Following recent statements by President Trump regarding a proposed “Gold Card” program, questions have arisen about the future of the EB-5 Immigrant Investor Program. We want to provide clarity on where the EB-5 Program currently stands.
The EB-5 Program remains in effect and continues to operate under the EB-5 Reform and Integrity Act of 2022 (RIA), which reauthorized the program through September 30, 2027. Any substantive changes to the program would require Congressional approval and cannot be implemented through executive action alone.
Additionally, the RIA includes a statutory grandfathering provision that protects investors who file their EB-5 petitions before September 30, 2026. This means that any investor who submits their petition before this deadline, and while the RIA remains in effect, will be processed under existing laws and regulations, regardless of future policy changes.
While discussions about potential new investor visa programs continue, we want to reassure investors that EB-5 remains a viable and reliable path to U.S. residency. As always, we will stand by our investors, partners, and stakeholders by providing the guidance and support needed to navigate the process with confidence.
We will continue to monitor developments and provide updates as more information becomes available.
Immigration attorneys comment on Trump’s Gold Card
Feb 27, 2025 | EB-5 Webinar recording | EB-5 Investor Visa Online Webinar: Pathway to U.S. Green Card
Understanding Trump’s Gold Card Proposal and the EB-5 Program Future
The video provides an in-depth discussion on President Trump’s recent announcement of a new investment-based immigration program, the “Gold Card,” and its potential implications for the EB-5 program.
Key speakers, EB-5 experts, and law practitioners, Abhinav (Abhi) Lohia, Managing Director at Golden Gate Global; Rohit Kapuria, Vice Chair and Partner at Saul Ewing, LLP; and Nicolai Hinrichsen, Partner at Miller Mayer, LLP break down the proposal, which introduces a $5 million investment threshold for U.S. residency.
They clarify that the existing EB-5 program requires a minimum investment of $800,000 (in a qualified TEA project) and cannot be altered or eliminated by executive order alone, as only Congress has the authority to amend immigration laws.
The discussion highlights that EB-5 has already generated approximately $6.1 – 7.5 billion in foreign investment. The speakers explore the possibility of both programs coexisting, similar to tiered investment immigration systems in other countries.
Key Takeaways
Trump’s Gold Card Proposal and Industry Reactions
Nikolai explains that Trump’s proposed $5 million “Gold Card” program aims to attract high-net-worth investors, potentially as a strategy to address national debt. However, the announcement provided few concrete details and initially caused confusion within the industry. Importantly, the legal framework of the EB-5 program remains unchanged, as any modifications require congressional approval.
Legal Framework: Executive Authority vs. Congressional Power
The speakers emphasize that immigration laws cannot be changed via social media announcements or executive orders alone. Rohit clarifies that only Congress has the power to create or amend such laws, while the executive branch is responsible for enforcement. They also discuss how multiple investment immigration programs could exist simultaneously, as seen in other countries.
Tax Considerations and Program Differences
Nikolai examines potential tax incentives that may be included in the Gold Card program, noting that exemptions could be a key attraction for high-net-worth individuals. The discussion also highlights the broader economic impact of EB-5, which extends beyond direct investments to include tax revenue and local economic stimulation.