Trump’s Gold Card Visa Proposal vs Current EB-5 Immigrant Investor Visa

EB-5 Investment Visa

Wealthy foreigners can become lawful permanent residents (get a “green card”) through participation in the EB-5 visa program. This is also known as the “Immigrant Investor Program.”

There are generally 2 types of investments that qualify:

1) $1,800,000 investment into a new commercial activity in the US that creates full-time employment for 10 or more qualifying US workers; and

2) $800,000 into (i) a targeted employment area (TEA) that is rural and not a metropolitan statistical area according to the US Office of Management and Budget or (ii) a “Regional Center”, which is essentially a project approved by the immigration service. Examples include Hudson Yards in New York and the Comcast Center in Philadelphia.

$5M Gold Card Visa

In February, President Trump announced plans to launch a “gold card” visa program that would provide a pathway to citizenship in exchange for at least $5 million. He insisted that this new program will not require congressional approval. Commerce Secretary Howard Lutnick has added that companies will also be able to participate.

So far, however, details on this program and how it will be implemented have not yet been released.

That begs the question of how this Gold Card visa would work with or possibly even replace the current EB-5 Immigrant Investor Program.

How Does this Compare to EB-5?

In 2022, Congress passed into law the EB-5 Reform and Integrity Act (RIA). This law extended the lifetime of the EB-5 visa program until September 30, 2027. It also protects investors who file EB-5 petitions before September 30, 2026.

Legal experts believe that the US Constitution prevents the US President from ignoring or overriding this law. Or from creating new green card programs from scratch.

It is possible that Trump may wait until the expiration of the current EB-5 program in 2027 before launching his $5M Gold Visa program. But this may require legislative support to implement. This could be difficult, especially if he is proposing retiring the EB-5 program, since it provides economic support and jobs to many areas in the US.

Another possibility is that Trump might try to exercise “parole” authority.Under the Immigration and Nationality Act, the Secretary of Homeland Security can exercise discretion to allow certain noncitizens to remain in the United States.Both the Obama and Biden administration exercised this power, including the International Entrepreneur Parole.