EB-5 Source of Funds in 2026: Why the Timeline Has Stretched and the Bar Has Risen
For Indian nationals weighing an EB-5 investment before the September 30, 2026 grandfathering deadline, source of funds is the step that sets the timeline. It takes the longest to prepare, draws the most scrutiny, and increasingly decides whether a petition is approved. A recent USCIS policy change has raised the stakes further. During a CanAm panel on the Indian EB-5 market, three immigration attorneys described how the process has changed and why preparation now matters more than speed.
The timeline has stretched
Niral Patel of KLDP told the panel that documentation which once took a week or two now runs closer to four to six weeks. The reason is the volume of information USCIS expects at filing. Adjudicators are issuing more requests for evidence (RFEs), notices of intent to deny (NOIDs), and outright denials, and the standards behind them are rarely announced in advance. Practitioners learn the current bar from the pattern of recent decisions. For investors, the practical effect is a longer runway, since a filing that looks straightforward can still require weeks of work to trace the lawful path of funds.
A new policy raises the stakes
On August 5, 2026, USCIS issued Policy Alert PA-2026-05, restoring officers’ discretion to deny a filing that does not establish eligibility or omits required initial evidence without first issuing an RFE or NOID. The change took effect immediately and applies to petitions pending on that date as well as those filed afterward. It reverses the 2021 approach, under which officers were generally encouraged to request evidence before denying a deficient filing.
Rohit Turkhud of CSG Law noted that an RFE or NOID, however demanding, at least offered a chance to respond. Under the new policy, that chance is no longer guaranteed. For a document-intensive filing like EB-5, the message is that the initial submission has to stand on its own.
Approvability comes before a priority date
Peter Calabrese, Chief Executive Officer of CanAm Investor Services, framed the discipline that ran through the discussion: no effort to file before the deadline should come at the expense of a petition’s approvability. A secured priority date offers little if the underlying petition is likely to be denied, particularly given current adjudication trends. In an environment where a weak filing can be denied without a second chance, a strong source of funds record is the foundation of the entire petition.
What this means in practice
The panel’s shared recommendation was to engage an experienced immigration attorney early, because source of funds work takes the longest and can proceed in parallel with selecting a regional center. Investors who begin that work now give themselves the runway to file a complete, approvable petition rather than a rushed one.
“Don’t rush for the sake of rushing.” (Niral Patel, KLDP)
The bottom line
Source of funds has always been central to EB-5. In 2026, with a longer preparation timeline and a policy that rewards complete filings, it is what separates a petition that holds up from one that does not.
Watch the discussion
The full panel discussion on the Indian EB-5 market is available on demand.
About CanAm Enterprises
CanAm Enterprises has more than 30 years of experience in investment-linked immigration, including over 20 years in the EB-5 program. CanAm has raised more than $4.1 billion for EB-5 projects and repaid more than $2.5 billion to investors across 75-plus projects and 11 regional centers spanning 30-plus states. Contact: (212) 668-0690 / info@canamenterprises.com / www.canamenterprises.com
Speakers
Host · Chief Executive Officer, CanAm Investor Services
Peter Calabrese is the Chief Executive Officer of CanAm Investor Services, LLC, the FINRA registered broker-dealer affiliate of CanAm Enterprises, one of the most successful regional centers in the EB-5 program’s history. Prior to joining CanAm in 2015, Mr. Calabrese worked for 15 years in institutional sales and trading, focusing on equity derivatives and volatility products with firms including ICAP and WallachBeth Capital. He earned a Bachelor’s degree in Business Economics from Brown University and holds FINRA Series 7, 24, 63, and 66 licenses.
Partner, KLDP LLP
Niral Patel is a Partner at KLDP LLP, based in the firm’s New York office, where he leads its Indian and Middle Eastern practice group. He works regularly with investors and migration agents across India and the UAE, advising prospective EB-5 investors on long-term immigration strategy, including source of funds, children aging out, and how EB-5 works alongside the H-1B, L-1, and J-1 visas. On the corporate side, he advises on regional center formation, EB-5 structuring and financing, and the full lifecycle of a project, working closely with securities attorneys, economists, and business plan writers on compliance. He also counsels investors caught in failed or fraud-affected EB-5 projects and has federal court experience, including mandamus actions and a successful challenge to an H-1B denial. He is a frequent speaker on H-1B to EB-5 and South Asian investor topics, including at IIUSA events. Mr. Patel earned his J.D. from the University of the Pacific, McGeorge School of Law, and his B.A. from the University of California, Davis.
Member (Partner), Chiesa Shahinian & Giantomasi PC (CSG Law)
Rohit Turkhud is a Member (Partner) in the Immigration Law Group at Chiesa Shahinian & Giantomasi PC (CSG Law), one of the leading full-service law firms in the United States. He focuses his practice on employment-based immigration matters and is regularly engaged by HR directors and business leaders for counsel on immigration policies and procedures, including matters related to H-1B, PERM labor certifications, EB-5 investment immigration, and L-1 intracompany transferees. Mr. Turkhud was promoted to Member in July 2025, having previously served as Counsel with the firm. He has over 30 years of experience in immigration law and nearly a decade of specialized expertise in the EB-5 program. Prior to joining CSG Law, he practiced at a global immigration law firm, and earlier in his career served as a senior executive for numerous IT companies, giving him unique insight into the challenges faced by H-1B visa holders and international professionals seeking U.S. work authorization. He is a frequent speaker on business immigration issues, especially EB-5 matters.
Managing Partner, Miller Mayer, LLP
Nicolai Hinrichsen is the Managing Partner of the EB-5 Practice Group at Miller Mayer, LLP, a nationally recognized immigration law firm based in Ithaca, New York. He has led the firm’s EB-5 practice since joining as Managing Partner in 2007, and Miller Mayer has been counseling EB-5 investors and regional centers since the program’s earliest years. Mr. Hinrichsen has extensive experience representing individual EB-5 immigrant investors, regional centers, and developers across a wide range of project types, including hotels, infrastructure, and mixed-use development. He brings particular depth in the Chinese and Indian investor markets and is a frequent speaker at major industry conferences, including events hosted by Invest in the USA (IIUSA). Prior to joining Miller Mayer, Mr. Hinrichsen practiced corporate and securities law at Sidley Austin, where he advised clients on registered and private securities offerings. He was named to EB5 Investors Magazine’s list of Top 25 EB-5 Immigration Attorneys in 2021. Mr. Hinrichsen is recognized for his ability to combine a rigorous foundation in immigration law with an understanding of complex deal structures, making him a leading voice on the evolving EB-5 regulatory landscape.
