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On February 25, 2025, President Donald Trump and Commerce Secretary Howard Lutnick made a surprise announcement regarding the future of the EB-5 Immigrant Investor Program, stating plans to replace it with a new $5 million “Gold Card” visa. This new initiative, which the President said would go on sale in two weeks, is designed to grant permanent U.S. residency to foreign investors who contribute directly to the U.S. government.
While this announcement has sparked curiosity and speculation, it is important to clarify that the EB-5 program remains the law. Under the EB-5 Reform and Integrity Act of 2022 (RIA), the program is authorized until September 30, 2027. Any changes to it would require Congressional approval, and investors already participating in the EB-5 process should not be concerned about losing their immigration status.
What Do We Know About the “Gold Card” Visa?
At this stage, many details remain unclear about how the Gold Card visa will be implemented. President Trump has stated that it will be a fast-track option for high-net-worth individuals, allowing them to obtain U.S. permanent residency by investing $5 million directly into the U.S. Treasury, with no requirement to create jobs or invest in private businesses.
However, questions remain about how the program will be administered and who will oversee the selection process. Commerce Secretary Lutnick emphasized that “everyone is going to be vetted,” but there are still uncertainties surrounding what vetting criteria will be used, who will be responsible for screening applicants, and whether there will be restrictions based on nationality or political considerations.
When asked whether Russian oligarchs could participate in the program, President Trump responded, “Why not? I know a lot of Russian oligarchs who can afford $5 million. They aren’t as rich as they used to be, but they can still afford it.” This statement raised further questions about whether there will be geopolitical considerations in approving applications, especially given the ongoing U.S. sanctions on Russian individuals.
How Does the Gold Card Visa Compare to EB-5?
While both the EB-5 program and the proposed Gold Card visa target wealthy foreign investors, they have fundamental differences:
| Feature | Gold Card Visa | EB-5 Visa |
| Investment Amount | $5 million- “buy your way in” | $800,000 (TEA) or $1.05 million (non-TEA)- allows for ROI if project is profitable |
| Investment Type | Direct contribution to U.S. Treasury | Investment in private businesses, creating jobs |
| Job Creation Requirement | None | Must create at least 10 new U.S. jobs |
| Processing Time | Promised to be faster (possibly 30 days) | Typically 56 +months |
| Vetting Process | Unclear | Background checks, financial source verification, Business Plan, Economic Study |
| Legal Status | Proposal, not yet law | Active law, authorized until 2027 |
What This Means for Current EB-5 Investors
It is natural for current EB-5 investors to wonder how this announcement might impact their pending applications. However, there is no indication that existing EB-5 cases will be affected. The program remains fully operational under federal law, and those who have already invested or are in the process of applying should not fear losing their Green Cards.
While Trump’s remarks could indicate a shift in focus toward the Gold Card visa, any attempt to end the EB-5 program before 2027 would most likely require Congressional action and likely face legal challenges. Investors can continue their immigration process with confidence, knowing that their applications remain protected under existing law.
Is the Gold Card Visa a Better Option?
For some high-net-worth individuals who prefer a quicker, no-strings-attached pathway to a U.S. Green Card, the Gold Card visa could be an attractive alternative if it is successfully implemented. However, many key details remain unknown, such as:
- Will there be a limit on the number of Gold Cards issued?
- How will vetting be conducted, and who will be responsible for approving applicants?
- Will certain nationalities or individuals under sanctions be excluded?
- Will there be an annual quota, or will the visa be available indefinitely?
Without answers to these questions, it is too early to assess whether the Gold Card visa will be widely adopted or whether it will face obstacles in implementation.
What Happens Next?
President Trump has promised to release more details on the Gold Card visa within the next two weeks. Given the lack of clarity on the approval process, eligibility criteria, and security concerns, it is possible that the proposal may evolve before it is implemented.
Meanwhile, EB-5 regional centers and industry leaders continue to monitor the situation, ensuring that investor concerns are addressed. Many industry stakeholders believe that even if the Gold Card visa is launched, EB-5 will continue to be an important pathway for investors who prefer to participate in long-term U.S. economic development projects.
Final Thoughts: Investors Should Stay Informed, Not Alarmed
For those currently in the EB-5 process, there is no reason to panic. The EB-5 program remains active and protected under the law until at least 2027. Investors should continue monitoring updates from reputable sources but should not fear losing their immigration benefits based on a single announcement.
As more information becomes available, those considering investment-based immigration should carefully weigh whether the Gold Card visa meets their needs, or if the EB-5 program remains the better choice for securing permanent residency in the U.S.
For now, both existing EB-5 investors and prospective applicants should stay informed and consult with immigration attorneys or industry experts before making any decisions.
