“It is not an immediate or guaranteed change”: Greenberg Traurig experts analyze the future of EB-5 and Donald Trump’s proposal

Kate Kalmykov and Jennifer Hermansky, attorneys specializing in investment immigration, break down the implications of the Trump Gold Card and its potential impact on the EB-5 Program.

The world of investment immigration has been shaken by the recent proposal of the Trump Gold Card, a visa that would allow investors to obtain U.S. residency with a $5 million investment.

Although the details have not yet been confirmed, the announcement has sparked speculation about whether this program will coexist with EB-5 or if it aims to replace it entirely.

This announcement of the Trump Gold Card presents an attractive idea for investors seeking a fast and direct path to permanent residency in the U.S. However, the lack of clarity regarding its specific benefits and the absence of an implementation plan raise more questions than answers.

Unlike EB-5, where investment funds can be channeled into private projects and regional centers, this new visa could be designed so that the money flows directly to the federal government, marking a shift in foreign investment strategy.

It is still unclear whether the Trump Gold Card will complement EB-5 or seek to replace it. However, Kate Kalmykov and Jennifer Hermansky emphasized that EB-5 cannot be eliminated by a simple executive order, as it is part of the Immigration and Nationality Act (INA).

To dismantle the current program or significantly modify investment immigration rules, Congressional approval would be required— a process that has historically taken years to complete.

Is the elimination of EB-5 legally viable?

One of the biggest concerns among investors is whether EB-5 could be eliminated or replaced by the Trump Gold Card. However, Greenberg Traurig made it clear that this is not possible without Congressional intervention.

The most recent reform, the EB-5 Reform and Integrity Act (RIA) of 2022, extended the program until September 2027, and any attempt to dismantle it would require a lengthy legislative process.

Additionally, the RIA introduced a “grandfathering” clause, meaning that all investors who file their I-526E petition before September 30, 2027, are protected under the current legislation, even if the program changes in the future.

Kate Kalmykov emphasized this point, stating, “If you have already submitted your application, you are protected, and if you are considering investing in the U.S., now is the time to act.”

Any attempts to cancel EB-5 by executive order would immediately face legal challenges that would likely block its implementation.

The Supreme Court has repeatedly ruled against executive actions that attempt to bypass the legislative process, making it unlikely that a Trump administration could modify the system without Congressional approval.

Legislative obstacles for the Trump Gold Card

Even if the Trump Gold Card moves forward as a legislative proposal, its implementation would not be quick or simple. In the U.S., any changes to immigration policies must go through an extensive legislative process, including Congressional hearings, reviews by specialized committees, and multiple votes before becoming law.

The history of EB-5 is a clear example of this. For over a decade, program reforms were debated before the RIA was finally approved in 2022, and the same process would apply to any attempt to implement a new investment visa category.

As Jennifer Hermansky explained, “This is not a change that will happen in two weeks. U.S. immigration legislation moves slowly, and any new visa must go through the proper legal process.”

Another factor that could delay the Trump Gold Card’s implementation is the annual employment-based visa cap. Currently, Congress allows the issuance of only 140,000 employment-based immigration visas per year.

Given that the Trump administration has suggested this new program could grant up to 1 million visas, this would require a significant modification of immigration quotas, something that has historically been difficult to achieve.

Comparison with other Golden Visas worldwide

The concept of an investment visa is not new. Countries such as Portugal, Spain, Greece, and the United Arab Emirates have implemented similar programs that allow investors to obtain residency through real estate purchases or investments in strategic sectors.

However, the key difference is that in these nations, immigration policy changes can be implemented quickly, whereas in the U.S., any modification to the immigration system is a highly regulated and politicized process.

Unlike the European model, where investments can be directed toward various sectors, the Trump Gold Card appears to be structured so that the U.S. government directly receives the funds.

This would mark a significant departure from EB-5, which has focused on attracting investment to private projects and regional centers.

What should investors do?

The uncertainty surrounding the Trump Gold Card puts investors in a complex situation. On one hand, waiting for more details might seem like a cautious approach, but it also carries the risk of missing out on EB-5, a program with established rules and legal protections until 2027.

Greenberg Traurig made it clear that EB-5 remains the safest and most viable option for investors seeking U.S. residency. The “grandfathering” clause protects those who file before September 2026, ensuring they can complete their immigration process even if the program changes in the future.

Kate Kalmykov and Jennifer Hermansky agreed that investors who prioritize certainty should act now and apply for EB-5 under the current rules rather than wait for a proposal that could take years to materialize.

The Trump Gold Card announcement has generated significant expectations, but too many unknowns remain regarding its feasibility and real-world application. The only certainty is that any change in investment immigration policy will take time and face multiple political and legal challenges.

For now, EB-5 remains the most reliable option, and those who wish to take advantage of its benefits would be wise to act before potential reforms alter the U.S. investment immigration landscape.

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