By Ali Jahangiri
On Feb. 25, 2025, President Donald Trump announced his intent to end the EB-5 Immigrant Investor Program and replace it with a “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.
The “Gold Card” Visa: a separate track for the ultra-wealthy?
From what I’ve heard, 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.
The 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. Trump’s claim that his proposed visa could help reduce the $34 trillion national deficit is simply not feasible. Even if the new program attracted significant investment, its contribution would be a drop in the bucket compared to the deficit’s scale. However, Trump’s proposal underscores the economic value of investment immigration, which could lead to positive policy discussions around expanding and modernizing EB-5.
Can Trump end EB-5? The legal and political reality
Despite the announcement, Trump cannot unilaterally end EB-5. Immigration law is controlled by Congress (Article I, Section 8 of the Constitution), and the Supreme Court has consistently upheld Congress’ authority over immigration policy (Fiallo v. Bell, 1977). In 2022, Congress reauthorized EB-5 through 2027 under the EB-5 Reform and Integrity Act (RIA). This means any effort to eliminate EB-5 would require new legislation, which is far from guaranteed in a divided Congress.
Additionally, USCIS controls processing and adjudication, not the White House. While the president can influence immigration enforcement, an outright termination of EB-5 via executive action would face immediate legal challenges, just as previous administrations have encountered (DHS v. Regents of the University of California, 2020).
What’s next?
Rather than eliminating EB-5, Trump’s announcement appears to be a move to expand and rebrand investment-based immigration. His administration may push for a dual-track system—maintaining EB-5 for job creation while introducing a Gold Card visa for the ultra-wealthy. However, unless Congress acts, EB-5 remains law until at least 2027.
The best part of this new concept is removing the restrictive 10,000 cap or quota. President Trump muses that 1,000,000 investors may seek to invest which is very forward thinking.
An interesting opening bid, but to be effective, this investment visa needs to be priced right.
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