After President Trump’s announcement to replace the EB-5 immigrant investor visa with a new initiative called the “Gold Card” visa, there is a lot of uncertainty among current EB-5 investors and potential applicants, as details about the new program remain unclear and, at times, contradictory. In this article, we address some of the most frequent questions and address how the EB-5 program could change.
What Is a Gold Card Visa?
Initially, President Trump indicated that the EB-5 visa program would be replaced by a new investment-based residency option requiring a minimum investment of $5 million. However, subsequent statements from the administration suggested that the Gold Card program might still be linked to the existing EB-5 system under the Department of Commerce. As of now, the specific criteria, application process, and timeline for implementation are uncertain. The White House has promised to provide further details within two weeks of the initial announcement of February 25, 2025.
It is uncertain whether the EB-5 program will be eliminated or simply modified, and no official guidance has been provided on how the Gold Card visa would function in comparison to the EB-5.
Can the President Eliminate EB-5?
Despite the announcement, President Trump does not have the authority to unilaterally cancel or replace the EB-5 program. Established by Congress in 1990, the EB-5 visa was further strengthened by the EB-5 Reform and Integrity Act of 2022 (RIA). Any significant modification or repeal would require congressional approval, involving a lengthy legislative process that includes:
- Introducing a bill in both the House of Representatives and Senate
- Review and debate by congressional committees
- Voting and approval by both chambers of Congress
Since legislative changes typically take months or even years, it is unlikely that the EB-5 program will disappear soon.
What Happens to Current EB-5 Investors?
Under the EB-5 Reform and Integrity Act (RIA), the Regional Center (RC) program is authorized to continue until September 30, 2027. Unless Congress enacts new legislation, the program should remain in place until that date.
Additionally, investors who submit their EB-5 applications before September 30, 2026, are protected under a grandfathering provision in the RIA. This ensures that pending applications will continue to be processed, even if changes to the EB-5 program occur later. Given the current uncertainty, prospective EB-5 investors should file their petitions as soon as possible to secure eligibility under the existing program.
Why Investment Immigration Remains Essential
Regardless of policy changes, investment-based immigration remains a crucial contributor to the U.S. economy. According to some sources, since the implementation of the RIA, the EB-5 Regional Center Program alone has attracted more than $6.1 billion in investments, supporting economic development in both urban and rural areas across the United States.
While the announcement of the Gold Card visa has raised concerns, it also presents an opportunity for discussion. Expanding investment immigration options—whether through an updated EB-5 program or a new visa category—could benefit the U.S. economy and provide greater flexibility for foreign investors.
For now, EB-5 applicants should closely monitor official updates and remain informed about any potential changes to the program.
