Will Trump's Gold Card replace EB-5 visa? US Immigration overhaul explained

The $5 million payment is a requirement for visa eligibility, not a direct investment with returns.

Earlier this week, US President Donald Trump declared his intent to replace the current EB-5 green card programme with a new initiative dubbed the “Trump Gold Card,” which would offer US citizenship to foreign nationals who invest $5 million in the country. The proposal, unveiled on Tuesday, aims to attract ultra-high-net-worth individuals (UHNWI) to the US and could reshape the landscape of investment-based immigration.

 

The "Gold Card" program will essentially serve as an alternative to the existing EB-5 programme, which has been in place for over three decades. Trump stated that the new initiative would resolve longstanding issues with fraud within the EB-5 framework, while simplifying the process for those seeking U.S. residency through investment. Commerce Secretary Howard Lutnick also endorsed the proposal, emphasizing that the "Gold Card" would not be tied to the job-creation requirements that have defined the EB-5 program, making it an even more attractive option for high-net-worth individuals.

 

 

" The proposed gold card visa presents an exciting new opportunity for high-net-worth investors seeking US residence and citizenship. However, maintaining continuity and clarity in investor immigration policies is also crucially important. We encourage US authorities to ensure stability for investors by implementing a well-structured transition that safeguards existing programs such as the US EB-5 Immigrant Investor Program. Investors considering the EB-5 programme should act swiftly under the current regulations, as their green card eligibility remains secure within the established framework," said Dr. Juerg Steffen, CEO of Henley & Partners, an international investment migration firm.

 

What is the EB-5 Program, and How Will It Be Affected?

 

The EB-5 program has historically allowed foreign investors to obtain U.S. permanent residency (a green card) by investing at least $1 million, or $500,000 in targeted employment areas, and creating a set number of jobs for American workers. Over the years, however, the program has faced criticism due to fraud and misuse, with some investors taking advantage of loopholes or failing to meet job-creation targets.

 

In contrast, the "Gold Card" program would allow investors to bypass these job creation requirements. However, a key question remains: Can President Trump unilaterally eliminate the EB-5 program, as he has proposed?

 

Despite the announcement, experts note that terminating the EB-5 program would require new legislation passed by Congress. In 2022, Congress reauthorized the EB-5 “Regional Center” program through 2027 under the EB-5 Reform and Integrity Act, signaling a strong commitment to the existing investment-based green card process. Therefore, while the "Gold Card" program may be introduced alongside the EB-5, it is unlikely to entirely replace it unless the U.S. Congress acts to change the current immigration law.

 

"In reality, the “Gold Card” initiative, if implemented, may exist alongside the current EB-5 green card program, rather than replace it, creating an additional pathway to permanent residency and citizenship for ultra-high-net-worth individual (UHNWI) investors, by virtue of what seems to be (from President Trump’s initial proposal announcement) more of a donation-based model aimed at the ultra-wealthy, rather than a job-creation investment.

 

The administration’s “Gold Card” announcement seems to be a move to redefine and rebrand the current investment-based program in the US. This is not entirely dissimilar to what is happening in other jurisdictions around the world. In 2022, the UK terminated its investment-based residency program; various other residency-by-investment programs in the European Union were terminated or adjusted; and indeed, many of the Caribbean citizenship-by-investment programs significantly tightened their requirements," said Rahul Soni, Partner at Fragomen, a leading firm dedicated to immigration services worldwide.

 

The Path Forward: Parallel Programs for Ultra-Wealthy Investors

 

For now, it appears that the “Trump Gold Card” initiative would exist alongside the EB-5 program, creating an additional, parallel pathway to U.S. residency for wealthy investors who are willing to make a significant financial contribution to the country. By focusing on the ultra-wealthy, the “Gold Card” could draw a new wave of international capital into the U.S. economy, further aligning with global trends where countries are increasingly targeting UHNWI investors through residency-by-investment programs.

 

In 2022, the United Kingdom ended its investor visa program, while several EU countries and Caribbean nations have also tightened or eliminated their own residency-by-investment schemes. With the “Gold Card” proposal, the U.S. may seek to capitalize on this trend, positioning itself as a premier destination for the world’s wealthiest individuals.

 

"Ultimately, in the US, changes may be expected, including the possibility of a new investment-based scheme as President Trump has proposed, targeted at UHNWI investors, to run in parallel with the EB-5 green card program," said Soni.

 

What should investors still interested in US EB-5 Immigrant Investor Programme do? 

 

US accounts for 32% of global liquid investable wealth — a colossal $67 trillion. The country is also home to 37% of the world’s millionaires.

 

"Investors still contemplating the established US EB-5 Immigrant Investor Program should move forward quickly under the current rules as their ability to obtain a green card will likely be protected under the existing EB-5 regulations. Given the legislative complexity and legal protections afforded by the EB-5 Reform and Integrity Act of 2022 (RIA), clients can remain confident in the EB-5 program’s stability and should proceed with their investment promptly to secure their place under the current regulatory framework. Any new investor visa would require new legislation which would have to pass through Congress, which is unlikely to be enacted in the short term," explained Dominic Volek, Group Head of Private Clients at Henley & Partners.

 

Under the Department of State’s upcoming “Visa Bulletin,” all nationalities, including India- and China-born nationals, remain current through certain expedited regional center projects, and can therefore still take advantage of quick processing times and fast green card issuance.

 

"Once the initial EB-5 application (I-526E) is filed, as the law currently stands, the application will be protected, and in fact, the EB-5 Reform and Integrity Act maintains grandfathering provisions for investors who file before September 2026," said Soni. 

 

President Donald Trump has announced the “Gold Card”, a fast-track immigration program designed to attract wealthy individuals who will invest in the U.S., create jobs, and pay U.S. taxes.

 

This visa offers green card privileges and a path to citizenship, making it one of the most direct routes for high-net-worth individuals looking to settle in the U.S. But beyond benefiting applicants, Trump argues that the program will help strengthen the American economy by reducing the deficit and driving job creation.

 

For those with the means, this could be one of the fastest and most straightforward ways to become a U.S. citizen. Here’s what you need to know.

 

What is the gold card visa?

 

Unlike traditional investor visas that focus only on investment, this program is designed to bring in people who will actively fuel economic growth—by starting businesses, creating jobs, buying property, and paying U.S. taxes.

 

According to Trump:

 

“We are going to be selling a gold card… It’s going to give you green card privileges, plus it’s going to be a route to citizenship.”

 

Why is the gold card replacing the EB5 visa?

Employment and immigration law firm Manifest Law explains this as follows:

 

For years, the EB5 Immigrant Investor Program was the go-to option for wealthy and business-minded immigrants seeking U.S. residency. It required a minimum $800,000 to $1.05 million investment and proof that the investment created at least 10 jobs for U.S. workers.

 

However, the EB-5 program faced significant challenges, including:

 

• Backlogs and delays, especially for applicants from China, India, and Vietnam
• Fraud and misuse, where funds were mismanaged, leaving investors stranded
• Inconsistent adjudication times and processing
• Bureaucratic red tape, making it difficult for investors to qualify

The Trump Administration believes the EB-5 visa was too complicated, too slow, and too prone to abuse. By replacing EB-5 with the Gold Card visa, the administration is aiming for a simpler, faster, and more transparent system that focuses on actual economic contributions rather than bureaucratic hurdles.

 

Who is the gold card visa for?

This gold card visa is not just for passive investors—it’s for individuals who actively want to contribute to the U.S. economy, by living and working in the U.S. 

 

The gold card is ideal for:

 

• Entrepreneurs & Business Owners: Those looking to launch or expand businesses in the U.S., and who will create job opportunities for Americans
• High-Net-Worth Individuals: Those who are willing to commit capital to contribute to the U.S. economy, spend money, and pay U.S. taxes

 

Impact on US Immigration

The introduction of the Trump Gold Card would create a two-tiered immigration system that explicitly favors wealthy immigrants. This $5 million entry threshold would establish one of the most expensive pathways to U.S. residency in the world.

 

Critics argue this approach fundamentally changes immigration principles by making U.S. residency explicitly purchasable for those with significant wealth. The policy would prioritize financial assets over other qualification criteria traditionally valued in immigration processes.

 

"At $5 million, Trump’s proposed Gold Card would be among the most expensive investor visa options globally. This positions it as a premium alternative to the existing EB-5 program, which requires investments of $800,000 to $1.05 million.

 

The Gold Card’s high price point may limit its appeal compared to more affordable options in countries like Portugal or Greece. However, the U.S. market offers unparalleled access to business opportunities and financial markets that smaller countries cannot match.

 

Unlike programs in smaller nations, Trump’s Gold Card emphasizes economic contribution through taxes and job creation rather than simple asset transfers. This approach aligns with trends toward “active investment” requirements seen in newer visa programs globally," said Mark Damsgaard, founder of Global Residence Index.  

What distinguishes the Trump Gold Card from other commemorative cards?

Unlike commemorative cards, the Trump Gold Card is an official immigration document with legal status. It functions as an actual visa rather than a collectible item.

 

The $5 million price tag differentiates it significantly from commemorative cards, which typically cost nominal amounts. The Gold Card provides actual immigration benefits and legal status in the United States.

 

President Trump described it as being superior to the Green Card, suggesting enhanced privileges or status.