President Trump's Gold Card Proposal: Potential Impact on the EB-5 Visa Program

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Key Points:

• The Gold Card program was formally established on September 19, 2025, through Executive Order 14351. The Order tasks the Departments of Commerce, State, and Homeland Security with implementing it within 90 days.
• Under the Order, eligibility requires an unrestricted gift of $1,000,000 by an individual, or $2,000,000 if a corporation makes the payment on one's behalf. This gift is intended to support U.S. commerce and industry. (EO 14351)​
• The gift is to be treated as evidence for immigrant visa eligibility via existing employment-based categories (such as EB-1, EB-2 / NIW), not as a separate category or guaranteed visa issuance.
• While the Order mentions considering extension to the EB-5 pathway (8 U.S.C. § 1153(b)(5)), no changes have yet been made to EB-5 law or regulation.
• The EB-5 Program remains fully operational under the RIA, with USCIS authorized to continue adjudicating EB-5 petitions, and regional centers active through September 2027. (USCIS)​
• For FY 2025, the EB-5 Unreserved visa category has reached its annual cap; no new approvals or adjustments of status under that category can be granted until the next fiscal year. (State Dept / Fragomen)​
• Backlogs and per-country visa caps persist, so even Gold Card applicants may not entirely bypass visa wait times or priority date constraints.
• The program is expected to face legal challenges, particularly around whether executive authority suffices to create or reallocate immigrant visa capacity.
• In practice, the Gold Card may function alongside EB-5 rather than displace it, though that outcome depends heavily on how Congress and courts act.
• As of mid-2025, issuance under EB-5 has slowed: in May 2025, only about 452 EB-5 visas were issued (381 unreserved, 71 reserved). (IIUSA data)​

Earlier proposals had floated a $5 million Gold Card as a replacement for EB-5; more recent developments have reduced the threshold to $1 million for individuals and $2 million for corporate sponsors. (Axios) Given the evolving nature of the program's regulations and unresolved legal questions, investors seeking EB-5 at lower thresholds should act cautiously but promptly while the current framework remains in force.

Today, the Gold Card is being implemented as a donation-based pathway intended to expedite immigrant visa eligibility under Ethe B-1 and EB-2 frameworks. (Pillsbury) The program mandates vetting, and status can be revoked for national security or inadmissibility reasons. (Ogletree) Its final structure, timeline, and interplay with EB-5 remain fluid.

The EB-5 Program: Still a Foundational Investment Route

The EB-5 Immigrant Investor Program was modernized under the EB-5 Reform & Integrity Act of 2022, and remains the primary legal pathway for investment-based U.S. permanent residence through capital investment and job creation. (USCIS) Under EB-5 today, minimum investment levels are approximately $1,050,000 (standard) or $800,000 (for TEA / targeted employment areas). (EB5Investors) As of mid-2025, approximately 580 approved regional centers are operating under the EB-5 program. (USCIS) Because EB-5 is quota-based, backlogs and priority date delays—particularly for high-demand countries—remain key constraints. (IIUSA)

Legal & Political Constraints: Why the Gold Card Cannot Simply Replace the EB-5

The executive branch lacks the power to reallocate immigrant visa quotas or abolish congressionally mandated programs unilaterally. Any structural changes must come through acts of Congress. Legal observers expect litigation over whether the executOrderrder oversteps statutory authority. (Wolfsdorf) The Gold Card's reliance on a "donation + eligibility evidence" model departs from EB-5's job-creation requirement—another likely focus of challenge. In sum, the Gold Card should currently be viewed as a proposed parallel option, subject to significant institutional checks.

A Potential Coexistence Strategy, Not Immediate Displacement

Many industry voices believe that EB-5 and Gold Card may coexist: EB-5 continuing as a capital + jobs pathway, while Gold Card offers a donation-based fast track, particularly for ultra-high net worth applicants. For this to happen, Congress would likely need to clarify how visa slots are allocated and whether the Gold Card fits within or beside existing preference categories.

What to Watch Next

In the coming months, regulatory implementation — rulemaking, application procedures, fees, adjudication guidelines — will offer clearer insight into how the Gold Card operates in practice. Meanwhile, Congress may debate proposals to formally integrate, expand, or override EB-5 in favor of new investment visa programs. Investors and advisors should monitor White House, DHS, Commerce, and USCIS announcements, as well as relevant court rulings.

Sources:

• Executive Order 14351 ("The Gold Card") and White House Fact Sheet
• USCIS EB-5 Program and Regional Center listings
• Fragomen, Pillarsbury, Ogletree commentary on Gold Card implementation
• IIUSA visa issuance data and backlog trends
• Wolfsdorf, industry legal commentary on executive authority limits

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Looking Ahead: What's Next for EB-5 and the Gold Card Proposal?

Over the following months, we expect public notice rules, interagency coordination, and perhaps court rulings to shape how Gold Card and EB-5 intersect. Most likely, the outcome will be gradual shifts rather than an overnight overhaul—unless Congress steps in decisively. For now, EB-5 remains a stable, legally backed path, and the Gold Card should be considered a new option in flux.