Immigrant investors would pay reduced application fees for EB-5 visas in a proposed rule released by the Department of Homeland Security.

Participants in the program would pay $9,625, or 14% less than current fees, to submit the I-526 form that allows foreign investors to obtain a visa, under Wednesday's proposal. Investors participating in large enterprises known as regional centers would pay $9,530, or 15% less than current fees.

The EB-5 program has seen steady growth since a 2022 reauthorization of the regional center program that tightened reporting requirements among other provisions to address fraud and abuse. For immigrants with the financial resources from India and China, EB-5 allows them the chance to avoid decades-long backlogs for employment-based green cards.

Amid a broader crackdown on immigration programs, President Donald Trump announced a "gold card" proposal for ultra wealthy immigrants that administration officials initially suggested would replace the EB-5 program. But subsequent details on the gold card plan indicated it would operate alongside the EB-5 visa program.

The program offers immigrants a path to permanent residency when they invest a minimum amount in job creating businesses in the US. Most investments through the program pass through regional centers that allow multiple participants to pool funding.

The proposed regulation would codify provisions of the regional center reauthorization law that raised investment thresholds to $1.05 million, or $800,000 for rural areas and those with high unemployment.

The proposal also reflected findings of a fee study required by Congress as part of the reauthorization. US Citizenship and Immigration Services, which administers the program, found the cost of processing I-526 forms was about $35.5 million. That's higher than previous estimates, but the agency said it could set lower fees because exemptions aren't available for benefit requests.