. While the EB-5 program permits borrowed funds, the law requires that the investor be personally liable and that the capital be lawfully sourced, fully traceable, and placed “at risk.” Problems arise when the loan funding the EB-5 investment originates from the same EB-5 Regional Center or affiliated project entity sponsoring the offering.

In such cases, USCIS may question whether the structure constitutes true at-risk capital or circular financing. This has reportedly led to I-526E denials under the current integrity-focused adjudication standards.

As Shai Zamanian, cautioned in the EB-5 unplugged podcast in 2024, “You’re countervening the intentions of Congress by saying: you can put in a certain amount, and then I’ll lend you the rest. If they’re putting in a partial amount, I don’t see how that creates the requisite jobs within the framework of the law, I just don’t see the USCIS approving that.”

For investors considering EB-5 in Dubai, the issue is not whether loans are permitted, they are, but whether the financing reflects true personal financial exposure and independence from the project sponsor. Properly structured third-party loans from independent banks or private lenders remain acceptable when documented appropriately. However, where the lender and the project sponsor are intertwined, immigration risk increases.

Before proceeding with the EB-5 visa process or committing to the required EB-5 green card investment amount, investors are strongly advised to obtain guidance from an experienced EB-5 immigration attorney.

For assistance with the US EB-5 visa from Dubai contact The American Legal Center at +971 52 446 6095.