An immigration program that awards green cards to foreign nationals who invest in the U.S. looks to be getting an overhaul to increase minimum investment amounts and funnel more money into rural areas.

U.S. Citizenship and Immigration Services has completed a final version of a regulation that would increase the EB-5 program’s minimum investment for the first time in nearly three decades.

The final regulation went to the White House’s Office of Management and Budget for review Feb. 22.

The...