President Donald Trump’s announcement about a potential reshaping of the EB-5 Immigrant Investor Program by introducing a “Gold Card” visa, has created an urgency within the EB-5 community.
Many investors are speeding up their EB-5 application plans before the Trump administration announces official changes. Trump’s team has yet to clarify whether the Gold Card option will run parallel or replace the EB-5 visa program in some form.
“We are seeing a significant demand for the Cota Vera Project in San Diego. I think it’s a combination of being in the industry for a long time coupled with this new $5 million visa talk,” says Chris Foulger, CEO of HomeFed Corporation. “The potential increase in price could mean that today’s pricing is a great deal.” Homefed recently was awarded the top TEA Agents Project award by six industry judges.
“Last week, I got 5-10 solid inquiries a day… much more serious than previous weeks,” says Marjan Kasra from Lawmaks. Kasra is a Middle East specialist and a Top 25 Eb5 Investors Magazine attorney.
This increase in investor interest must be a combination of good pricing compared to what may come down the pipe.
“I think that investors who are in position to file now will move to secure their spot in the EB-5 program and stop worrying about their prospects for U.S. residence,” said immigration attorney Belma Demirovic, adding that investors are feeling a sense of urgency to secure their positions in the current program.
Attorney Ignacio Donoso encouraged his clients on social media to take swift action.
“Investors wishing to pursue the EB-5 program will need to act quickly to file their visa petitions as soon as practicable, in order to have any chance of qualifying under the existing EB=5 program’s $800,000 investment rules,” he wrote.
Other investors are being more cautious due to the uncertainty, says EB-5 lawyer Bobi Ahn.
“I’ve gotten a couple of inquiries and panicked emails about maybe they should file asap before the new regs go into effect and some are asking if they now should just wait since there is a mention of the possibility of the current EB-5 program ending if the ‘gold card’ program is implemented,” she said.
What does the current EB-5 legislation say about the suggested changes by the Trump administration?
The Trump announcement that caused “mass confusion and anxiety” among investors might not have any legal standing, writes Matthew Galati from Galati Law Firm and a 2024 Top 25 Litigation Attorney Awards winner. He points out that the EB-5 Reform and Integrity Act of 2022 (RIA) includes a crucial grandfathering provision that safeguards EB-5 regional center investors before Sept. 30, 2026. USCIS must continue processing these petitions and reversing this law would require Congress to pass new legislation, according to Galati.
EB-5 attorney Tony Wong adds:
“I don’t think Trump can stop EB-5 at least until Sept. 2027, (when the program needs to be renewed),” he said. “More potential investors will rush to file before Sept. 30, 2026.”
Surge could mirror application rush before EB-5 program’s past expiration threats
Could the current situation mirror the uptick in applications before the program’s previous expiration in June 2021? Back then, the number of I-526 filings received by the USCIS on average doubled, according to EB-5 economist Ismael Fernandez.
The program was put on standby for a year before being renewed by RIA in March 2022. According to USCIS data, applications went from historically annual filings for EB-5 visas ranging between 3,000 and 4,000 to a peak surge to 10,000 petitions when the program resumed.
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