Donald Trump Announces Proposal to Replace the EB-5 Program with a $5 Million ‘Gold Card’

The recent announcement by President Trump regarding the elimination of the EB-5 program and its replacement with a new $5 million investment visa has created uncertainty within the investor community. Although Congress has the final say on immigration matters, this proposal raises questions about the future of foreign capital in the U.S. and its impact on economic development. Based on the analysis by Kate Kalmykov and Jennifer Hermansky.

On February 25, 2025, President Donald Trump announced his intention to eliminate the EB-5 Immigrant Investor Program and replace it with a new program called the “Gold Card.”

If approved, this proposal would increase the investment requirement to $5 million, offering a “green card with additional benefits.” You can read the original article at the following link: President Trump Addresses EB-5 Green Card Program and Proposes New Gold Card Immigration Program.

The EB-5 Program and Its Importance

Currently, the EB-5 program allows foreign investors to obtain permanent residency in the U.S. by making a minimum investment of $1,050,000, or $800,000 if invested in rural areas, high-unemployment zones, or government infrastructure projects.

Through this program, investors and their dependents can obtain citizenship after five years of permanent residency.

Since its inception in 1990, the EB-5 program has been a crucial driver of foreign investment in the U.S., funding numerous infrastructure and real estate projects while generating employment. It has served as an essential tool in attracting international capital and stimulating economic growth across various regions.

Details of the Presidential Announcement

During his statement, Trump emphasized that the new program would aim to attract high-net-worth investors who would create businesses and help reduce the national deficit.

However, no further details were provided regarding the specific terms of the “Gold Card” or its implementation. A more detailed plan is expected to be released in the coming weeks.

Compared to the EB-5 program, Trump’s proposal significantly raises the investment threshold, making it accessible only to a more exclusive group of investors.

While EB-5 has been an entry point for investors with relatively lower capital, this new model could restrict foreign investment opportunities in the U.S., creating uncertainty in industries that rely on EB-5 funding.

Can the President Eliminate EB-5?

Despite the announcement, the elimination of the EB-5 program is not a decision the president can make unilaterally. Under the U.S. Constitution, Congress holds exclusive power over immigration legislation, including the creation, modification, or termination of programs like EB-5.

In 2022, Congress reauthorized the EB-5 program through September 30, 2027, via the EB-5 Reform and Integrity Act.

Legal Challenges and Market Response

Any attempt to eliminate EB-5 without Congressional approval would likely face immediate judicial challenges. Investors and developers remain watchful of how these changes might impact foreign investment and EB-5-funded projects.

At BAI Capital, we continue to monitor this situation closely and guide investors on the best course of action in the evolving immigration landscape. Stay tuned to our blog for the latest updates on this proposal and its impact on the EB-5 program.