Join Gary Merson, President of American Lending Center (ALC), and renowned immigration attorney Ira Kurzban, founder of Kurzban Kurzban Tetzeli & Pratt, as they unpack more than three decades of EB-5 history, reform, and opportunity.
Drawing on firsthand experience, they explore the program’s early growing pains, the impact of the EB-5 Reform and Integrity Act of 2022 (RIA), today’s evolving adjudication environment, and why experienced guidance remains essential for EB-5 investors.
From EB-5’s Early Days to a Global Investment Program
When Congress created the EB-5 program in 1990, regional centers did not yet exist. Their later introduction opened new possibilities for investment and job creation—but the program’s early years were far from straightforward.
“Some of them were kind of pushing the envelope,” Ira recalls, describing a period marked by litigation, regulatory uncertainty, and a government still determining how the program should operate.
By the late 1990s, regulatory concerns contributed to a significant slowdown in the EB-5 market. A decade later, however, the 2008 financial crisis created a new environment for alternative sources of capital. Growing investor interest, particularly from China, helped propel EB-5 into a new era.
How the RIA Changed the Landscape
The EB-5 Reform and Integrity Act of 2022 represented another major turning point, introducing reforms designed to strengthen oversight, transparency, integrity, and accountability across the EB-5 ecosystem.
We have a program now that’s more transparent, with reduced risk, on a more solid footing than we have ever had in the history of the program.
Gary and Ira discuss what this stronger framework means for investors, regional centers, attorneys, and other stakeholders.
Challenges Ahead
Gary and Ira examine the agency’s evolving approach to adjudication, including the possibility that applicants may be asked to provide additional evidence to demonstrate eligibility.
Their discussion underscores an important reality: immigration policies and adjudication practices can change, making careful preparation and experienced professional guidance increasingly important.
For investors, Gary emphasizes that EB-5 is a journey that is not traveled alone. Working with experienced, trusted advisors is necessary to understand both the immigration and investment considerations that arise along the way.
A Commitment to Community
Throughout the conversation, Ira emphasizes the importance of community-focused investing and supporting sustainable projects that can create lasting local impact.
His perspective underscores a broader purpose of EB-5: connecting investment and job creation with opportunities to strengthen the communities in which projects operate.
Conclusion
More than three decades after its creation, EB-5 continues to evolve. Its history has included regulatory uncertainty, litigation, rapid growth, legislative reform, and changing adjudication standards. Yet Gary and Ira see substantial opportunities ahead.
Tune in for more insights on the past, present, and future of the EB5 program.
