By Rogelio “Roy” Carrasquillo
Managing Shareholder
Carrasquillo Law Group
There has been considerable discussion in the EB-5 industry about September 30, 2026. For Regional Center investors, it is an important date. But it is important to understand exactly what happens on September 30 and, just as importantly, what does not.
The EB-5 Regional Center Program does not expire on September 30, 2026.
Under current law, the program remains authorized through September 30, 2027. September 30, 2026 is instead the cutoff for a specific statutory protection commonly referred to as grandfathering.
That protection has value. But its practical significance is narrower than some of the current discussion may suggest.
For many investors considering EB-5 during the remainder of this year, December 31, 2026 may ultimately be the more consequential date.
Beginning January 1, 2027, the minimum EB-5 investment amounts are required by statute to adjust for inflation. Unlike the September 30 grandfathering protection, which becomes relevant if the Regional Center Program later lapses, the January adjustment directly affects the amount an investor may be required to invest.
Those are two very different issues.
What September 30 Actually Means
The EB-5 Reform and Integrity Act of 2022 added a provision entitled “Protection from expired legislation,” now codified at INA § 203(b)(5)(S), 8 U.S.C. § 1153(b)(5)(S).
For covered Regional Center petitions filed on or before September 30, 2026, the statute requires the Department of Homeland Security to continue processing those petitions if authorization of the Regional Center Program later expires.
DHS may not deny a covered petition based on that expiration, and it may not suspend or terminate visa allocation to beneficiaries of covered approved petitions.
The purpose of the protection is relatively straightforward.
If an investor has properly filed a covered petition and Congress later allows authorization of the Regional Center Program to lapse, that investor’s immigration process does not stop simply because Congress has not yet reauthorized the program.
That is what grandfathering protects against.
It does not guarantee approval of the petition. It does not eliminate source of funds, job creation, eligibility, or other EB-5 requirements. It does not protect an investor from the financial or operational risks of a particular project.
It protects against the immigration consequences of a future lapse in authorization of the Regional Center Program.
How Important Is That Protection in Practice?
Under the law as it exists today, there is a legal difference between an investor who files a covered petition on September 30 and one who files on October 1.
The September 30 investor has the statutory protection. The October 1 investor does not.
But the practical importance of that distinction depends on what happens next.
If Congress extends the Regional Center Program before its current September 30, 2027 expiration date, there is no lapse for a grandfathered investor to be protected against.
Both investors can continue through the process while the program remains authorized, assuming each otherwise satisfies the applicable EB-5 requirements.
The investor who filed by September 30 still has an additional statutory safety net against a later lapse. That is a benefit and should not be dismissed.
But it is important not to confuse that additional protection with the expiration of the program itself.
An investor who files after September 30, 2026 is not filing under an expired program. Under current law, the Regional Center Program continues for another year.
Why Do We Have Two Different September Dates?
The difference between the September 30, 2026 grandfathering cutoff and the September 30, 2027 program expiration has caused understandable confusion.
The legislative history helps explain the unusual structure.
The EB-5 Reform and Integrity Act developed over a period of time before its ultimate enactment in March 2022. An earlier version introduced in the Senate in March 2021, S. 831, contemplated a five-year reauthorization of the Regional Center Program through September 30, 2026.
The legislation was not enacted in 2021.
When Congress ultimately enacted the Reform and Integrity Act in March 2022, the authorization of the Regional Center Program extended through September 30, 2027. The grandfathering provision, however, contained the September 30, 2026 date.
The result is the structure we have today: the statutory protection ends one year before the current authorization of the program itself.
That drafting history helps explain why the two dates do not line up. Whatever the reason for the difference, however, September 30, 2026 remains the statutory grandfathering date unless Congress changes it.
What Happens on October 1?
The Regional Center Program continues.
Under current law, investors can continue making qualifying Regional Center investments and filing Form I-526E petitions after September 30, 2026.
The immigration requirements remain the same. The source and path of funds still need to be established. The NCE and project still need to satisfy the applicable requirements. Job creation still needs to be supported. The securities offering and investment structure still need to comply with applicable law.
The principal difference is that a petition filed after September 30 does not receive the express statutory protection against the consequences of a future lapse in Regional Center Program authorization.
That distinction should be explained to investors.
It should not be described as the end of EB-5.
What I Heard on Capitol Hill
The September 30 discussion is also occurring while Congress is already considering the future of the Regional Center Program.
I recently joined other IIUSA members in meetings on Capitol Hill with members of Congress and congressional staff as part of the industry’s reauthorization efforts.
Our request was straightforward: another five-year extension of the Regional Center Program, through 2032, with the statutory protections aligned with the new authorization period.
Based on those meetings, there is meaningful support for continuing the program on both sides of the aisle and in both the House and the Senate.
That does not mean that legislation has already been enacted, nor does it eliminate the need to plan based on the law that exists today.
It does, however, matter when evaluating the practical significance of the current September 30 grandfathering deadline.
If Congress extends the Regional Center Program and moves the grandfathering protection forward as part of that extension, the distinction between investors filing immediately before and after September 30, 2026 would become substantially less significant.
There may also be an opportunity for Congress to address reauthorization relatively soon.
The federal government is presently funded under a continuing resolution through December 11, 2026. The federal funding legislation or another continuing resolution expected to be considered in December presents a potential legislative vehicle for a longer-term EB-5 extension.
Whether Congress acts in December or at another point remains to be seen. But reauthorization is not a discussion that has been left until September 2027. It is taking place now.
December 31 May Be the More Important Date for Many Investors
While September 30 concerns protection against a possible future lapse, December 31 involves something much more immediate.
The required investment amounts are scheduled to change.
Under current law, the standard minimum EB-5 investment is $1,050,000. For an investment in a targeted employment area or qualifying infrastructure project, the minimum is $800,000.
Congress provided that beginning January 1, 2027, and every five years thereafter, the standard investment amount will automatically adjust based on the cumulative change in the Consumer Price Index for All Urban Consumers since January 1, 2022. The amount is then rounded down to the nearest $50,000.
The targeted employment area and infrastructure amount will be adjusted to 75 percent of the new standard investment amount.
The adjustment applies to petitions filed on or after the effective date of the adjustment.
That makes December 31, 2026 very different from September 30.
September 30 determines whether an investor receives additional statutory protection in the event that the Regional Center Program later lapses.
December 31 is the final day before a statutory adjustment that can directly increase the amount of capital required for an EB-5 petition filed beginning January 1.
For an investor who has already decided to pursue EB-5, completed the appropriate analysis, selected an investment, and is otherwise prepared to proceed, that distinction is significant.
The September 30 protection addresses something that may never happen.
The January 1 investment adjustment is already written into the statute.
That Does Not Mean Investors Should Rush
Putting September 30 in perspective should not be interpreted as minimizing the value of grandfathering.
If an investor is ready to file a qualifying petition before September 30, obtaining the statutory protection is a benefit.
But a filing deadline should not replace the analysis that should occur before an EB-5 investment.
An investor still needs to evaluate immigration eligibility, source and path of funds, the offering documents, the investment structure, the project, job creation, and the risks associated with the investment.
A statutory deadline may require that work to be completed efficiently. It should not cause it to be skipped.
The same is true as December 31 approaches.
The possibility of a higher minimum investment amount is an important consideration. It is not a reason to make an investment without understanding the transaction.
What Does This Mean for NCEs, Developers and Regional Centers?
For NCEs, developers, and regional centers, September 30 should be treated as an important investor communication and planning date, not as the end of the Regional Center market.
Projects should understand which investors intend to file before September 30 and make sure the project, offering, and immigration documentation is positioned to support those filings.
After September 30, communications with new investors should accurately explain what has changed.
The program continues. What changes is the statutory protection available if there is a later lapse.
Projects should also be preparing for January 1.
A change in the minimum investment amounts can affect offering documents, subscription procedures, investor communications, capital raising projections, and the economics of an EB-5 raise.
And NCEs, developers, and regional centers should continue following the reauthorization process in Congress. A longer-term extension of the Regional Center Program, particularly one that also aligns the grandfathering protection with the new authorization period, would materially change the current analysis.
Three Dates, Three Different Issues
For purposes of planning, there are three dates to keep separate.
September 30, 2026 is the current cutoff for statutory protection against a future lapse in Regional Center Program authorization.
December 31, 2026 is the final day before the statutory adjustment of the minimum investment amounts beginning January 1, 2027.
September 30, 2027 is the current expiration date for authorization of the Regional Center Program.
Those dates do not have the same legal or practical effect.
September 30 provides additional protection against a contingency.
December 31 precedes a change that directly affects the required amount of an EB-5 investment for petitions filed beginning January 1.
September 30, 2027 is the date through which the Regional Center Program is currently authorized unless Congress acts sooner to extend it.
Based on my recent meetings on Capitol Hill, there is good reason to pay attention to what Congress does well before September 2027.
Looking Ahead
September 30, 2026 matters.
An investor who files a qualifying petition by that date receives an additional statutory protection that an investor filing afterward does not currently have.
But September 30 is not the expiration of the Regional Center Program, and it should not be treated as though EB-5 ends on that date.
The practical value of grandfathering depends on whether the program later lapses. If Congress extends the program without a lapse and moves the grandfathering protection forward as part of the reauthorization, much of the current distinction between pre-September 30 and post-September 30 investors would disappear.
For many investors, December 31 may therefore be the date with the more immediate practical consequence.
The better approach is not to focus on one deadline in isolation. Investors should understand what each date actually does, how Congress may change the current landscape, and how those considerations fit their own immigration and investment objectives.
Carrasquillo Law Group provides legal counsel to investors, developers, new commercial enterprises, regional centers, and other participants in EB-5 matters involving immigration, corporate, and securities law.
Learn more about Carrasquillo Law Group’s EB-5 practice.
This article is provided for general informational purposes only and does not constitute legal, investment, or financial advice. EB-5 requirements, statutory provisions, government procedures, and agency guidance may change. Readers should consult qualified counsel regarding their particular circumstances.
