U.S. President Donald Trump stirred significant debate by proposing to discontinue the existing Employment-Based Fifth Preference (EB-5) Immigrant Investor Program and replace it with a so-called “Gold Card,” whereby foreign nationals could obtain a green card for a $5 million payment. President Trump claims that over one million applicants would seek the Gold Card, generating approximately $5 trillion in revenue to help reduce the national debt.
He also announced plans to introduce this new program in as little as two weeks, predicting that wealthy individuals worldwide who pay $5 million would create substantial spending and tax revenue within the United States, in addition to generating numerous jobs. Furthermore, the President contends that even though the U.S. Constitution grants Congress the power to establish a rule of naturalization, the Gold Card program does not require Congressional approval.
Originally established in 1990, the EB-5 program grants lawful permanent resident status to foreign nationals who invest $1 million (or $500,000 in a Targeted Employment Area, or TEA), with the overarching goal of creating jobs in the United States. During the Biden administration, minimum investment thresholds were raised to $1.8 million and $900,000, respectively. According to the National Visa Center (NVC), 8,354 individuals secured green cards through the EB-5 program in Fiscal Year 2023. However, with the program’s growth came instances of fraudulent investment proposals and scam projects, resulting in financial losses for some investors.
From a practical standpoint, it is highly unlikely that the Gold Card could replace EB-5. In 2022, Congress reauthorized EB-5 through September 30, 2027. Under Article I, Section 1, and Section 8, Clause 4 of the U.S. Constitution, only Congress has the authority to enact or repeal such legislation. Consequently, the President does not possess unilateral power to terminate EB-5. Additionally, under the EB-5 Reform and Integrity Act, any EB-5 petitions properly filed before September 30, 2026, cannot be denied solely on the grounds of the program’s expiration. It is also improbable that Congress would favor abolishing EB-5 in favor of the Gold Card, given that various congressional districts have already derived substantial economic benefits and developed corresponding local relationships from EB-5 investments.
While President Trump maintains that he could implement the Gold Card program via executive order, many experts doubt the feasibility of raising the level of funding he projects. Unlike EB-5, where investors can anticipate a potential return on their investment, the Gold Card more closely resembles a large, non-refundable contribution. Consequently, it is uncertain whether more than one million individuals who could afford the $5 million application fee would actually seek to obtain a U.S. green card, raising doubts about whether such a program could meaningfully address the national debt (currently around $34 trillion).
In short, it is unlikely that the Gold Card proposal will swiftly replace the existing EB-5 Immigrant Investor Program. However, there remains a possibility that the Gold Card could be enacted alongside EB-5 through an executive order. Even if an immediate termination of EB-5 is improbable, the program’s future beyond its expiration date, which falls within the current presidential term, remains uncertain. Accordingly, for those considering EB-5 investment, filing a petition with USCIS on or before September 30, 2026, is strongly recommended to ensure coverage under the current EB-5 provisions.
If you have any questions or would like to discuss immigration or nonimmigrant visa matters, please feel free to contact us at mail@songlawfirm.com.
