The EB-5 Immigrant Investor Program can close the funding gap for U.S.-based businesses and real estate projects that create jobs. Ballard Spahr is one of few national law firms in the country with a team dedicated to the EB-5 Program.

Our EB-5 Group establishes regional centers, negotiates loans, prepares offering documents, and advises on issues related to the EB-5 Program. Our attorneys bring their diverse backgrounds in business, finance, lending, government relations, investment management, real estate, environmental liability, securities, and litigation to each transaction.


We advise businesses, developers, lenders, regional centers, and other clients on:

  • Creating new EB-5 regional centers and amending existing ones to include additional covered industries and new and expanded geographic areas
  • Securing project approval
  • Assisting with projects in need of direct investment
  • Structuring loans for existing regional centers
  • Documenting loans between the EB-5 fund and new commercial enterprises or projects
  • Ensuring program compliance


We work with developers, public and private companies, and regional centers to determine whether any new projects might qualify for EB-5 investment through new or existing regional centers. Our public finance attorneys advise developers and regional centers on alternative financing to add to the capital stack in addition to EB-financing, traditional loans, and equity. This could include:

  • Recovery zone bonds
  • Development bonds
  • Credit support from pledge of future revenues
  • Tax increment financing
  • Direct lending to the developer
  • Financings using tax credits


Clients interested in the EB-5 Program benefit from our collaborative approach. In addition to counseling clients on project approval and financing, we advise on securities, corporate, real estate, environmental, and tax law issues concerning EB-5 regional centers. The team provides regulatory guidance on compliance with EB-5 Program requirements as well as specific legal services in the following practice areas:

  • Environment and Natural Resources: We conduct due diligence investigations on real estate development and infrastructure projects, and negotiate indemnities, representations, and environmental policy terms to protect developers and EB-5 lenders and investors.
  • Litigation: We represent clients in litigation and investigations that may arise under the EB-5 Program.
  • Securities: We ensure compliance with U.S. securities laws in matters arising from the initial offering and the maintenance of the regional center’s investment over time.
  • Tax: We help structure the investment and the regional center to minimize tax liability.


Steve B. Park