In a significant policy shift, President Donald Trump announced on Tuesday the introduction of a “gold card” visa program, offering permanent U.S. residency and a pathway to citizenship for foreign investors willing to pay $5 million. This initiative is set to replace the existing EB-5 Immigrant Investor Program, which has faced criticism for challenges and inefficiency.
Trump’s Announcement and the Structure of the Gold Card Visa
During his speech, Trump emphasized the economic benefits of attracting high-net-worth individuals through a direct investment-based residency program.
“We are going to be selling a Gold Card. We are going to be putting a price on that card of about $5 million. It’s going to give you green card privileges plus a route to citizenship, and wealthy people would be coming into our country by buying this card.”
Commerce Secretary Howard Lutnick elaborated that applicants would pay the $5 million fee directly to the U.S. government and undergo a strict vetting process. He also stated that this new program would entirely replace the EB-5 visa, signaling a shift from investment-driven job creation to direct capital contribution.
“The President said rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump Gold Card.”
What Happens to EB-5 and Its Investors?
The EB-5 program, which processes around 10,000 applications annually, has played a crucial role in funding major U.S. infrastructure and real estate projects. It requires foreign investors to place $800,000 to $1.05 million in a U.S. enterprise, leading to the creation of at least ten full-time jobs for American workers. Over the years, it has facilitated billions of dollars in investments, particularly benefiting the real estate sector and economic development initiatives.
With Trump’s intention to eliminate EB-5, several critical questions arise:
- What will happen to pending EB-5 applications?
- How will already-invested funds be handled if the program is discontinued?
- Will current EB-5 investors still be eligible for green cards if the program is eliminated?
Eliminating a program that receives thousands of applications per year and funds key development projects across the U.S. is expected to face significant legal and political resistance.
Additionally, the EB-5 Reform and Integrity Act of 2022 provides a five-year grandfather clause, ensuring that investors who submit their applications before September 30, 2026, should be protected from sudden policy changes. This means that, even if EB-5 is phased out, existing applicants may not be immediately affected.
Is the Gold Card Visa Legally Feasible?
One of the biggest concerns surrounding Trump’s Gold Card proposal is whether it requires Congressional approval. Trump has suggested that the program could launch quickly, bypassing traditional legislative hurdles. However, immigration law experts argue that a policy of this scale would require either formal Congressional approval or an executive order—neither of which has been formally introduced yet.
The EB-5 program was established by Congress, meaning that eliminating it would likely require legislative action rather than a unilateral executive decision. If Trump were to halt new EB-5 applications without proper legal backing, it could lead to lawsuits from stakeholders and investors.
Potential Risks and Concerns
While the administration claims that the Gold Card visa will attract elite investors and boost the U.S. economy, critics have raised concerns about security risks, financial transparency, and tax compliance.
A 2023 report by the Organisation for Economic Co-operation and Development (OECD) highlighted that investment-based residency programs have been subject to scrutiny due to concerns about financial transparency and regulatory oversight. Outbound Investment also shares this same view, recognizing the need for strong compliance measures to ensure the integrity of such programs.
Future of U.S. Investment Immigration
While it remains uncertain whether Trump’s Gold Card will fully replace EB-5, potential policy shifts in 2027 could include:
- A potential increase in the EB-5 minimum investment requirement beyond $800,000.
- Higher processing fees for investment-based visas.
- Stricter eligibility criteria to attract only ultra-high-net-worth investors.
What’s Next?
Trump’s Gold Card visa proposal has sparked debate within the investment migration industry, raising concerns over its feasibility, impact on existing investors, and long-term execution.
For now, EB-5 remains intact, and existing investors are unlikely to face immediate consequences. However, the uncertainty surrounding the program means that investors and immigration professionals must remain vigilant as new policies unfold.
