Trump’s Gold Card Announcement and the Future of EB-5

In a February 25^th press conference, the Trump Administration announced plans to introduce a ‘Gold Card’ Program that would provide high-net-worth individuals permanent residency and a pathway to citizenship for $5 million.

The announcement created ripples of confusion, including those either in the final stages of making an investment into an EB-5 Regional Center or with EB-5 petitions currently pending with USCIS.

To understand the significance of this announcement, it is important to first understand the current EB-5 Investor Green Card Program, its requirements, and the governing EB-5 Reform and Integrity Act of 2022.

What is the EB-5 Program?

The EB-5 Immigrant Investor Program was created by Congress in 1990 with the intention of stimulating the US economy through job creation and capital investment by foreign investors. Foreign nationals (along with dependent family members) who make a qualifying investment and otherwise meet all eligibility criteria for the EB-5 program are granted two-year conditional green cards (permanent residence). After meeting the requirements to do so, the EB-5 investor may file to remove the conditions from their green card to become a full-fledged permanent resident.

Since the 2000 Fiscal Year, over 135,000 foreign national investors have obtained their green cards, along with accompanying family members, through the EB-5 program, generating substantial economic and job growth in the process.

EB-5 Investment

There are two types of EB-5 investment streams: the Direct EB-5 investment and a Regional Center EB-5 investment. A Regional Center is an organization designated by USCIS and involved with the promotion of increased domestic capital, job creation, improved regional productivity and increased economic growth.

The Regional Center investment (comprising approximately 95% of all EB-5 applicants) allows applicants to make a lawfully sourced investment of $1,050,000 USD or $800,000 USD (if in a Targeted Employment Area) in a project already approved by USCIS. Regional Centers sponsor job-creating projects, pooling together the capital investment of multiple EB-5 investors and ensuring each EB-5 project will create the required employment to satisfy program requirements. Once projects reach completion, it is typical for investors to receive their investment amount back with a minimal additional return.

What is the ‘Gold Card’ Program?

While speculation continues as to the specifics of the newly proposed Gold Card program, it’s important to focus on what we know. This program was introduced as a more direct pathway to a green card and eventual citizenship without the same job creation and employment requirements of the current EB-5 program. And unlike the current EB-5 program, which typically provides a minimal return on investment, the ‘Gold Card’ program would offer no return and instead be treated as a direct purchase.

What does this mean for the EB-5 Program?

While there have been periodic rumours of another high-net-worth investor green card, neither immigration firms nor policy experts expect the announcement or impromptu plans to replace the current EB-5 Program without additional details. While new policies can be floated by the President, only Congress has the authority to pass new laws or amend existing ones.

Accordingly, popular sentiment is that the current EB-5 Program will remain active until the EB-5 Reform and Integrity Act of 2022 sunsets in September 2027, consistent with current case law regarding the executive power to unilaterally terminate bipartisan congressionally-approved programs. In the meantime, the news of a potential Gold Card may serve as motivation to many foreign nationals interested in US permanent residency to move forward with the EB-5 program and its relatively low price tag.

Stay tuned for the latest on this and other news from the MPC immigration team as we closely monitor updates and any other significant changes in US and Canadian immigration!

If you are interested in the EB-5 Immigrant Investor Program, please join us virtually on March 26, 2025, at 2:00 P.M. EST to learn more.