On Feb. 25, 2025, President Donald Trump announced his intent to modify the EB-5 Immigrant Investor Program and replace it with a new “Gold Card” visa requiring a $5-million investment. While this announcement made headlines, it appears more strategic than absolute—signaling an intent to reshape investment-based immigration rather than eliminate it. Trump, a businessman at heart, likely understands EB-5’s economic value and sees an opportunity to introduce a new visa category targeting ultra-high-net-worth individuals. He also understands the value of maximizing capital flowing into the country. Why not support two distinct programs—each aimed at different demographics—offering two market-driven products rather than just one?
Rumor has it that Trump’s Gold Card visa will be a separate category designed to attract the ultra-wealthy, potentially with benefits such as exemption from worldwide income taxation. This concept, if implemented, could coexist alongside EB-5 rather than replace it, creating an alternative pathway for high-net-worth investors.
ECONOMIC REALITY: EB-5 AND THE U.S. DEFICIT
The EB-5 program currently generates around $5 billion annually, funding U.S. businesses and infrastructure while creating thousands of jobs. It is a financing vehicle often used in the development of hotel and real estate projects that require capital outside traditional lending. The EB-5 program sets aside nearly 10,000 visas a year for investors and their families. Since the average family size is approximately 2.5 people, this translates to about 4,000 new investments annually.
Most EB-5 capital flows into real estate projects rather than startups, as foreign investors are more comfortable with hard assets. EB-5 funds are particularly attractive to developers in today’s environment, where traditional financing options are constrained by high interest rates and tightening credit markets.
The program has already demonstrated measurable impact through key developments across the country, including the Marriott Marquis in Washington, D.C., a landmark hospitality project that revitalized a major urban block; the Philadelphia Convention Center, which boosted tourism and created local jobs; and the Brightline train in Miami, a transformative infrastructure investment connecting multiple Florida cities and creating a model for sustainable transportation.
Residential and mixed-use projects have also seen major EB-5 investment, such as The Village of Escaya and Côta Vera in Otay Ranch, San Diego—a 12,000-home master planned community that incorporates affordable housing, illustrating how EB-5 capital supports long-term, inclusive regional growth.
CAN TRUMP END EB-5?
Despite the announcement, it is unlikely that Trump would actually end EB-5. The program brings in substantial capital, creates American jobs and supports development in both urban and suburban markets. Additionally, immigration law is governed by Congress under Article I, Section 8 of the Constitution, and the Supreme Court has consistently upheld congressional authority over immigration policy (Fiallo v. Bell, 1977).
In 2022, Congress reauthorized the EB-5 program through 2027 under the EB-5 Reform and Integrity Act (RIA). This means any attempt to eliminate the program would require new legislation— something difficult to pass in a politically divided Congress.
Moreover, USCIS (not the White House) controls processing and adjudication. While the president may influence immigration enforcement policy, an outright termination of EB-5 by executive order would face swift legal challenges— similar to those seen in DHS v. Regents of the University of California (2020), which dealt with DACA.
WHAT TO EXPECT
Rather than eliminating EB-5, Trump’s announcement appears to signal a desire to expand and rebrand investment-based immigration. His administration may pursue a dual-track system: maintaining EB-5 for job-creating, mid-tier investments, while introducing a Gold Card visa aimed at ultra-wealthy individuals seeking added benefits.
The most forward-thinking part of Trump’s concept is the idea of removing the restrictive 10,000-visa EB-5 cap. He has publicly suggested that up to one million investors may seek to invest under this new program—a bold and ambitious projection that reflects a broader vision for economic based immigration.
It’s an interesting opening bid. But to be truly effective, this new investment visa must be priced right, designed responsibly and built to complement—not replace—the existing EB-5 framework that continues to deliver value to the U.S. economy.
