Trump’s $5M ‘Gold Card’ Visa: The End of EB-5 as We Know It?

Trump has proposed ending the EB-5 Immigrant Investor Program and replacing it with a $5 million "Gold Card" visa, offering wealthy investors a green card and pathway to U.S. citizenship without job creation requirements.

Why End EB-5?

Since 1990, EB-5 has granted green cards to foreign nationals investing $800K–$1M in job-creating U.S. businesses. Despite attracting billions in capital, critics cite fraud and mismanagement as key failures, prompting Trump’s move to scrap the program.

The $5M Gold Card Visa

Instead of directing funds into businesses, investors would pay $5 million directly to the U.S. government. Trump claims this will boost the economy and reduce national debt, while critics argue it prioritizes wealth over merit-based immigration and may face congressional approval challenges.

Legal & Policy Hurdles

Immigration law experts doubt whether Trump can unilaterally implement the Gold Card visa without congressional approval. Additionally, investors from countries with strict capital controls (e.g., China) may struggle to participate.

Conclusion

Trump’s plan marks a major shift toward pay-to-play immigration. While it could bring in billions, it raises equity concerns and legal obstacles. The future of EB-5 investors with pending applications remains uncertain, making legal guidance essential.