The EB-5 Immigrant Investor Program offers foreign nationals a reliable pathway to U.S. lawful permanent residency in return for investing in a U.S. business.
Working with a strong, reputable developer is crucial for EB-5 investors—both to satisfy the EB-5 program’s immigration criteria and to protect investors’ capital. Whether it’s real estate, infrastructure, or another commercial venture, an EB-5 developer is responsible for the actual planning, construction, and execution of the EB-5 project. The developer manages budgets, construction timelines, and job creation targets.
A robust track record is a good indicator of a capable and experienced developer. This track record should show that the developer has completed comparable projects and is financially stable. Investors should also check whether the developer has a genuine stake in the project by contributing meaningful equity and working alongside senior lenders.
A trusted developer supported by a transparent and vetted regional center ensures that all EB-5 program requirements are met. Such a developer facilitates appropriate oversight so that investor funds are used prudently. It offers documentation to verify that money is allocated properly and all appropriate standards are upheld.
In this article, we’ll explain how EB5AN carefully screens developers to ensure our clients get access to best-in-class EB-5 projects and the best odds of obtaining Green Cards for themselves and their families.
Key Considerations Before We Work With Developers
- We Evaluate Experience
- We Evaluate Financial Situations
- We Evaluate Business Stability
- We Evaluate Cooperation and Compliance
EB-5 Developer Exemplar: The Kolter Group
Work With EB5AN and a Top Developer to Get Your EB-5 Green Card
Key Considerations Before We Work With Developers
It’s not enough to trust a developer’s claim that EB-5 investors will be repaid and get their Green Cards. Thorough due diligence is necessary to ensure the developer is reliable.
EB5AN always conducts rigorous screening of any EB-5 project developer before we work with them.
Here’s how we do it.
We Evaluate Experience
Record With Similar Projects and Reputation
An EB-5 developer’s experience is a key factor to look at in judging whether it can deliver a successful project.
In the case of investors, ideally, the developer must have completed a number of other similar projects. For example, if you intend to choose a single-family housing community, the developer should have experience completing other single-family housing developments.
And in the case of EB-5 firms and regional center operators, the chosen developer should have a strong reputation in the real estate industry. If it does, it is more likely to attract investment and secure the necessary financing for its projects.
EB5AN selects only reputable developers with a solid track record of completed projects. This helps us maintain our own sterling record of success for our clients.
Record of USCIS Approvals for Past EB-5 Projects
The developer’s past EB-5 projects should have received Form I-526E approvals. Such approvals indicate the developer fully understands all EB-5 program requirements.
EB5AN chooses to work with developers like these—and it shows, as our investors are seeing their petitions approved in record times.
A standout strength for EB5AN is our 100% USCIS approval rate for all of our EB-5 regional center projects. We have also repeatedly secured Form I-956F approvals—a key marker of project exemplar approval—with no requests for evidence (RFEs).
Experience With Regional Centers
A developer works under the financial backing and oversight of a regional center designated by the United States Citizenship and Immigration Services (USCIS). To ensure they understand the complexities of this relation and EB-5 program requirements, the developer you choose should have experience collaborating with established regional centers like EB5AN.
Experience With Job Creation and Investor Paybacks
To assure investors that the developer can meet the EB-5 job creation requirements, it helps if the developer is diversified across projects and asset classes. This diversification lowers the risk investors face.
A good developer has also paid back EB-5 investors in full in their past projects.
EB5AN’s projects have collectively created more than 30,000 jobs, a number well beyond that required for each investor to meet the program’s minimum of 10 per investor. This record of success underscores our effectiveness in working with developers who can help investors achieve their Green Cards—and their funds returned.
Our 100% approval record and rapid exemplar approvals further showcase our rigorous developer vetting and successful project delivery.
We Evaluate Financial Situations
By applying financial metrics, EB5AN helps ensure that developers are financially robust, dependable, and aligned with investor interests. This minimizes immigration and financial risk for our clients.
For example, EB5AN looks for developers for whom EB-5 funding will represent only a small fraction of their overall portfolio. This low ratio of EB-5 funding indicates that the project is not overly reliant on EB-5 capital to get off the ground.
A strong signal of financial strength is the developer’s ability to secure recent financing despite a challenging lending environment. This demonstrates resilience and creditworthiness.
Additionally, EB5AN values developers with a solid history of completing projects on time and on budget and who have never defaulted on loans or failed to repay. These metrics reflect robust financial management and reliability.
Moreover, substantial developer equity contributions signal that the developer’s interests align with those of investors. A developer should contribute at least 10% equity to a project, which shows it has a significant personal stake in the project’s success. Some legal and financial experts say that developer equity should ideally sit in the 20%–35% range to enhance investor protection and reduce reliance on EB-5 funds.
We Evaluate Business Stability
EB5AN prioritizes developers who are financially robust and operationally diversified, characteristics that contribute to business stability.
To identify this, we evaluate the diversity and volume of a developer’s ongoing developments. Developers managing a large portfolio across different asset classes and locations tend to be stronger and more resilient. Such developers are better positioned to handle challenges such as an economic downturn or a change in the real estate market.
As hinted at above, a stable and reliable developer should not rely heavily on EB-5 capital. If most or all of a developer’s current projects are funded via EB-5 investment funds, that signals potential financial weakness. EB5AN prefers developers whose EB-5 funding represents a small fraction of their activity.
Another indicator of a financially stable developer is proof of recent loan closings and securing new financing. Developers who have achieved this at a time when credit markets have tightened are financially strong.
We also consider a developer’s litigation history and legal risks, which factor into our assessment of business stability. This is a crucial component of robust due diligence, because entities involved in fraud, criminal misconduct, or financial misrepresentation are subject to sanctions under the EB-5 Reform and Integrity Act of 2022 (RIA). Sanctionable conduct by a developer can jeopardize investors’ ability to secure a Green Card.
We Evaluate Cooperation and Compliance
Lastly, EB5AN prioritizes developers who are responsive, professional, familiar with the EB-5 process, and open to third-party administration and audits.
Transparent communication is a key hallmark of trustworthy developers. It reflects their willingness to engage meaningfully with investors and provide timely, clear, and regular project updates.
Industry experts emphasize the importance of accessibility to project documentation, including via secure investor portals and regular communications. Such access signals professionalism and accountability.
A developer’s EB-5 program fluency is generally shown by their experience in navigating job creation requirements, capital stacking, and USCIS regulatory frameworks. To evaluate this, we look at developer experience, especially their prior EB-5 projects and familiarity with raising and managing EB-5 capital. High approval rates (e.g., strong I-526E/I-829 track records) usually reflect solid procedural understanding.
Openness to oversight and compliance procedures as required by the RIA is another established marker of project integrity. Experts advise insisting on independent, reputable third-party audits with access to the developer’s books and records. Annual audit statements should go directly to investors.
Another critical safeguard is third-party control over EB-5 funds—such as through escrow accounts and monitored disbursements—to ensure proper capital usage. Projects that resist oversight and compliance procedures raise red flags about their transparency and trustworthiness.
Why You Should Avoid Developer–Regional Center Combos
When a developer is also the regional center, this creates a conflict of interest that can compromise your investment. Such intertwined structures often involve multiple layers of entities managed by the same individuals, reducing independent oversight and accountability. The developer acts as both the borrower and lender in such cases. Without a neutral third party, decisions may favor developer interests over investor protection.
Even though it’s not illegal, this blurred line between funding and development raises serious concerns about transparency, fiduciary alignment, and risk management, making it a red flag to watch out for when evaluating EB5 projects. Conflicts of interest can be major liabilities for investors if a project fails.
An independent regional center is more likely to serve an EB-5 investor’s interests. EB5AN emphasizes independence from developers, ensuring our focus remains squarely on investor interests rather than internal affiliations. This structure allows us to be more objective in our selection and oversight of projects.
EB-5 Developer Exemplar: The Kolter Group
The Kolter Group stands out as a leading EB-5 developer with extensive experience. Since 1997, it has invested billions of dollars in real estate. It has developed over 27,000 units, completed more than 180 projects, and has never defaulted on a project.
Kolter maintains a diversified portfolio and minimal dependence on EB-5 investor funds. It has worked with many major banks and has never failed to repay a loan. It even secured a substantial $240 million loan from Wells Fargo (an especially conservative lender) during a tight credit market—a clear signal of lender confidence and fiscal health.
Beyond its financial record, Kolter stands out for its developments themselves. At the 2024 National Sales and Marketing Awards hosted by the National Association of Home Builders, Kolter won two Silver National awards, in addition to the numerous other awards and accolades it has amassed over the years.
Kolter has a proven EB-5 track record that includes collaboration with EB5AN on the development of several projects:
- Saltaire St. Petersburg: Developed by Kolter, this luxury tower represents a major EB-5 success: EB5AN fully repaid its investors on time, the project delivered 100% USCIS approval, and the project fully met its job creation requirements. This success affirms Kolter’s execution capabilities and EB-5 proficiency.
- VUE Sarasota: Another collaboration between EB5AN and Kolter, this waterfront condominium was 100% presold before completion, structured to reduce EB-5 funding reliance, and resulted in over 40 qualifying EB-5 jobs per investor, far exceeding the minimum requirement.
- Twin Lakes Georgia: A standout rural EB-5 project by Kolter under EB5AN’s sponsorship, Twin Lakes has sold over 500 homes, demonstrating strong market demand and financial success. It has received top accolades; Kolter Homes ranked #18 on Home Builder Executive Magazine’s Top 100 private home builders for 2023, thanks to a 26% increase in closings. It secured multiple USCIS Form I-956F exemplar approvals (both loan and equity structures), signaling regulatory compliance and robust investor protections.
- Boynton Beach Multifamily: Kolter’s urban EB-5 offering received dual I-956F approvals, confirming USCIS alignment on the project’s job creation methodologies, targeted employment area designation, and investor safeguards. This is further evidence of Kolter’s expertise with EB-5 structuring.
Why The Kolter Group Excels as an EB-5 Developer
| Strength | Why It Matters for EB-5 Investors |
| Diversified, stable portfolio | Offers resilience and reduces reliance on EB-5 funding. |
| Unbroken loan repayment history | Builds trust and mitigates financial risk. |
| Consistent EB-5 project success | Achieves USCIS approvals and fulfills job creation. |
| Rural & urban excellence | Demonstrates adaptability across project types. |
| Regulatory compliance | Ensures smooth immigration outcomes via exemplar approvals. |
| Industry recognition | Top homebuilder ranking underlines operational credibility. |
Kolter’s financial strength, consistent project delivery, regulatory track record, and real estate leadership make it a standout partner in the EB-5 space. Collaborating with it and a strong EB-5 consulting firm helps investors achieve their immigration and financial goals with confidence.
Work With EB5AN and a Top Developer to Get Your EB-5 Green Card
If you’re a prospective EB-5 investor, you’ll want to work with the right EB-5 firm and the right developer on your path to U.S. lawful permanent residency. By choosing EB5AN, you can rest assured that the project developer meets the high standards outlined in this article. It’s also prudent to consult with an experienced immigration attorney who will help you navigate the program’s legal complexities.
EB5AN has helped more than 2,700 families from 70+ countries relocate to the United States as lawful permanent residents. Our expert team has more than a decade of experience, and we offer our clients first-rate, low-risk EB-5 regional center projects with a 100% USCIS project approval rate to date.
To learn more about obtaining a U.S. Green Card through the EB-5 program, book a free call with us today.
