At a time of global uncertainty and shifting U.S. immigration policy, CanAm Enterprises brought together four of the EB-5 industry’s most respected voices for a rare, unfiltered discussion on where the program stands—and where it’s headed next. Moderated by immigration attorney Carolyn Lee, the panel featured Tom Rosenfeld (Founder & CEO, CanAm Enterprises), Ira Kurzban (Kurzban Kurzban Tetzeli & Pratt), Ron Klasko (Klasko Immigration Law Partners), and Enrique Gonzalez (Fragomen).
The conversation, EB-5 Today and Tomorrow, offered a comprehensive view of the program’s policy successes, emerging challenges, and advocacy priorities leading into 2026–2027—the next critical juncture for EB-5 investors and stakeholders.
The EB-5 Program Is Working as Congress Intended
Tom Rosenfeld opened by emphasizing that the EB-5 Reform and Integrity Act (RIA) has already achieved its core policy goals. “We’ve been successful in meeting the policy objectives of the Reform Act,” he said. “There’s been a 1,500 percent increase in investment in rural areas—that’s exactly what Congress wanted.”
That metric reflects what the late Senators Leahy and Grassley envisioned when they strengthened the program in 2022: directing job-creating capital to areas most in need. According to Rosenfeld, this surge in rural investment has also created renewed bipartisan support, because EB-5 uniquely generates economic growth without costing taxpayers.
Attorney Ira Kurzban agreed. “The program today is much closer to what Congress wanted in 1990,” he noted. “You’re seeing more rural and infrastructure development, and more jobs in areas of the country where people didn’t have them before.”
That alignment between policy intent and real-world outcomes, the panelists agreed, is one of the strongest arguments for the program’s continuation beyond 2027.
Key Opportunities—and Persistent Challenges
While the RIA has modernized EB-5, the panel identified several headwinds the industry must confront.
- Grandfathering Mismatch
Under the RIA, EB-5 is authorized through September 30, 2027, but the law’s grandfathering protections for investors lapse a year earlier, on September 30, 2026. This discrepancy could expose investors to risk if Congress fails to act in time. “It’s the first time we have to push for an extension a year before expiration,” Ron Klasko explained. “It’s a huge challenge to get Congress to understand that.”
- Regulatory Inconsistency
Klasko highlighted new waves of USCIS inconsistencies—approving lawful source-of-funds documentation at the I-526 stage, then denying it years later at the I-829 stage. “That’s outrageous,” he said. “It undermines confidence and makes it hard to rely on agency decisions.”
- Political Headwinds
Kurzban and Gonzalez both pointed out that broader immigration politics can affect EB-5 adjudications, including a tougher posture on denials and potential detentions. “We’re dealing with an administration that isn’t the most immigrant-friendly,” Klasko added. “These policies can slow processing and increase delays.”
- Rising Costs and Scrutiny
Enrique Gonzalez cited the 200 percent rise in USCIS filing fees and greater document demands: “There’s a lot more scrutiny now, particularly when the agency re-adjudicates what it previously approved.”
Despite these challenges, all four experts described 2025–2026 as a “golden window” for investors: strong legislative footing, unprecedented demand, and clear visa advantages for rural projects.
The Gold Card Debate: Wealth Attraction vs. Job Creation
No topic generated more debate than the so-called “Gold Card” program — a proposed high-investment visa category floated by the current administration.
Ron Klasko was unequivocal: “For almost everyone, EB-5 is a much better option. With EB-5, investors expect repayment and create jobs. Under the Gold Card, it’s a donation —you’ll never see that money again.” He warned that the Gold Card lacks legal authority, clear regulations, or adjudication infrastructure, making it risky both financially and legally.
Enrique Gonzalez saw it as part of a broader shift. “We may be moving from a job-creation model to a wealth-attraction model,” he said, “but EB-5 remains the safer, more certain path.” He urged investors not to wait: “If you want to arrive in the U.S. anytime in the next couple of years, EB-5 is where you need to be.”
Ira Kurzban took an even firmer stance: “The idea that people can just buy their way in is horrible,” he said. “Congress never wanted that. The EB-5 program was created to ensure investment creates American jobs, not just purchases visas.”
Rosenfeld added a pragmatic note: despite its flaws, the Gold Card discussion helps EB-5. “It brought public awareness to investment immigration,” he said. “It highlights how well EB-5 works. There’s a great story to tell—and the Gold Card helps us tell it.”
Economic Uncertainty and EB-5’s Role in Filling the Capital Gap
Rosenfeld then turned to the macroeconomic backdrop shaping project finance. “We’re facing conditions reminiscent of 2008–2009,” he said. “High interest rates, inflation, political uncertainty, and a liquidity crunch. Capital is much harder to get, and that creates opportunity for EB-5.”
Traditional lenders have pulled back. “Funds that used to recycle capital are holding it,” he explained. “Developers who can’t raise equity through normal channels are turning to EB-5 to fill the gap.” However, he cautioned, “EB-5 isn’t a solution for every project—it’s becoming a riskier environment, and you have to be selective.”
Kurzban suggested smaller, community-driven projects could better embody EB-5’s intent. Rosenfeld agreed in principle but warned that rural projects remain inherently riskier: “There’s less population and less economic diversity. If one business falters, the whole area feels it.”
That’s why CanAm has tightened its underwriting. “We’re turning down deals that don’t pencil out,” Rosenfeld said. “Our focus is on projects with strong sponsors, substantial equity—25–30 percent skin in the game—independent feasibility studies, and robust completion guarantees.” He added, “Any deal over-reliant on EB-5 is a red flag. EB-5 capital must be the safest piece of the stack.”
For Rosenfeld, the central question never changes: “Will this project repay?”—and in today’s market, that diligence matters more than ever.
Litigation Trends: Defending the Rule of Law in EB-5
Klasko outlined a surge of federal-court litigation challenging restrictive USCIS practices. “Within the last year, there have been four major cases on source of funds—three successful,” he said. “These decisions reaffirm that USCIS has overreached and must stay within lawful bounds.”
Among the flashpoints:
- Money-Exchanger Cases: USCIS has demanded detailed tracing through multiple levels of foreign exchange, “down to serial numbers of dollar bills.” Courts have rejected this as unreasonable.
- Investor Loans: The agency’s shifting interpretation of what constitutes a “good-faith” loan under the RIA has led to new denials. Klasko believes these will again require judicial correction.
- Re-Adjudication at I-829: Investors approved years earlier are being re-questioned on already-settled issues—undermining fairness and predictability.
Enrique Gonzalez added that national-security screenings have intensified, particularly for Chinese investors. “Working for a state-owned bank or tech company doesn’t mean you pose a national-security risk,” he said. “But that’s how some of these cases are being treated.”
Kurzban and Gonzalez both cautioned that if these enforcement trends are misused, they could threaten reauthorization efforts by feeding political narratives about risk and abuse. “The industry needs to decide what it stands for,” Gonzalez said. “This could be the difference between life and death for the program.”
The Advocacy Imperative: 2026–2027 and Beyond
With the EB-5 program’s next sunset approaching, all four experts agreed that industry unity and proactive advocacy will determine its future.
Gonzalez predicted a surge of filings before the September 30, 2026 grandfathering deadline—similar to prior extension cycles—and warned that failing to act could leave investors with no viable alternative if the Gold Card gains traction. His message was direct: “Get your application in before September 2026.”
Kurzban took a political view: “If the Democrats don’t control at least one chamber, the likelihood of EB-5 continuing is small,” he said, urging stakeholders to mobilize at the local level. Klasko offered a more optimistic read: “There are plenty of Republican senators with EB-5 projects in their districts. Bipartisan support is real.”
Both agreed on one concrete, achievable step: extend the grandfathering date to September 30, 2027, aligning it with the program’s overall sunset. “That’s a smaller legislative lift,” Klasko said. “It protects investors without reopening the whole debate.”
Rosenfeld echoed that pragmatism: “We may not get permanence now, but we can get alignment—and that’s critical. The data show the program’s working exactly as Congress intended.”
Lee closed by challenging the group—and the broader EB-5 community—to think bigger. “I think we’ve got to go for permanence,” she said. “This constant cycle of uncertainty isn’t good for anyone.”
A Shared Commitment to Integrity and Impact
The discussion ended on a personal note, with Rosenfeld reflecting on decades of collaboration among the panelists. “These people are not just colleagues—they’re friends,” he said. “We’ve all been through the trenches together, and that’s what makes this program strong. It’s built on integrity, experience, and a belief in what EB-5 can do for America.”
That shared conviction—linking compliance, economic development, and investor protection—has long defined CanAm’s approach. As Rosenfeld put it earlier in the session, “We’re not worried about selling something today; we’re worried about where we’ll be five years from today. EB-5 investors deserve that level of care.”
Key Takeaways for EB-5 Investors
- The RIA is Working. Rural investment has grown 1,500 percent, delivering on Congress’s intent.
- The Window Is Now. To be grandfathered, investors should file before September 30, 2026.
- Gold Card ≠ EB-5. EB-5 offers job creation, capital protection, and bipartisan support; the Gold Card does not.
- Selectivity Matters. In today’s tight capital market, partner with regional centers that emphasize project quality, due diligence, and repayment potential.
- Advocacy Is Essential. Align the grandfathering date to 2027—and push for permanent authorization thereafter.
Looking Ahead
The consensus from four of the field’s most seasoned practitioners is clear: EB-5 is not only resilient, it is essential. At a time when America needs private capital for infrastructure and rural development, EB-5 delivers jobs, growth, and opportunity—while offering investors a reliable path to U.S. residency.
As Carolyn Lee summed up, “We’re at an inflection point. If we focus on transparency, integrity, and telling the EB-5 story right, this program will continue to thrive for decades to come.”
