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

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Key Points:

• President Trump proposed a $5 million “Gold Card” visa for wealthy investors, offering a path to U.S. permanent residency.
• The investment amount will increase by 525% if the Trump Gold Card program replaces EB-5, raising the threshold from $800,000 to $5 million.
• The Gold Card visa could work alongside the EB-5 program, providing an alternative investment route for high-net-worth individuals.
• The EB-5 program generates around $5 billion annually, funding businesses and infrastructure in the U.S.
• Critics argue that the Gold Card visa won’t significantly reduce the $34 trillion national debt, given the current scale of the EB-5 program.
• Legal experts emphasize that any changes to EB-5 would require Congressional approval, not just executive action.
• Ali Jahangiri, CEO of EB5Investors.com, suggests that the proposal could expand, rather than replace, the EB-5 program.
• The debate over the future of EB-5 and Gold Card visas is ongoing and will depend on Congress's legislative actions.

Trump has just announced the Trump Gold Card, a $5 million program that will replace the EB-5 program. This means the $800,000 investment option for a Green Card could soon be gone. If this happens and the legislation is finalized, the price will increase by 525%, and it will be non-refundable. If you want to apply for your EB-5 Green Card at the lower threshold of $800,000, now is the time to act.

On February 25, 2025, President Donald Trump proposed the creation of a “Gold Card” visa, a new immigration category designed for ultra-wealthy foreign investors willing to contribute $5 million to the U.S. economy. This announcement is part of an ongoing debate over the future of the EB-5 Immigrant Investor Program, which has long been a cornerstone of investment-based immigration to the U.S. However, while the Gold Card visa proposal has drawn attention, experts in the immigration field are raising questions about its potential impact, legality, and long-term feasibility.

The Gold Card Visa: An Alternative Track for High-Net-Worth Investors

Under Trump’s plan, the Gold Card visa would offer wealthy investors a path to U.S. permanent residency in exchange for a significantly larger investment than the current EB-5 requirement. The new visa would aim to attract investors who could contribute more substantially to the U.S. economy, bypassing the traditional job creation requirements that have historically been part of the EB-5 program.

Trump’s Gold Card proposal suggests that investors who qualify for the program would receive benefits such as exemption from worldwide income taxation—a provision that could make it an appealing option for some of the world’s wealthiest individuals. If implemented, this visa could create a parallel track for investment-based immigration, targeting ultra-wealthy investors who might not fit the existing EB-5 model.

The EB-5 Program: A Proven Economic Engine

For decades, the EB-5 Immigrant Investor Program has played a vital role in funding U.S. businesses and infrastructure projects. Established in 1990, the program allows foreign nationals to obtain U.S. permanent residency by investing $1 million in a U.S. business that creates at least 10 jobs. In many cases, these investments have funded significant projects in both urban and rural areas, contributing to economic growth and job creation.

In the past year alone, the EB-5 program generated approximately $5 billion in investments, making it one of the most effective tools for attracting foreign capital to the U.S. economy. However, the Gold Card proposal raises questions about whether it would render the EB-5 program obsolete or serve as an alternative pathway for investors looking for a different type of U.S. residency.

Legal and Political Realities: Can Trump End EB-5 Unilaterally?

While Trump’s Gold Card proposal has garnered attention, it faces significant legal and political challenges. As experts point out, immigration law is not within the president’s sole authority. The U.S. Constitution grants Congress the power to regulate immigration, and any significant changes to programs like EB-5 would require congressional approval.

Bernard Wolfsdorf, Past President of the American Immigration Lawyers Association (AILA), weighed in on the issue in a recent comment on LinkedIn, clarifying that Trump’s statement about ending the EB-5 program is legally dubious. “This is NOT even an executive order. An executive order is neither a law nor a regulation. This is a Trump musing to increase the investment amount and the part I really like: he is proposing to increase the quota from 10,000 to one million. Nice,” Wolfsdorf wrote.

His comment underscores the fact that, while the former president’s proposal has the potential to influence immigration policy, it would ultimately need the backing of Congress to become a reality. As Wolfsdorf highlights, the president’s ability to alter or end the EB-5 program is limited by constitutional constraints.

Economic Feasibility: Will the Gold Card Solve the U.S. Deficit?

Another significant aspect of Trump’s proposal is its purported goal of addressing the U.S. national debt, which currently exceeds $34 trillion. Trump and his allies have suggested that the Gold Card program could attract vast amounts of foreign investment, helping to reduce the deficit.

However, experts are questioning the feasibility of such claims. While the EB-5 program has generated billions in foreign investment, its annual volume is far smaller than what would be required to significantly impact the national debt. According to Ali Jahangiri, CEO of EB5Investors.com, the numbers simply don’t add up. “Legislation drives EB-5, not an executive order,” Jahangiri wrote on LinkedIn. “This is going to be discussed, negotiated, and nothing is going to happen for a while until Congress passes new law. The data and the market do not have the numbers to decrease the U.S. deficit by trillions with EB-5. The entire industry’s current volume is in the single-digit billions per year.”

Jahangiri’s comments highlight the limitations of the Gold Card proposal in terms of its potential to address the U.S. deficit. Even if the program were to attract a large number of investors, its economic impact would likely be minimal compared to the size of the national debt.

A Path to Expansion, Not Replacement

Rather than signaling the end of EB-5, experts believe Trump’s proposal could present an opportunity to expand the current system. Jahangiri, in particular, emphasized that the existing EB-5 program has been successful in funding projects that benefit rural and underserved communities across the U.S. He urged stakeholders to highlight these successful projects to President Trump and members of Congress.

“All the amazing projects helping rural areas need to be highlighted to President Trump,” Jahangiri wrote. “EB-5 folks, it’s time to make some calls to your Congressman and Senators. This could be an opportunity for the country to expand the program, not replace it.”

His call to action suggests that rather than scrapping EB-5 entirely, there is potential to modernize and expand it, allowing for even greater contributions from foreign investors.

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

In the coming months, the future of both the Gold Card and EB-5 programs will likely be subject to significant debate in Congress. While Trump’s proposal has sparked interest, it remains to be seen whether lawmakers will embrace the idea of a dual-track system that includes both the Gold Card and EB-5 visas, or if the focus will remain on refining and expanding the existing EB-5 program.

For now, industry experts continue to advocate for the long-term viability of EB-5. As Bernard Wolfsdorf noted, “This could be an opportunity for the country to expand the program, not replace it.”

The future of U.S. investment immigration is still unfolding, and it will be shaped by both political dynamics and the evolving needs of the U.S. economy.

Sources:

• Bernard Wolfsdorf, Past President, American Immigration Lawyers Association (AILA)
• Ali Jahangiri, CEO, EB5Investors.com
• U.S. Department of Homeland Security Yearbook of Immigration Statistics (2022)