Chatting with Charlie: EB-5 Investor Outlook | November 2026 Visa Bulletin

The transcript version of our monthly EB-5 webinar. Join our Immigration News Digest Newsletter for more immigration updates.

By Joey Barnett and Charlie Oppenheim.

🎧 Available on YouTube & Spotify

In the November 2026 edition of Chatting with Charlie: EB-5 Investor Outlook, WR Immigration partner Joey Barnett and Charlie Oppenheim discuss important EB-5 deadlines, visa availability, growing investor demand, and the potential for future backlogs.

1. Important EB-5 Dates: Deadlines and Upcoming Fee Increases

Prospective EB-5 investors should be aware of several important dates affecting the Regional Center Program, grandfathering protections, filing fees, and minimum investment amounts:

• September 30, 2026: Grandfathering deadline under the EB-5 Reform and Integrity Act.
• November 29, 2026: Scheduled USCIS filing fee increase, with the discussed fee rising from $3,675 to $7,775.
• January 1, 2027: Anticipated increase in the minimum EB-5 investment amount.
• September 30, 2027: Current authorization deadline for the EB-5 Regional Center Program.

Joey also highlights reduced immigrant visa appointments and issuances at U.S. consulates worldwide, including concerns about interview availability in Guangzhou. These delays affect immigration categories beyond EB-5. He recommends reading David Bier’s analysis of reductions in legal immigrant entries.

2. November 2026 Visa Bulletin: No Changes, but Backlogs Ahead

The November 2026 Visa Bulletin brings no changes to EB-5. China and India continue to have final action dates in the unreserved category, while all three reserved categories remain current.

However, current availability does not guarantee that investors filing today will avoid future backlogs.

As Charlie explains, the Visa Bulletin determines which applicants can receive visas in a particular month. Availability when an investor files does not guarantee availability when their petition is approved and ready for final processing.

The two Visa Bulletin charts serve different purposes:

Chart A – Final Action Dates: Determines when an applicant can receive an immigrant visa or have an adjustment of status application approved.
Chart B – Dates for Filing: Helps generate demand and indicates where final action dates may be approximately 8 to 12 months in the future.

The November Chart B dates also provide insight into pre-RIA demand. China’s date has advanced to March 2021, suggesting most pre-RIA Chinese unreserved demand has been processed or is close to being cleared. India’s date has advanced to December 2023, indicating that pre-RIA Indian unreserved cases have effectively been cleared.

This could benefit Indian reserved-category investors who may eventually have the option to access unreserved visa numbers.

3. EB-5 Demand Exceeds Available Visa Supply

Despite all three reserved categories remaining current, petition demand significantly exceeds projected annual visa supply.

Data through May 31, 2026, shows:

Rural Category

• Petitions filed: 9,348
• Estimated applicants (1.5 per petition): 14,022
• Estimated FY 2027 visa limit: 5,481

High Unemployment Area (HUA) Category

• Petitions filed: 8,605
• Estimated applicants (1.5 per petition): 12,908
• Estimated FY 2027 visa limit: 2,741

*Note: Applicant estimates use a multiplier of 1.5 per petition. Actual demand may be higher depending on the number of dependent family members.

Joey also highlights Lee Li’s IIUSA Q3 FY2026 EB-5 analysis, which shows continued investor demand, slower adjudications, and growing pending petition inventories.

Data from Suzanne Lazicki’s Lucid Blog also shows substantial pending adjustment of status demand in the reserved categories as of October 5, 2026.

Charlie explains that once USCIS approves enough petitions to maximize annual visa usage, significant waiting periods will become unavoidable.

4. Why Indian and Chinese Investors Should Expect Longer Waits

Charlie advises Indian and Chinese investors filing today to anticipate waits of several years.

The outlook for rest-of-world investors is more favorable. Demand from these countries is generally lower and more likely to remain within per-country limits. They may also benefit from accessing both reserved and unreserved visa numbers, potentially allowing the reserved categories to remain current for an extended period.

For Indian and Chinese investors, however, existing demand and annual visa limits make future backlogs a significant concern.

Charlie notes that EB-5 may still be a viable immigration option compared with the potentially much longer waits in the EB-1, EB-2, and EB-3 categories.

5. Unused Visa Carryovers May Not Last Forever

Under the EB-5 Reform and Integrity Act of 2022, unused reserved visa numbers can carry over into the following fiscal year. If they remain unused, they can eventually become available to the unreserved category.

These carryovers have increased the effective annual visa supply for reserved-category investors. However, as USCIS increases petition approvals and visa usage, fewer unused numbers may remain available to carry forward.

This could significantly reduce the annual visa supply available to reserved-category investors.

Watch the webinar segment illustrating EB-5 visa supply and carryovers.

6. When Could Final Action Dates Be Introduced?

The Department of State monitors visa usage throughout the fiscal year and may introduce final action dates when projected demand exceeds available numbers.

For FY 2027, the estimated cumulative visa usage thresholds are:

Rural Category

• October through December: 1,480 visas
• October through March: 2,960 visas
• October through June: 4,440 visas
• Full fiscal year: 5,481 visas

High Unemployment Area (HUA) Category

• October through December: 740 visas
• October through March: 1,480 visas
• October through June: 2,220 visas
• Full fiscal year: 2,741 visas

*Note: These figures reflect estimated cumulative visa usage under the quarterly allocation guidelines. Final action dates may be introduced if projected demand reaches the applicable limits.

Charlie believes the rural category could require a final action date during FY 2027 because rural petitions receive priority processing.

HUA petitions generally take longer to adjudicate, which could delay the introduction of final action dates. However, Charlie cautions that this does not mean HUA investors will experience shorter waits. He believes the eventual backlog could be considerably longer than in rural.

7. The EB-5 Opt-In Process: An Important Opportunity for Indian Investors

Certain reserved-category investors can elect to be processed under the unreserved category when doing so is advantageous.

This could provide Indian investors with another opportunity to access available visa numbers if backlogs develop in the reserved categories.

The Department of State allows applicants completing consular processing to indicate their preferred category through the National Visa Center. However, USCIS has not introduced a comparable process for adjustment of status applicants, who generally remain in their original reserved category by default.

Joey and Charlie emphasize the importance of USCIS implementing an opt-in procedure so eligible investors can access unreserved visa availability without having to return overseas for consular processing.

8. Concurrent Filing Remains a Major Advantage

Eligible investors already in the United States can file their adjustment of status applications concurrently with their EB-5 petitions, allowing them to apply for:

• Employment Authorization Document (EAD): Provides employment authorization.
• Advance Parole: Allows eligible applicants to travel internationally and return to the United States, subject to applicable requirements.

If a visa backlog develops after an adjustment application is filed, applicants may be able to keep their applications pending and continue renewing these benefits while waiting for visa availability.

Charlie emphasizes that this is a significant advantage for investors who qualify for concurrent filing, even if final action dates are introduced later.

Final Takeaways

Charlie advises Indian and Chinese investors filing today to anticipate waits of several years, despite current availability in the reserved categories.

For eligible investors already in the United States, concurrent filing remains a significant advantage. Even if final action dates are introduced, they may be able to maintain pending adjustment applications and continue renewing their EAD and Advance Parole while waiting for visa availability. EB-5 remains a potential immigration pathway, but investors should carefully consider future visa availability, processing times, and their individual circumstances before proceeding.

About the Authors

Charles (Charlie) Oppenheim is WR Immigration’s Director of Visa Consulting and heads the firm’s Government Relations Group. He brings over 43 years of experience with the U.S. Department of State, including nearly 24 years as Chief of the Immigrant Visa Control and Reporting Division, where he oversaw the allocation of more than nine million numerically controlled immigrant visas. He has advised White House and Congressional leadership on green card numerical control and visa availability. Charlie also co-hosts our monthly Chatting with Charlie Visa Bulletin Reactions and Webinars with WR Partner Miki Matrician, providing insights and analysis for HR and Global Mobility professionals.

Joey Barnett is a partner at WR Immigration and a member of the firm’s EB-5 and Business Immigration practices. He has extensive experience representing immigrant investors seeking U.S. permanent residency through Regional Centers and direct investments, as well as advising businesses and developers on EB-5 Regional Center projects. He serves on AILA’s EB-5 Committee and IIUSA’s Editorial Board. Recognized as a Top 25 Immigration Attorney by EB-5 Magazine from 2023 to 2025, he was also named a Top 5 Rising Star in EB-5 in 2019 and selected for inclusion in The Best Lawyers in America® in 2023.