What happens to EB-5 if Trump's $5 million 'Gold Card Visa' takes over?

On 25 February 2025, US President Donald Trump announced the establishment of a new “gold card” visa which would offer wealthy investors the right to live and work in the US and a pathway to citizenship in exchange for a $5 million investment. But what does this mean for the current US EB-5 Immigrant Investor Programme going forward? Business Standard explains:

 

The proposed gold card visa is intended to supplant the EB-5 programme. However, significant legal questions arise, as the EB-5 program was reauthorized by Congress through 2027 under the EB-5 Reform and Integrity Act. Altering or terminating the programme would likely require new legislation, not just an executive order. Moreover, the gold card's $5 million investment threshold is substantially higher than the current EB-5 requirement. This increase could limit participation to a smaller group of affluent investors, potentially reducing the program's overall impact on job creation and economic stimulation. 

 

 

Moreover, the gold card's $5 million investment threshold is substantially higher than the current EB-5 requirement. This increase could limit participation to a smaller group of affluent investors, potentially reducing the programme's overall impact on job creation and economic stimulation. 

 

EB-5 program in detail:

 

The US EB-5 Immigrant Investor Programme currently offers an efficient route to permanent resident status in the US through investment in commercial enterprises. It requires an investment of $ 1,050,000 (which can be reduced to $ 800,000 if the investment is made in specific areas), and the creation or preservation of 10 permanent full-time jobs for qualified USA workers. he main applicant can include their spouse and dependent children under 21 in the application.Applicants must spend at least 183 days in the US each year until unconditional green card status is granted, if the applicant wishes to apply for citizenship.

 

Required documents include a valid passport, proof of investment or contribution, a clean criminal record, and other supporting documents.

 

Applicants must make a qualifying investment, submit the application with the necessary documents, and undergo a due diligence process. Initially, applicants receive a conditional green card, which can be converted to a regular green card two years later. It has an annual cap of 9,940 participants, but that includes spouses and minor children, so only about a third goes to investors.

 

"Approved applicants receive a green card and investors’ spouses and unmarried children under 21 years of age may also apply for green cards as derivative applicants, with no further financial contributions required. The green card is valid for two years with an option to renew, and a pathway to citizenship after 5 years of permanent residence. 

 

This program is legislated by Congress and has been reauthorized through 30 September 2027, with the passing of the EB-5 Reform and Integrity Act. Any changes to this program or new investor visas would require new legislation which will have to pass through Congress, and is unlikely to be enacted in the short term," explained consultancy firm Henley & Partners. 

 

As per David J. Bier is the director of immigration studies at the Cato Institute: There is a two-stage process for the EB??'5. The investor must invest and submit a petition detailing how they expect to create 10 jobs. If approved, the investor receives a conditional green card. After two years, the investor must request that the conditions on the green card be removed if the 10 jobs are realized. As a result of its complicated rules, the EB??'5 visa has shockingly high and unpredictable denial rates. Since 2007, more than one in five investors was rejected at the initial stage, and about one in ten were rejected at the second stage.

 

What should investors do?

 

As per Anurag Manakikar, Associate Director Private Clients, investors contemplating this programme for themselves and their families should therefore act swiftly under the current regulations, as their green card eligibility remains secure within the established framework.

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
• While President Trump’s plans for the EB-5 program are unclear, the law governing EB-5 remains intact—for now. The regional center program is valid until 2027, and any EB-5 investors who invest before September 2026 will be “grandfathered in” if the program lapses.
• Historically, USCIS has favored protecting pending EB-5 petitions in the case of major policy changes.