Former US President Donald Trump’s announcement of a new investment-based Gold Card visa has raised concerns among existing EB-5 investors, especially regarding the future of the popular program. The EB-5 visa has long been a favored route for high-net-worth individuals seeking US residency, but Trump’s new Gold Card offers a potentially faster track to both residency and citizenship, albeit with a hefty $5 million price tag.
For Indian investors facing long backlogs in employment-based green card applications, the EB-5 program had become an attractive alternative. However, many are now reconsidering their options, fearing that the Gold Card could replace the EB-5 program in the future.
The EB-5 visa requires a minimum investment of $1.05 million (or $800,000 in Targeted Employment Areas) and mandates the creation of at least 10 full-time jobs in the US. On the other hand, Trump’s Gold Card requires a direct $5 million payment to the US government with no job creation requirement, aiming to streamline the path to US residency and citizenship, although specific details of the process remain unclear. Another notable difference is that the EB-5 program is capped at 18,786 visas annually, while the Gold Card could have no such limit, catering exclusively to ultra-high-net-worth individuals (UHNWIs).
Despite the promise of a faster process, many Indian investors remain hesitant about switching from EB-5 to the Gold Card, citing several concerns. The high cost of the Gold Card at $5 million makes it one of the most expensive investor visa programs globally. For comparison, Malta’s residency program costs just $650,000, making it a far more affordable option. Additionally, experts suggest that US companies are unlikely to sponsor employees through this costly route. There are also legal and ethical concerns surrounding the program, with immigration attorney Alay Razvi commenting that it could be perceived as selling US citizenship to the highest bidder. Furthermore, immigration lawyer Rajiv Khanna has expressed doubts about the financial capacity of individuals likely to participate in the program, questioning whether it will attract enough investors.
While some, like Commerce Secretary Howard Lutnick, suggest the Gold Card could replace the EB-5 program, immigration experts assert that Trump cannot unilaterally end the EB-5. The EB-5 program was established by Congress in 1990 and is codified in the Immigration and Nationality Act. Any attempt to eliminate or replace it would require legislative action, which seems unlikely given the current political climate in a divided Congress. Additionally, investments made before September 2026 are fully protected, meaning that any changes would require Congressional approval, making an abrupt termination of the EB-5 program highly unlikely.
In conclusion, while Trump’s Gold Card visa targets the ultra-wealthy, the EB-5 program remains a viable and established pathway for high-net-worth individuals seeking US residency through investment. Given the uncertainty surrounding the Gold Card, investors are advised to stay informed and not make hasty decisions.
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