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The first half of Fiscal Year 2025 has provided valuable insight into how the EB-5 Regional Center Program is functioning under the EB-5 Reform and Integrity Act (RIA) of 2022. Data released by U.S. Citizenship and Immigration Services (USCIS) concerning two critical regional center filing forms, Form I-956 and Form I-956F, suggests a notable slowdown in regional center activity. Both forms play an essential role in the EB-5 process: Form I-956 is required for entities seeking official designation as a regional center, while Form I-956F pertains to the approval of individual EB-5 project offerings within those centers.

The current data shows a clear decline in both the volume of filings and the pace of adjudications, coupled with a decrease in approval rates. For stakeholders, especially prospective investors, these trends underscore the importance of understanding a regional center’s compliance status and standing with USCIS before engaging in the EB-5 process.

Fewer Form I-956 Applications and Declining Designations

Form I-956 is a gateway application for any entity looking to be designated as a regional center under the revised EB-5 framework. In the first two quarters of FY2025, USCIS received only 25 new I-956 applications, a 77 percent decrease year-over-year. This sharp decline may reflect a more cautious or capacity-constrained environment, as many entities navigate new compliance burdens and stricter adjudication standards.

For investors, this contraction in filings highlights the importance of due diligence. Before committing funds, it is essential to verify that the regional center has either filed for or received its designation under the reformed program.

Slower Adjudication and Reduced Approval Rates for Form I-956F

Form I-956F is equally critical, it authorizes regional centers to offer specific EB-5 investment projects. In the first half of FY2025, USCIS received 119 project applications, including 57 in Q2 alone. This marks a significant slowdown compared to FY2024, when USCIS processed an average of 110 adjudications per quarter.

In FY2025, adjudication volume dropped to roughly 50 cases per quarter, and the approval rate fell to 76 percent, down from 84 percent in the previous fiscal year. The data suggests that USCIS is applying heightened scrutiny to EB-5 project offerings, which is in line with the RIA’s intent to bolster program integrity and investor protection.

For investors, fewer adjudicated projects mean a smaller pool of compliant and approved EB-5 offerings available for consideration. The need for transparency and professional guidance has never been more important.

What This Means for Investors

As USCIS continues to implement and enforce the RIA’s provisions, the evolving adjudication landscape requires careful attention. Investors must remain proactive, seeking clarity on whether the regional center they are working with is fully compliant and in good standing with USCIS. Inquiries about a center’s designation status and project approvals should be standard practice..

Ready to Explore Your EB-5 Options?

If you are considering the EB-5 route to U.S. permanent residency, timing and strategy are everything. At The American Legal Center, we specialize in guiding investors through the complexities of the EB-5 process, from project selection to petition filing and beyond.

Contact us today for a personalized consultation, and let us help you chart a clear and confident path toward U.S. residency under the reformed EB-5 program.