For the first time, India has overtaken China as the largest source of EB-5 investor petitions. In the first quarter of fiscal year 2026, Indian nationals filed 668 EB-5 petitions to China's 649, according to data from IIUSA — a milestone that signals a structural shift in who is using the immigrant investor program, and why.
In an exclusive interview with The American Bazaar, Huimin Jenny Zhan — founder and CEO of Beyond International, who brings more than 20 years of experience across public markets, real estate, and alternative investments and has managed over $4 billion in assets — explained what is driving the change. Here is what it means, and why backlog-free rural set-aside projects like Beyond Paradise 1 are drawing this new wave of investors ahead of the September 30, 2026 grandfathering deadline.
The milestone: India is now the top EB-5 market
For decades, Chinese investors dominated EB-5 while Indian professionals concentrated in the H-1B visa. That is changing. IIUSA data shows Indian nationals filed 668 EB-5 petitions in Q1 FY2026, edging past China's 649 — the first time India has led new EB-5 filings. Much of the surge is coming from Indian H-1B and F-1 visa holders already in the United States, who are turning to EB-5 to bypass the multi-year employment-based green card backlogs.
Why the shift is happening — three drivers
Asked whether this is a temporary blip or a lasting trend, Zhan pointed to three forces. First, a tougher H-1B policy environment: a $100,000 H-1B fee introduced in September 2025 (later struck down by a federal court in June 2026) created months of anxiety and pushed many Indian professionals to file for EB-5. Second, India's GDP growth has consistently outpaced China's over the past five years, expanding India's high-net-worth population while China faced structural slowdowns. Third, an AI-led stock-market boom has lifted the equity value of Silicon Valley's tech workforce — where Indian-born professionals now make up a larger share than their China-born peers.
Zhan believes this is "likely the start of a longer-term trend" (The American Bazaar), adding that new Chinese exit-and-entry regulations taking effect on September 15 are expected to further restrain the pipeline of Chinese applications.
The "dual reality" — why rural set-aside matters
Zhan frames the opportunity for Indian investors as a "dual reality": the traditional (Unreserved) EB-5 category faces a severe backlog, while the newly created EB-5 Reserved (Set-Aside) categories are backlog-free. Where the EB-1, EB-2, and EB-3 employment categories can carry waits ranging from roughly four years to well over a decade, the reserved set-aside categories do not.
For applicants already in the U.S., the biggest differentiator is concurrent filing: an EB-5 set-aside investor can file Form I-485 immediately and secure an unrestricted work permit (EAD) and travel document — the "combo card" — often within about six months. That flexibility to change jobs, start a business, or raise capital is generally unavailable under an H-1B. And within the set-asides, Zhan noted, the rural category receives twice as many visa numbers each year as the high-unemployment-area (HUA) category.
A new investor profile — funded by retirement capital
The typical Indian EB-5 investor has also changed — from ultra-high-net-worth individuals to tech professionals and students already living in the U.S. Many fund their investment through a combination of salary, bonuses, restricted stock, and retirement accounts. That last point matters: a growing number of investors now fund EB-5 with a Self-Directed IRA (SDIRA) or 401(k), unlocking capital they already hold without selling other assets.
Where Beyond Paradise 1 fits
The profile Zhan describes — an in-the-U.S. investor who wants a backlog-free rural path, fast work authorization, and flexible funding — maps almost exactly onto Beyond Paradise 1, our rural EB-5 project above Keauhou Bay in Kailua-Kona, Hawaii. For investors evaluating a project before the deadline, it checks the boxes this new wave is looking for:
- Rural Set-Aside — current for every country, including India: no per-country limit, no backlog, and concurrent filing available.
- I-956F & I-526E approved: both project-level and investor-level approvals already in hand.
- 170+ qualifying jobs already created: documented job creation supports faster processing.
- 36 committed investors: real subscription traction (of up to 100).
- Senior loan position: EB-5 capital held in a secured, senior position.
- SDIRA-eligible & partial funding welcome: retirement capital works as a funding source.
- Short repayment timeline: a build-and-sell model targeting repayment in roughly 2.5–3 years — your capital isn't locked away for decades.
The real constraint is the calendar
September 30, 2026 is the last day to file an EB-5 Regional Center petition and lock in statutory grandfathering protection. As the reserved rural category draws more Indian — and global — investors, that window is now measured in weeks. If your biggest question is whether your timeline still works, that is a conversation worth having now. For the full picture, see our brief on the September 30, 2026 EB-5 grandfathering deadline and Beyond Paradise 1.
This article is for general educational purposes only and is not legal, immigration, tax, or investment advice, nor an offer to sell or a solicitation to buy any security. Statements attributed to Huimin Jenny Zhan are drawn from her interview with The American Bazaar (August 18, 2026); see the linked article for the full conversation. EB-5 investments involve risk, including possible loss of capital and the risk of petition denial. Any investment is made solely through the official offering documents and is limited to qualified investors. Consult your own immigration attorney and financial professional before acting.