Trump’s $5 Million ‘Gold Card’: What It Means for the Future of the EB-5 Program

On February 25, 2025, President Trump announced from the Oval Office that he will be introducing a 5 million dollar “gold card” – raising concerns about the future of the EB-5 program.

Here’s what you need to know about the EB-5 program’s structure and potential impacts and limitations of Presidential activity:

Current Status and Legal Framework

The EB-5 Regional Center Program is authorized by the EB-5 Reform and Integrity Act of 2022 (“RIA”) through September 30, 2027. This law was passed with bipartisan support, aiming to create jobs without using taxpayer dollars, contributing billions to the economy and supporting thousands of jobs and taxable earnings.

The RIA also provides that for anyone who files an EB-5 petition before October 1, 2026, their petition is “grandfathered”, i.e., it is protected against termination or non-renewal of the EB-5 Program. This means that USCIS still must process the petition under the laws in effect at the time of the petition was filed.

Potential Changes and Challenges

President Trump’s recent announcement of a $5 million “gold card” has raised concerns about the EB-5 Program’s future. However, it’s important to note that:

1. Changes to immigration laws, such as creating a new category or dismantling another, require congressional action and cannot be done by executive order alone. Specifically, Congress would need to pass a new law establishing a new visa category, set quotas, and any other amendments.
2. Implementation of new investment thresholds require extensive procedures, as demonstrated by the previous attempts to increase the minimum investment amounts, which was blocked in Federal Court by Behring Regional Center prior lawsuit. There, DHS and USCIS promulgated a regulation that violated the Administrative Procedures Act because these agencies failed to follow proper procedure.

What Existing EB-5 Investors Should Know

If you’ve already invested in the EB-5 Program, here are key points to consider:

1. Policy Lock-In: Investors are subject to the policies applicable at the time of filing their respective petitions and applications and are unlikely to be impacted by future changes.
2. Petition Processing: USCIS collects filing fees to adjudicate petitions under current laws. Future changes would apply only to future investors.
3. USCIS Operations: While some government sectors face layoffs, USCIS has limited layoffs to recent hires in probationary status, and some immigration service components are exempt from the federal hiring freeze.

Existing investors should remain informed about policy developments but can take comfort in the legal protections afforded to their current investments.