On February 25, 2025, former U.S. President Donald Trump announced a proposal to replace the EB-5 Immigrant Investor Visa Program with a new "gold card" initiative. This new program, as described by Trump, would allow foreign investors to purchase a "gold card" for approximately $5 million, granting them green card privileges and a pathway to American citizenship.
Understanding the EB-5 Program
The EB-5 Immigrant Investor Program was established in 1990 by Congress to stimulate the U.S. economy through job creation and capital investment. Under this program, foreign investors who invest substantial sums in U.S. businesses that create or preserve jobs can obtain lawful permanent residency (a green card). However, the EB-5 program has faced criticism over the years, with allegations of fraud, mismanagement, and inefficiencies.
The "Gold Card" Proposal
Trump criticized the existing EB-5 program as being "full of nonsense, make-believe, and fraud," arguing that it allowed foreign investors to obtain green cards at a "low price." His proposed replacement, the "gold card," would require a significantly higher investment of $5 million and would provide enhanced immigration benefits, including a direct pathway to U.S. citizenship.
While details about the implementation of this new program are expected to be released in the coming weeks, Trump's Commerce Secretary Howard Lutnick reinforced the administration's position, stating that the EB-5 program would be entirely scrapped in favor of the "gold card."
Potential Implications and Concerns
The proposed shift raises several important questions:
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Eligibility Criteria: Would there be specific investment requirements, such as job creation, or would the "gold card" function solely as a pay-for-citizenship scheme?
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Regulatory and Legal Challenges: The proposal could face legal challenges, as it significantly alters the structure of employment-based and investment-based immigration programs.
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National Security and Ethical Considerations: When asked whether Russian oligarchs could qualify for the "gold card," Trump responded, "Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people." This statement may lead to concerns about the vetting process for high-net-worth individuals and the national security risks associated with the program.
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Economic Impact: While the EB-5 program required investors to create or preserve U.S. jobs, it remains unclear whether the "gold card" initiative would impose similar obligations or if it would primarily serve as a revenue-generating tool for the government.
What Comes Next?
The transition from the EB-5 program to the proposed "gold card" would mark a significant shift in U.S. immigration policy. Investors and immigration professionals will need to closely monitor forthcoming details to understand how this new initiative would function and its potential impact on foreign investment in the United States.
Saluja Law will continue to provide updates and insights on this developing story, including any regulatory or legislative changes that may arise in response to Trump's proposal. For more information on investor visas and immigration pathways, feel free to reach out to our team.