At a White House press event on February 25, 2025, Trump announced that his administration has a plan to “cancel” the EB-5 immigrant investor program, and to roll out a new “Gold Card” program in its place. During the event Trump stated, “We’re going to be selling a gold card,” adding, “We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.” The administration stated that details about the scheme will come out in two weeks.
President Trump’s statements have been met with mixed reactions in terms of both feasibility and intent. To address some of these reactions, we outline the following points:
• Feasibility and Impact on Current Investors: Since the EB-5 Jobs Program was created by Congress, it will take an act of Congress to change or cancel the program, and such changes are typically not “Retroactive”
• Intent of the Programs: Unlike the proposed “Gold Card,” the EB-5 Immigrant Investor Program creates U.S. jobs and is not a “sale” of U.S. citizenship; as such, the intent of these programs is distinct
These points are further discussed below.
Current EB-5 Investors Should NOT Be Impacted, Since the President Does Not Have Unilateral Authority to Revise the Immigration Laws of the United States
As explained below, the president may not alter immigration law without congressional action. As such, ending or “canceling” the EB-5 Program would take an act of Congress, which does not appear to be in motion at this time. It may be that, with some momentum, Trump may influence Congress to design a “Gold Card” program in parallel with EB-5, but it is unlikely that any such action would be retroactive (i.e., current EB-5 investors with approved I-526 petitions should not be impacted).
This is because the EB-5 program, which was created by federal statute, is part of the U.S. Immigration and Nationality Act, or “INA.” As provided in Article I, Section 8 of the U.S. Constitution and consistently upheld by the U.S. Supreme Court, Congress has exclusive authority over immigration policy. As such, any changes to the EB-5 program must be made through the legislative process. This involves both houses of Congress—the House of Representatives and the Senate—drafting, debating, and voting on proposed amendments. Once both houses agree on the text of a bill, it is sent to the President for approval or veto.
While the President has the power to influence immigration policy through executive actions and orders, these do not revise the INA itself. Instead, they can (with some limitations) direct how existing laws are implemented or prioritize certain aspects of immigration enforcement. However, for permanent changes to the INA, the President must work with Congress. Moreover, while the Attorney General and administrative agencies like the Department of Homeland Security (DHS) and the Department of State have significant roles in implementing and enforcing the INA, they do not have the authority to revise the Act. Their role is to administer the law as written and to issue regulations and guidance within the framework established by Congress.
Any attempt on the part of Trump or his agency heads to unilaterally cancel or revise the EB-5 program, or to create a new immigrant visa category (such as the “gold card” floated by Trump), would be unlawful without Congressional action and its implementation should be prevented by the federal courts.
Unlike the Proposed “Gold Card,” The EB-5 Immigrant Investor Program is a “Jobs” Program
On a very fundamental level, the idea of “selling” permanent residence and a path to citizenship to wealthy persons is fundamentally at odds with the policy goals embodied in the EB-5 program, which is centered firmly on the promotion of regional economic growth and the creation of new jobs for U.S. workers.
The EB-5 Immigrant Investor Program, administered by the U.S. Citizenship and Immigration Services, was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. The program was most recently updated by passage of the EB-5 Reform and Integrity Act of 2022 (“RIA 2022) which increased the minimum investment amount from $500,000 to $800,000 with a periodic escalator provision based on the U.S. Consumer Price Index and a sunset date for new investors of September 30, 2027, subject to extension by Congress. RIA 2022 includes a “grandfathering” provision which provides that the government shall continue to adjudicate petitions and issue immigrant visas to EB-5 investors who file their visa petitions prior to September 30,2026
The EB-5 program has been a significant contributor to job creation in the United States. As reported by the Commercial Real Estate Development Association, economic assessments of data on EB-5 investor petitions published by the U.S. Citizenship and Immigration Services (USCIS) between of 2007 and 2019 the EB-5 Program helped generate $37 billion in foreign direct investment, contributing to job creation and retention for Americans with no cost to U.S. tax payers.
In addition, Invest in the USA (IIUSA)’s 2023 report, EB-5 Economic Impact in America, notes the following are examples of the many economic contributions made by investors in the EB-5 program to communities throughout the U.S.
• $282M in EB-5 investment from 564 qualified investors served as a critical financial tool to support various infrastructure projects that transformed the former Norton Air Force Base and McClellan Air Force Base into new business centers creating an estimated 26,237 in new jobs.
• $31.5M in EB-5 investment from 63 qualified immigrant investors was used for the development of Jefferson Energy Terminal at the Port of Beaumont Texas serving as an essential component to the supply chain for some of North Americas’ largest oil producers and refineries and creating an estimated 1,500 new jobs to the local area.
• The EB-5 Program played a crucial role in funding the development of the John R. Oishei Children’s Hospital in Buffalo, with $50M of EB-5 investor capital from 100 immigrant investors creating an estimated 2,380 local jobs for the residents of western New York. The new hospital was named as one of the top children’s hospitals in the country.
• $800M in EB-5 investor capital from 1,600 immigrant investors supported this infrastructure project that rebuilt sections of the Pennsylvania Turnpike, constructing new interchanges and widening existing highways and creating an estimated 5,368 new jobs in and around the Levittown, PA area. The upgraded infrastructure improved safety and provides a more efficient flow of traffic for Turnpike travelers.
• $160M in EB-5 investor capital from 320 qualified investors which supported a multiple-phase expansion of Big River Steel, one of the biggest economic development projects in Arkansas history and one of the most technologically advanced scrap recycling steel production facilities in the world, and created an estimated 13,160 in new jobs for American workers.
• All Aboard Florida project which used $350M in EB-5 funding from 700 qualified investors to finance the development and operation of a 67-mile rail track from Miami to West Palm Beach with stations in Miami, Fort Lauderdale, and West Palm Beach, creating an estimate $7,920. This transformative infrastructure project is the first highspeed passenger rail system in Florida.
For additional information about the contributions of the EB-5 program to the U.S. economy, see “Assessment of the Economic Value and Job Creation Impacts of Project Capital Investment Activity Under the EB-5 Program”, February 28, 2019 by Economic & Policy Resources sponsored by EB-5 Investment Coalition and Invest in USA.
The Concept of “Selling” US Permanent Residence or Citizenship at Any Price Violates the Basic Principles of Our Immigration Laws
It should be obvious to readers of this blog that the concept of “selling” US permanent residence or a path to citizenship for $5 million dollars or any price fundamentally violates the core principles of American immigration laws. The United States immigration system is built on several key pillars, including family reunification, admitting immigrants with valuable skills, humanitarian protection, and promoting diversity. These principles reflect the nation’s values and its commitment to fairness, compassion, and economic growth. The idea of simply selling citizenship or permanent residency status undermines these carefully crafted principles and reduces the complex process of immigration to a mere financial transaction.
The EB-5 Program, While Offering a Pathway to Permanent Residency Through Investment, is Designed to Align with the Core Principles of U.S. Immigration Law
Economic Growth and Job Creation
The EB-5 program directly supports the principle of admitting immigrants with valuable skills and contributions. By requiring a substantial investment (currently $800,000 to $1,050,000) and the creation or preservation of at least 10 full-time jobs for U.S. workers, the program ensures that participants actively contribute to economic growth. This aligns with the broader goal of immigration laws to strengthen the U.S. economy.
“At Risk” Investment
The EB-5 program is not a “cash for citizenship” program as proposed by Trump for his “gold card” program. Rather EB-5 investors must use personal funds derived from a lawful source to make an “at risk” investment in a new U.S. business. EB-5 investments must entail the potential for financial gain but also the risk of loss of investment capital. In this way EB-5 investors have a stake in the success of the projects in which they invest unlike the proposed “gold card” scheme.
Targeted Employment Areas (TEAs)
The EB-5 program’s focus on Targeted Employment Areas (TEAs) incentivizes investment in high-unemployment locations, demonstrating a commitment to promoting economic development in rural or high-unemployment areas. This aspect of the EB-5 program supports the principle of using immigration to address specific economic needs across diverse regions of the United States.
Integrity and Security Measures
The EB-5 Reform and Integrity Act of 2022 introduced enhanced protections and oversight mechanisms. These measures, including rigorous background checks and verification of the source of funds, ensure that the program upholds national security interests and prevents fraud. This aligns with the broader principle of maintaining the integrity of the immigration system.
CONCLUSION
The Immigration and Nationality Act (INA), which governs US immigration policy, sets specific numerical limits and categories for immigrant visas, emphasizing the importance of family ties, employment skills, and humanitarian concerns. This system is designed to ensure a balanced approach to immigration that serves both the nation’s interests and upholds its humanitarian obligations.
By balancing economic interests with integrity measures, promoting diversity, supporting family unity, and contributing to regional development, the EB-5 program demonstrates consistency with the fundamental principles guiding U.S. immigration law. While it represents a unique pathway based on investment, it ultimately serves the broader goals of fostering economic growth, attracting global talent, and maintaining the integrity of the immigration system.
The outright sale of citizenship or permanent residency status goes against the foundational principles of US immigration law. It would compromise the values of fairness, diversity, and humanitarian concern that have long guided American immigration policy, potentially harming both the nation’s social fabric and its global standing. Selling citizenship as Trump has proposed would bypass these considerations, potentially leading to an influx of wealthy individuals without regard for their contributions to American society or their alignment with the country’s values.
Based on these considerations, any proposed law offering to simply sell U.S. permanent residence and a path to citizenship to high net worth individuals should be summarily run aground during the legislative process and soundly rejected by a substantial majority of both houses should such a misguided proposal come up for a vote.
