Introduction: A New Era for EB-5 Under the RIA
In the years since the Reform and Integrity Act of 2022 (RIA) reshaped the EB-5 landscape, the industry has undergone one of the most significant transformations in its 30-year history. Enhanced transparency, stronger integrity rules, and a surge in new filings have positioned the post-RIA program as more stable, secure, and impactful than ever.
In a recent webinar hosted by CanAm Enterprises, Christine Chen joined IIUSA’s Aaron Grau and Lee Li to share insights on the program’s progress, the evolving data landscape, and what investors and industry stakeholders should expect in the years ahead. This blog launches our multi-part series summarizing those insights.
IIUSA’s Role: Convening, Educating, and Advocating
As Christine noted during the program’s opening, one of the foundational strengths of the EB-5 ecosystem is the work of IIUSA (Invest in the USA)—the industry’s leading nonprofit trade association.
Aaron described IIUSA’s three core functions:
- Convening the Industry
IIUSA brings together developers, regional centers, attorneys, migration agents, economists, and stakeholders from around the world to build a unified dialogue around program needs.
- Education at All Levels
From new EB-5 entrants to Congressional staff, the association ensures that key audiences understand the program’s economic impact and immigration value.
- Advocacy in Washington
A significant portion of IIUSA’s effort focuses on Capitol Hill, communicating the program’s job-creating power, addressing policy issues, and pushing for long-term stability through reauthorization.
“We convene, we educate, and we advocate,” Aaron explained. “Our role is to ensure the industry speaks with one voice.”
Why RIA Marked a Turning Point for the Industry
The RIA delivered the most meaningful modernization of EB-5 since its creation in 1990. Several of its reforms have already resulted in stronger investor protections and clearer pathways to approval:
- Mandatory project filings (I-956F)
Project approval before investor approval reduces uncertainty.
- Enhanced transparency and integrity provisions
Background checks, audits, and stricter oversight ensure higher compliance and fewer “bad actors.”
- Reserved visa categories
The introduction of set-asides—particularly rural—has transformed demand patterns globally.
- Priority processing for rural projects
This has significantly influenced investor behavior and filing trends.
Christine noted that while the RIA introduced increased compliance obligations, the industry has risen to the challenge: “Stakeholders have abided by the new rules, and investor confidence has increased because of them.”
The Importance of Data in the RIA Era
One of the biggest themes of the webinar was the heightened need for industry-wide data transparency. Lee Li, Director of Policy Research and Data Analytics at IIUSA, shared why:
- USCIS does not publish comprehensive post-RIA data
- The Department of State has delayed visa issuance updates
- Many critical data points must now be reconstructed through FOIA filings or member-contributed analysis
Despite these limitations, IIUSA has built the largest private EB-5 dataset in the industry by working directly with regional centers—including CanAm—to analyze filing patterns, adjudications, and visa usage.
This collaboration is essential, especially as demand continues to accelerate.
Why the Industry Is More Collaborative Than Ever
Christine emphasized a key cultural shift since the RIA: competitors are now collaborators.
Regional centers and service providers are increasingly sharing data to strengthen the entire EB-5 community. This shift—driven by the need to fill information gaps left by USCIS—has laid the groundwork for better investor education and stronger advocacy.
“The cooperation among competitors has been a refreshing aspect of the post-RIA era,” she noted. “We all benefit from better transparency.”
Conclusion: A Strong Foundation for What Comes Next
The RIA has given EB-5 a more secure, transparent framework—and the industry is now better equipped to expand, evolve, and advocate for long-term authorization. In the next blog in this series, we’ll examine a major legislative issue on investors’ minds: the mismatch between the 2026 grandfathering deadline and the 2027 program sunset.
