With India’s EB-5 unreserved quota exhausted for FY2026, Indian investors face a closing window to lock in lower investment thresholds and statutory protections under the current legal framework.
The July 2026 Visa Bulletin delivered a sharp blow to Indian green card hopefuls, with the EB-5 unreserved category joining EB-2 in going fully unavailable for the remainder of fiscal year 2026. For Indian investors specifically, the unreserved route is now a dead end until October 1, when FY2027 resets the count.
The closure did not come without warning. The State Department had flagged the risk as early as June 10, when it announced that all available immigrant visas in the EB-5 unreserved category chargeable to India for FY2026 had been issued. Consulates and embassies have since stopped issuing unreserved visas to Indian applicants. The pause holds until the new fiscal year opens.
India Led EB-5 Filings — And Paid the Price
Filing volume tells the story of how the cap was hit so quickly. USCIS data for the first quarter of FY2026 shows 668 Indian investors filing petitions, edging ahead of 649 from China to make India the largest single source of EB-5 filings that quarter. Total filings across all countries reached 1,765, a 12 percent increase from the prior quarter and a 24 percent jump year over year, with an estimated $1.4 billion in EB-5 capital raised during the period. That pace drew down the unreserved pool faster than it could refill.
Set-Aside Categories: The Only Live Path
With the unreserved route closed, Indian investors have one working pathway: the set-aside categories created under the EB-5 Reform and Integrity Act — Rural projects, High Unemployment Area projects, and Infrastructure projects, each drawing from its own visa allocation separate from the unreserved pool.
Sandeep Wadhwa, Chairman of FAY Investment Group, says, “Even as the unreserved category closed for India, the set-aside categories remained current. Rural, High Unemployment, and Infrastructure projects are the only categories where a properly filed Indian petition can move through to visa issuance without waiting for a new fiscal year.”
Filing activity has already shifted in response. Rural projects accounted for 56 percent of all I-526E filings in the first quarter of FY2026, with 988 Rural petitions filed — a 21 percent increase from the prior quarter. Indian investors drove much of that growth, with Rural filings from India climbing 70 percent quarter over quarter to reach 411 petitions.
The September 30 Cliff
A second deadline is converging with the unreserved pause, and it adds urgency to the set-aside window. EB-5 investment minimums are scheduled to rise after September 30, 2026, tied to an inflation adjustment under statute. “The minimum investment in a Targeted Employment Area (TEA) is projected to climb from the current $800,000 to somewhere between $900,000 and $937,500. Standard projects outside a TEA are projected to rise from $1.05 million to roughly $1.2 million,” says Wadhwa.
An investor who files a Rural TEA petition before the adjustment locks in the $800,000 minimum. Filing after means qualifying at a meaningfully higher amount. As Wadhwa explains: “A petition filed in a Rural, high-unemployment, or Infrastructure project before the deadline addresses both at once — the visa category access and the existing investment minimum.”
Statutory Grandfathering
Beyond the immediate financial requirements is a legal consideration that Wadhwa says deserves more attention. The EB-5 Regional Center Program is currently authorized only through September 30, 2027. While a renewal is widely anticipated, it is not guaranteed, and the terms could change.
Petitions filed on or before September 30, 2026, however, fall within the statutory grandfathering framework introduced by the Reform and Integrity Act. “Even if the Regional Center Program experiences a future lapse or Congress takes time to pass a renewal after 2027, properly filed petitions remain protected under current law and continue through adjudication,” Wadhwa notes. Investors who delay may find themselves subject to whatever legislative framework Congress adopts later.
“Investors benefit from clean, well-documented filings prepared with experienced counsel, particularly while volume in the set aside categories keeps climbing,” adds Wadhwa.
For Indian investors, the arithmetic is straightforward: the unreserved category is shut, the investment floor rises after September 30, and statutory protections attach to filings made before that date. The set-aside window is open — but it is not permanent.
Disclaimer: This article is for informational purposes only and does not constitute legal or investment advice. EB-5 immigration and investment decisions involve complex legal, financial, and regulatory considerations that vary by individual circumstance. Readers are advised to consult a qualified EB-5 immigration attorney and a licensed financial advisor before making any filing or investment decisions.