Trump Announces “Gold Card” Program to Potentially Replace EB-5; Legality and Politics Unclear

On February 25, 2025, the Trump Administration announced that it plans to introduce a “Gold Card” program, ostensibly to replace the EB-5 Program which has been part of the U.S. immigration system since 1990. Simply put, the Trump Administration claims that, for $5 million USD, investors will be able to “buy” a Gold Card with “Green Card privileges” plus a “route to citizenship.”

Setting aside our opinion that EB-5 is appropriately priced following years of regulatory and Congressional reform, and that it already provides a path to citizenship, we need to address this new announcement which has caused mass confusion and anxiety with our current and prospective clients. Very little details exist regarding this proposal at this time beyond mere soundbites and a promise to follow through in two weeks’ time.  

First and most importantly, it is vital to understand what the law currently is. The EB-5 Reform and Integrity Act of 2022 (“RIA”), enacted in March 2022, includes a crucial grandfathering provision that safeguards investors who participate in the EB-5 Regional Center program before September 30, 2026, or one year before the EB-5 program is slated to expire absent Congressional Action.

This grandfathering protection is outlined in two key provisions of the RIA, which are found at 8 U.S.C. § 1153(b)(5)(E) and 8 U.S.C. § 1153(b)(5)(S).

Specifically, the statute mandates that:

1. USCIS must continue processing EB-5 petitions that were properly filed before the  September 30, 2026 deadline.

2. The expiration of the program cannot be used as a reason to deny an investor’s petition.

3. Beneficiaries of approved petitions remain eligible for visa issuance, ensuring that investments made in reliance on the program’s authorization are not rendered void.

Reversing this law, at least facially, would require the passage of new legislation by Congress. The politics of passing a bold and highly controversial new Gold Card program would be very daunting especially given the Republicans razor-thin majority in the U.S. House. Furthermore, as long-time advocates of immigration reform are all too painfully aware, the Executive Branch cannot create new visa programs by executive order. Even if Trump takes action unilaterally, generally speaking, the use of discretionary provisions such as parole do not give rise to a pathway to a Green Card, much less citizenship.

In a typical fashion which has become synonymous with Trumpian policies, the President has promised massive reform with virtually no details as to how that reform will be enacted as well as provisions for those who have received or are working to receive EB-5 benefits. One potential route for the Administration would be to lobby Congress to reform EB-5 before or at the time of its expiration in fall 2027, but Congress is otherwise unlikely to pick up EB-5 reforms before then.

It is also worth noting that most Trumpian announcements to change U.S. immigration law, such as the construction of a border wall paid by Mexico, have not historically been implemented even though their announcements have sent shockwaves through affected communities.

Furthermore, the so-called “Gold Card” program seems unlikely to meet its stated goals of driving down the U.S. federal deficit. Demand for EB-5 visas has shrunken significantly since its all-time high in 2015-16, when the minimum investment amount was $500,000, or 1/10th of what the Administration is now proposing. Trump had suggested that the Gold Card Program could drive as many as 10,000,000 applicants, however that number would be nearly 20% of all millionaires in the world, a plurality of whom are already Americans.

Such lofty projections assume application volume at a rate many times higher than all EB-5 visa usage throughout its history at a significantly larger investment threshold. EB-5 is limited to approximately 10,000 visas per year for investors and their family members, and has generally not triggered its annual quota in its 35-year history, even as the program has rebounded following passage of the RIA.

At this time there is absolutely no change to EB-5 law or procedures. Those facing deadlines – such as an RFE response or filing an I-829 to remove conditions – generally must meet those deadlines or face immigration consequences for abandonment.

We encourage our clients to exercise caution and to keep abreast of any changes, but of course to meet any currently-imposed deadlines. All prospective investors should consult with experienced immigration professionals to navigate the ever-changing immigration landscape and discuss their options for a path to permanent residency.

Please note that this blog post is for informational purposes only and should not be considered legal advice. For specific concerns or questions, we encourage you to seek legal counsel.