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The Future of EB-5: What’s Next After Trump’s Gold Card Proposal?

The U.S. immigration landscape is once again in the news as President Trump announces his plan to replace the EB-5 Immigrant Investor Program with a new initiative called the “Gold Card” visa. This unexpected shift has sparked concerns among investors worldwide, particularly those considering the EB-5 program as a pathway to U.S. residency. But what does this mean for the future of investment-based immigration?

Trump’s Gold Card

In a statement made on February 25, 2025, President Trump introduced the “Trump Gold Card,” a new investor visa that would grant permanent residency in exchange for a minimum investment of $5 million. Unlike the existing EB-5 program, which requires a minimum investment of $800,000 or $1.05 million depending on the nature and location of the investment, the Gold Card is positioned as an exclusive opportunity for ultra-high-net-worth individuals.

According to President Trump, the Gold Card would provide green card privileges along with a pathway to U.S. citizenship. He emphasized that the new program aims to attract wealthy investors who would “spend a lot of money, pay a lot of taxes, and employ a lot of people.”

Commerce Secretary Howard Lutnick also commented on the current EB-5 program, calling “nonsense, make-believe, and fraud.” His statement further confirmed the administration’s intent to terminate the EB-5 program entirely in favor of the Gold Card.  President Trump and Lutnick’s statements seem to assume that all wealthy people, including Oligarchs from Russia will benefit the U.S. economy.  

Some of the highlights from the announcements are set out below:

  1. End of EB-5 Support: The President made it clear that he does not intend to renew or support the continuation of the EB-5 program. This could impact both the Regional Center EB-5 model and Standalone EB-5 petitions.
  2. Expiration Timeline: The Regional Center EB-5 program is set to expire on September 30, 2027. However, investors must submit their I-526E petitions before September 30, 2026, to be eligible under current rules.  President Trump may suspend this program on the grounds of national security as a result of which the USCIS may stop accepting and or processing these petitions and the DOS may stop issuing EB-5 visas. 
  3. Higher Investment Threshold: The proposed Gold Card would require an investment of $5 million, a significant increase compared to the current EB-5 threshold of $800,000. 
  4. Gift to the U.S. Government?: During the announcements it appeared that the $5 million will be given to the U.S. government as opposed to being invested in a business.  Under the EB-5 program the invested amount could potentially earn profits and under the Regional Center program there is a possibility that the invested amount would be returned after a specific period.  It is not clear whether the government will return the money to the investor or whether $5 million is the price to “purchase” a Gold Card making it a sunk cost. 
  5. Continued Vetting & Job Creation Requirements: While details remain unclear, the new program is expected to include rigorous screening of investors and their financial sources. Additionally, it is likely that the new investors would have to create jobs. 

Whether a Change in Policy by Executive Action is possible? 

Despite the President’s announcement, any effort to terminate the EB-5 program or introduce a new Gold Card requires approval from Congress. Since the EB-5 program is established by law, any modifications, including its termination, must go through the legislative process.

From a practical standpoint, such a proposal would face significant challenges in both the Senate and the House. Even if such legislation were to move forward, key concerns would revolve around its implementation date and the impact on petitions submitted before the law takes effect.

The President does not have the authority to unilaterally dismantle the EB-5 program. However, there is a possibility that the administration could temporarily suspend it under the pretext of national security, as seen with immigration policies during the COVID-19 pandemic. Should such a suspension be attempted, it would likely trigger legal challenges from Regional Centers and investors awaiting visa adjudication.

Similarly, the President cannot establish a brand-new Gold Card program solely through executive action. It requires legislative approval, which, as noted earlier, would need a 60-vote majority in the U.S. Senate to pass.

For those considering the EB-5 visa, time is of the essence. Given the uncertainty surrounding the program’s future, it is advisable to:

  • File EB-5 petitions as soon as possible to secure eligibility under the existing $800,000 investment requirement.
  • Monitor legislative developments and seek guidance from experienced immigration attorneys.
  • Explore alternative investment-based immigration options, such as programs in Canada, the U.K., or Portugal, in case the U.S. landscape becomes less favorable.

Final Thoughts

The proposed Gold Card represents a dramatic shift in U.S. investor immigration policy. While the administration envisions it as a premium alternative to EB-5, the path to implementation remains uncertain. The high cost may deter potential applicants, especially when compared to more affordable investment-linked visa programs in other countries. Additionally, there are significant concerns about the ethical implications of effectively selling residency rights, particularly to individuals from nations with strained relations with the U.S. We must see how things unfold as the success of this program will depend on its ability to balance economic benefits with national security considerations and public perception.

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The rules of the Bar Council of India do not permit advertisement or solicitation by Advocates in any form or manner.

This website lawquestinternational.com and the contents thereof are merely for informational purposes and not in the nature of solicitation or an advertisement. Similarly, any content posted by LawQuest on this website shall not be construed as legal advice. LawQuest takes no liability for consequences of any action taken by you relying on the content posted on this website.

By visiting this website, you confirm and acknowledge that you have voluntarily sought the information relating to and/or posted by LawQuest and there has been no solicitation/advertisement/inducement by either LawQuest and/or its members.