On February 25, 2025, President Trump announced his plan to implement a “gold card” initiative to attract wealthy foreign nationals to the U.S. The proposed plan would allow those foreign nationals who make a $5 million investment to obtain U.S. residency or a “green card” leading to a pathway to citizenship. In doing so, the administration intends to try and replace the EB-5 program.
The current EB-5 program requires foreign investors to invest $1.05 million in a U.S. business or $800,000 in targeted employment areas (TEAs), which include rural regions, high-unemployment zones, or infrastructure projects. Additionally, each investment must create at least 10 full-time jobs for U.S. workers, sustained for a minimum of two years.
There is no immediate change to the current EB-5 program; it continues to exist with an expiration date of September 30, 2027. The current administration cannot unilaterally end the EB-5 program. Immigration law falls under the control of Congress, not the Executive Branch. Therefore, ending the EB-5 program would require Congressional approval.
The current EB-5 law is in effect until September 30, 2027. Investors who file before September 30, 2026 are grandfathered into the program, even if the program is not renewed in the future. The grandfathering provision mandates that USCIS must continue processing EB-5 petitions that were properly filed before September 30, 2026. Thus, the EB-5 program will remain in effect until any new legislation is enacted.
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