Is the EB-5 Visa at Risk? How the New Gold Card Visa Could Impact Investor Immigration

On February 25, 2025, President Donald Trump unveiled a new immigration initiative: the "Gold Card" program. This proposal aims to grant wealthy foreign nationals U.S. residency and a pathway to citizenship in exchange for a $5 million investment. The introduction of this program has significant implications for the existing EB-5 Immigrant Investor Program and potential investors, including Canadians considering U.S. residency.

Understanding the Gold Card Proposal

The Gold Card program is designed to attract affluent individuals by offering them the

opportunity to live and work in the United States upon making a substantial financial

contribution. Commerce Secretary Howard Lutnick described the initiative as a replacement for the EB-5 program, criticizing the latter for being "full of nonsense, make-believe, and fraud." The administration asserts that the Gold Card will provide green card privileges and a route to citizenship without the job creation requirements mandated by EB-5. Funds generated from this program are intended to reduce the U.S. deficit.

Potential Impact on the EB-5 Program

The EB-5 program offers foreign investors the chance to obtain a green card by investing a minimum of $1.05 million—or $800,000 in targeted employment areas—in U.S. businesses that create or preserve jobs. With the introduction of the Gold Card, which requires a $5 million investment without specific job creation criteria, the future of the EB-5 program is uncertain. While the administration suggests replacing EB-5, legal experts emphasize that such a change would necessitate congressional approval. The EB-5 program was reauthorized by Congress in 2022 through the Reform and Integrity Act (RIA), extending its provisions until September 2027. Therefore, any attempt to terminate or modify EB-5 unilaterally would likely face significant legal challenges.

Implications for Canadian Investors

For Canadians considering the EB-5 program as a pathway to U.S. residency, the introduction of the Gold Card presents both challenges and opportunities. The substantial increase in required investment—from $800,000 under EB-5 to $5 million under the Gold Card—may be prohibitive for many potential investors. However, the Gold Card's streamlined process, which omits the job creation requirements, could appeal to those with the necessary financial resources seeking a more straightforward route to residency. Given the legal complexities surrounding the potential termination of the EB-5 program, it is plausible that both programs could coexist, offering different pathways tailored to varying investor profiles. Immigration attorneys advise that any changes to the EB-5 program would require congressional action, and until such changes are enacted, the program remains a viable option. Prospective investors are encouraged to stay informed about legislative developments and consult with immigration professionals to assess the most suitable pathway based on their circumstances.

Looking Ahead

As the Gold Card proposal awaits further details and potential legislative action, its impact on the EB-5 program and prospective investors remains speculative. Canadians and other foreign nationals interested in U.S. residency through investment should monitor the situation closely. Engaging with experienced immigration counsel will be essential to navigate the evolving landscape and make informed decisions aligned with individual financial capacities and

residency goals.

In conclusion, while the Gold Card initiative represents a significant shift in U.S. immigration policy aimed at attracting ultra-wealthy investors, its implementation and its effect on existing programs like EB-5 are contingent upon legislative processes and potential legal challenges. Prospective investors should exercise due diligence and seek professional guidance to understand the implications of these developments on their immigration plans. Reach out to our experienced attorneys at Maimone Legal who can guide you through the process today.