On February 25, 2025, President Trump announced his intention to end the EB-5 program and introduce a new “Gold Card” visa in its place. This announcement has caused confusion among both current and prospective EB-5 investors, especially given the limited and sometimes contradictory details surrounding the proposal.
What We Know So Far
President Trump initially stated that the Gold Card program would replace the EB-5 immigrant investor visa and grant permanent residency in exchange for a $5 million investment. However, subsequent clarifications from the Administration suggested that this new program might be linked to the existing EB-5 framework via the Department of Commerce—though specifics remain unclear. The President promised further details within two weeks of the announcement. As of now, it is uncertain whether the Administration intends to completely repeal the EB-5 program, modify it, or integrate it with the proposed Gold Card initiative.
Can the President Unilaterally End EB-5?
No. The President cannot unilaterally end or replace the EB-5 program. Established by Congress in 1990, the program was recently strengthened through the EB-5 Reform and Integrity Act of 2022 (RIA). Any effort to repeal or replace it requires Congressional action. The legislative process—including introduction, committee review, debate, and voting—could take months or even years.
Moreover, the Regional Center (RC) Program was reauthorized through September 30, 2027, under the RIA. This means that, unless Congress actively repeals or amends it, the program remains in effect until that date. While there is a possibility that the RC Program will not be renewed beyond 2027, a new program with a $5 million investment minimum could only replace it through proper Congressional approval.
What Happens to Pending EB-5 Applications?
Investors who file their Form I-526/I-526E petitions before September 30, 2026, are currently protected under the RIA’s grandfathering clause. This ensures that pending petitions will be processed to final adjudication regardless of any future legislative changes. For those considering an EB-5 investment, filing before the September 2026 deadline is highly recommended to safeguard eligibility.
Investment Immigration and the U.S. Economy
Investment-based immigration remains a crucial component of the U.S. economy. According to U.S. Citizenship and Immigration Services (USCIS), the RC Program generated $6.1 billion in investments into rural and urban U.S. communities between the RIA’s effective date and mid-2024. This figure is expected to rise as more recent EB-5 investments are accounted for. While the prospect of a Gold Card visa has introduced uncertainty, it also presents an opportunity for meaningful discussions on the future of investment immigration. We will continue to monitor developments and provide updates as more details emerge.