The recent announcement of the proposed “Gold Visa” program by President Trump has stirred significant debate and speculation within the immigration and investment communities. While there is still much we do not know about how the Gold Visa solution will be structured, whether it could be added as an additional visa category, or if it might replace the EB-5 visa program altogether, it is crucial to examine the potential impact of such a proposal and separate facts from speculation.
Understanding the EB-5 Program and Its Protections
The EB-5 Regional Center Program has long been a cornerstone of investment-based immigration – informally referred to as a “golden visa” – in the United States. Established to attract foreign investment in exchange for a pathway to permanent residency, the program has undergone several legislative changes, including the EB-5 Reform and Integrity Act of 2022 (RIA). The RIA introduced stringent anti-fraud measures to enhance transparency and accountability, ensuring that bad actors were eliminated from the program while protecting investor interests.
A key provision of the RIA is the “grandfathering” clause, which safeguards investors who file their petitions before September 30, 2026—one year before the program’s scheduled expiration. Under this law:
- USCIS must continue processing EB-5 petitions that were properly filed before the September 30, 2026, deadline.
- The expiration of the program cannot be used as grounds to deny an investor’s petition.
- Investors with approved petitions remain eligible for visa issuance, ensuring that their investments remain valid.
Since the EB-5 visa program is authorized by Congress through September 2027, any attempt to eliminate or replace it would require new legislation. While the president can propose changes, it ultimately falls upon Congress to enact them. Additionally, changes to immigration law cannot be applied retroactively, meaning investors with U.S. residency through investment or already in the EB-5 process will not be affected by future policy shifts. Any executive attempt to modify or eliminate congressionally authorized EB-5 investment visas would likely face immediate legal challenges.
The Proposed Gold Visa Program: Key Facts
President Trump’s proposal of the “Gold Visa”—referred to as the “Gold Card”—aims to introduce a new investment-based immigration pathway. One of the stated purposes of the Gold Card is deficit reduction, with Trump asserting that the program could generate substantial revenue by attracting high-net-worth individuals willing to pay a premium for U.S. residency. He has suggested that the Gold Card could sell 1,000,000 visas annually.
However, there are several critical factors to consider:
- Demand is Highly Speculative: The demand for the Gold Card remains uncertain. Currently, fewer than 5,000 applicants apply annually for an EB-5 green card, which requires a significantly lower investment amount and the possibility of repayment.
- Limited Eligible Population: Roughly 2.3 million people globally have the financial means to afford a Gold Card, yet one-third of them are already U.S. residents. This significantly reduces the potential applicant pool.
- Competing Alternatives: Investors have access to cheaper residency programs in other countries, such as Portugal’s Golden Visa, Canada’s Investor Visa, and Australia’s Significant Investor Visa. These programs offer residency at a fraction of the cost Trump’s proposal would require.
- Uncertain Revenue Impact: While Trump envisions massive revenue generation, some analysts predict that the actual number of applicants could be closer to 100 per year rather than 1,000,000. If this estimate holds true, the revenue impact would be negligible.
In contrast, the EB-5 visa program demonstrated its economic impact in 2024 by generating $3.9 billion in revenue through 4,848 applicants, each investing at least $800,000. This highlights the significant contribution that EB-5 projects already make to the U.S. economy without the uncertainties surrounding the Gold Card program.
What This Means for EB-5 Investors
As discussions about the Gold Visa unfold, it is essential to stay grounded in what we do know. The EB-5 program remains intact, and investors continue to benefit from the protections established under the RIA. The expiration of the EB-5 visa program in 2027 presents an opportunity for stakeholders to advocate for its reauthorization and potential enhancements.
The Path Forward
While speculation about the Gold Card program persists, we must not lose track of what is certain. The EB-5 program’s renewal in 2027 will require strategic efforts from industry stakeholders, policymakers, and investors. Our industry has its work cut out to ensure that the program remains intact through 2027 and that it is ultimately reauthorized.
We remain steadfast in our commitment to the EB-5 visa program and to our investors. We will continue monitoring the situation closely and working with industry leaders to navigate the evolving landscape. As always, we encourage investors to stay informed, seek guidance from experienced immigration professionals, and reach out to us with any questions or concerns. We are in this together.