Investment Visa Backlog, Fee Updates & Grandfathering Deadline – Nov 2025

Living With a Growing Backlog

This year I have been poring over data on our investment‑immigration program. By mid‑2025 more than six thousand investors chose rural projects and another six thousand chose high‑unemployment areas. When family members are included, more than twenty‑four thousand people are now competing for roughly three thousand visas each year. The backlog is no longer a hypothetical problem; it is here, and it is growing faster than I expected. By September, filings had already surpassed the entire volume from the previous year, with particularly strong demand from rural projects and investors born in India. Meanwhile, visa issuance has remained low. Fewer visas issued means the line moves slowly, stretching wait times. On the other hand, low issuance also delays when country‑specific caps will be triggered for investors from China and India, giving some relief.

As I refine my models I’m increasingly focused on assumptions. Simply dividing the number of investors by the number of visas yields absurd results—nobody will wait forty years for a visa. Attrition, category switching and other variables matter. To make sense of the data I’ve created scenarios that show how long waits could be shortened if a portion of investors drop out, switch categories or benefit from unused visas. These exercises don’t change the overall picture: the backlog is sizeable and demand continues to grow. For investors in the queue, patience and a realistic expectation of timing are essential.

No Movement in the November Visa Bulletin

The government released its November 2025 visa bulletin, and there were no changes from October. Set‑aside categories for rural, high‑unemployment and infrastructure investments remain current, meaning applicants in those categories can file their immigration forms regardless of priority date. For the unreserved category, the final action date for applicants born in China is still December 8 2015 and for applicants born in India February 1 2021; applicants from all other countries remain current. The agency continues to use the “dates for filing” chart for employment‑based adjustment‑of‑status filings, so eligible applicants can submit their forms using this more generous chart. Since demand is outpacing supply, I encourage would‑be investors to file as soon as possible to secure a place in the queue.

Advocacy and a Critical Year Ahead

Looking beyond the numbers, I sense that the coming year may be the most consequential in the program’s history. The reform law passed in 2022 reauthorized the regional‑center program only through September 2027 and included a “grandfathering” clause that protects investors who file before September 30 2026. If the program is not reauthorized again, only those who submitted petitions by that date will be allowed to continue the immigration process. My reading of industry news suggests growing uncertainty about reauthorization. Some officials have openly criticized the program and proposed an alternative “Gold Card” scheme. I lived through a lapse in 2021 when the program was shut down and petitions were frozen; I don’t want to see that repeated. I encourage anyone considering an investment to act before September 30 2026 to benefit from the grandfathering protection.

These political realities underscore the importance of advocacy. The program’s survival depends on a unified voice in Washington. A membership‑based industry association is mobilizing for reauthorization, and it needs sponsors for its 2026 events and contributions to its political action committee. Sponsorship isn’t charity—it places your brand before key stakeholders while funding lobbying efforts. Your support helps maintain a strong presence in legislative discussions and keeps the program’s economic benefits visible. With reauthorization, fee rules and program integrity all on the table, this is a year when being engaged matters more than ever.

Fee Relief: Court Ruling and Proposed Cuts

In November 2025 a federal court halted the immigration agency’s April 2024 fee increases because the agency did not conduct the fee study mandated by the reform law. The April 2024 regulation had raised the I‑526/I‑526E filing fee from about $3,675 to $11,160 and the I‑829 fee from $3,750 to $9,525. The court found that USCIS violated the law and administrative procedures by raising fees without the required study. As a result, pre‑April 2024 fees are back in effect and the Department of Justice confirmed that investors filing petitions may use the lower fees. There is no automatic refund for those who already paid the higher amounts, but at least new filers can breathe easier. This case shows that investors can successfully challenge unreasonable regulations when agencies fail to follow proper procedures.

Separately, the Department of Homeland Security proposed substantial fee reductions in October 2025. If implemented, the initial petition fee would drop from $11,160 to $9,625 (about 14% lower), the petition to remove conditions would fall from $9,525 to $7,860 (17% decrease), and the regional‑center designation fee would shrink from $47,695 to $28,895. Amendments to regional‑center designations would fall from $47,695 to $18,480—about a 61% cut—and project approvals would drop to $29,935. The proposal introduces a new form for certain legacy investors and adds a modest technology fee while allowing dependents of deceased principal investors to file a single petition. DHS is accepting comments until December 22, 2025, so the final fees may differ. These proposed cuts acknowledge that the 2024 fees were burdensome and may have deterred participation.

One Year Left to Secure Grandfathering

The reform law’s grandfathering provision deserves special attention. It reauthorizes the regional‑center program through September 30 2027 but only protects investors who submit their initial petitions by September 30 2026. Those who file afterward will have no protection if the program lapses. Given doubts about reauthorization and proposals for alternative investor visas, filing within the next year is the safest path. When the program lapsed in 2021, petitions were frozen and investors’ funds were tied up—an experience nobody wants to repeat. Because the program has always been temporary and requires periodic renewal, there are no guarantees. Filing before the deadline ensures that, even if Congress allows the program to expire, your immigration process can continue.

Practical Guidance for Investors

The investment‑visa process is straightforward but requires careful planning. Applicants must be at least eighteen years old, in good health and able to prove that their investment funds were lawfully obtained. The minimum investment is currently $800,000 in a targeted employment area or $1.05 million in other areas. Applicants do not need prior business experience; they can invest through professionally managed regional‑center projects if they prefer a hands‑off approach.

There are two main investment paths. Investors can create a new business that generates at least ten full‑time jobs for U.S. workers. This path suits those who wish to manage operations and is available through various business structures, including partnerships and corporations. Alternatively, investors can invest through government‑approved regional centers. These centers pool funds to finance large projects and allow investors to count indirect jobs (such as construction employment) toward the ten‑job requirement. Regional‑center investments often provide simplified compliance and professional management.

After choosing an investment and wiring funds, applicants file the initial petition. Once approved, they and their immediate family members receive conditional residency and live in the United States while the investment creates jobs. About two years later, they file a petition to remove conditions. Current processing times range from eighteen to twenty‑four months, though they can vary. I always advise investors to perform thorough due diligence—review project financials, developer track records and compliance history—to minimize risk and ensure the investment meets program requirements.

Key Takeaways

• Backlog pressure is rising: More investors and family members are competing for a fixed number of visas, with particularly strong demand from rural projects and India-born investors.
• Visa bulletin stable but still urgent: The November bulletin shows no movement, but set‑aside categories remain current and the agency is using the dates‑for‑filing chart, making early filing crucial.
• Advocacy and deadlines: The regional‑center program is temporary. Filing before September 30 2026 provides protection if the program lapses. Advocacy and sponsorship strengthen the program’s voice in Washington during critical reauthorization debates.
• Fee relief on the horizon: A court ruling suspended steep fee increases, and a proposed rule would reduce fees for investors and regional centers, though the final schedule is pending.
• Plan carefully: Meeting eligibility requirements, choosing between direct and regional‑center investments, performing due diligence and understanding processing timelines are essential for a successful immigration journey.

By sharing my observations and experiences, I hope to help fellow investors navigate the evolving investment‑visa landscape. Staying on top of policy changes, legal decisions, advocacy efforts and impending deadlines is critical to making informed decisions and achieving success in this program.