On Oct. 22, 2025, the U.S. Department of Homeland Security (DHS) released a notice of proposed rulemaking (NPRM) to significantly reduce EB-5 program fees. This move is a welcome development following recent substantial fee hikes, making the EB-5 program more accessible and competitive globally, and hopefully signaling strong support for the program.
IIUSA’s Public Policy Committee is drafting a submission for the public comment period which ends on Dec. 22, 2025.
The proposal, which stems from a fee study mandated by the 2022 EB-5 Reform and Integrity Act (RIA) – which IIUSA championed – sets new, lower rates:
At IIUSA, we are hopeful that this proposal for fee reductions signals that the administration is listening to the industry and demonstrating positive, long-term support for the EB-5 Visa and the Regional Center Program.
We will continue to champion the EB-5 program to ensure its long-term viability and advocate with policymakers in Washington for the implementation of these reduced fees.
What is a notice of proposed rulemaking (NPRM)?
After a federal agency researches an issue and determines if a new or changed Rule (“regulation”) is necessary, it publishes an NPRM to the Federal Register with these proposed changes. This also opens up a public comment period for a determined amount of time. The issuance of an NPRM does not guarantee a change in Rule will occur.
After the public comment period closes, the agency reviews and analyzes all of the public comments after which it determines if a final rule will be published or if a new or modified proposed rule will be issued. A final rule becomes codified regulations. If a new or modified proposed rule is issued, then public comment re-opens and the process starts over.
