Clock ticking for EB-5 investors as Trump unveils $5M Gold Card

On Tuesday, February 25, President Trump announced a new immigration initiative — the Trump Gold Card. The proposed plan would replace the long-standing EB-5 Immigrant Investor Program and significantly alter the process for wealthy foreign nationals seeking U.S. permanent residency. This change would impact hundreds of families in the process of applying for their EB-5 Green Cards from the UAE and other GCC nations.

Trump’s announcement has sent shockwaves through the investment migration community, prompting a global rush among potential EB-5 applicants to secure their place before policy changes take hold. While legal battles could delay or prevent the implementation of the Trump Gold Card, investors are being advised to act decisively to ensure their eligibility under the existing EB-5 framework.

Speaking from the Oval Office, President Trump unveiled his plan to introduce a new immigration pathway through the sale of “Trump Gold Cards,” priced at $5 million each. Commerce Secretary Howard Lutnick stood beside Trump during the announcement and confirmed that the Gold Card initiative is intended to replace the EB-5 program.

Trump has criticized the EB-5 program for being inexpensive. The current program only requires an investment of $800,000 into a U.S. government pre-approved real estate project, sometimes offered with a payment plan. “[The EB-5 program] was a way to get a Green Card that was low-priced,” Lutnick echoed Trump’s sentiments, “We’re going to end the EB-5 program and replace it with the Trump Gold Card.”

According to Trump, this initiative aims to attract “wealthy and successful individuals” who can contribute to the U.S. economy through their spending, job creation, and tax payments. Unlike EB-5, which channels investments into U.S. development projects, the Gold Card program requires applicants to make a direct payment to the U.S. government.

The EB-5 Immigrant Investor Program has played a pivotal role in shaping U.S. economic growth since its establishment by Congress in 1990. Designed to attract foreign capital, the program was created to stimulate the economy by channeling investments into job-creating businesses. Over the years, EB-5 has facilitated billions of dollars in development projects, ranging from major real estate ventures to infrastructure improvements, while granting over 100,000 foreign investors and their families a direct path to U.S. residency.

To qualify for an EB-5 Green Card, investors must invest $800,000 into a government pre-approved U.S. project. With this investment, applicants, their spouses, and children under the age of 21 can obtain their U.S. Green Cards. Unlike other visa programs, EB-5 is unique in that it does not require employer sponsorship or extraordinary professional skills, making it an accessible yet impactful immigration pathway for global investors.

Beyond immigration benefits, EB-5 has become an indispensable funding tool for American developers and businesses, especially in times of economic downturn when traditional financing sources tighten. This program’s contributions to economic recovery have been especially evident in the post-2008 financial crisis era, when EB-5 investments helped revive stalled construction projects across the country.

EB-5 experts anticipate immediate legal challenges to the Trump Gold Card, with U.S. courts to possibly issue an injunction blocking its implementation. Under the U.S. Constitution, Congress has exclusive authority over immigration laws, including the power to regulate admission, exclusion, and naturalization. However, the unpredictability of the Trump administration nevertheless brings confusion to the marketplace.

In 2022, Congress reauthorized EB-5 through the Reform and Integrity Act (RIA), extending it until September 30, 2027 and ensuring its protections remain in place. While President Trump can propose immigration changes and enforce existing laws through agencies like the United States Citizenship and Immigration Services (USCIS), he cannot unilaterally eliminate or replace EB-5 without Congressional approval, making the proposed Trump Gold Card unlikely to take effect without legislative action.

That said, ongoing legal battles could create uncertainty for prospective EB-5 investors, particularly those who delay filing before the Trump administration formally unveils its proposal.

For prospective EB-5 investors, the possible introduction of the Trump Gold Card brings major concerns. The key differences between EB-5 and the Trump Gold Card include:

• A drastic cost increase: The EB-5 program requires a minimum investment of $800,000, while the Gold Card mandates a $5 million payment—a staggering 525% increase.

• No return on investment: Under EB-5, investors place their funds into job-creating projects and are eligible to receive their money back after approximately five years from the date of investment. The Gold Card, on the other hand, likely necessitates an upfront payment to the government and it is unclear whether there will be any financial return or ability to recoup the funds.

For families in the UAE and the broader Middle East, this policy shift presents a crucial decision point. The EB-5 program has long been favored by UAE-based investors seeking U.S. residency for their families, offering access to world-class education, healthcare, and business opportunities. Most notably, the ability to gain government funding for their children’s education and the ability to naturalize as U.S. citizens and obtain a U.S. passport.

If the Trump Gold Card replaces EB-5, the cost of obtaining a U.S. Green Card will become prohibitively expensive for many who were considering the EB-5 route.

If the EB-5 program is eliminated, the opportunity to obtain a U.S. Green Card through an $800,000 investment will disappear. Due to the ambiguity surrounding these changes, industry experts urge investors to file their applications promptly before any policy modifications take effect. The current EB-5 laws include a grandfathering provision, a legal protection guaranteeing that EB-5 petitions filed under current regulations remain valid, even if President Trump attempts to change or discontinue the program.

Shai Zamanian, a Dubai-based U.S. attorney and Legal Director of The American Legal Center, emphasizes the importance of swift action.

“Trump’s attempt to end EB-5 will face significant legal hurdles and is unlikely to succeed without Congressional approval,” says Zamanian. “Nevertheless, given the risk of uncertainty, it’s best for investors to file petitions as soon as possible to lock in their Green Card petitions under the current rules – you never know with Trump.”

The American Legal Center has reported a surge in inquiries from investors looking to submit their applications before any potential shutdown of the program. Waiting could mean facing significantly higher costs or losing access to this immigration route altogether.

The American Legal Center is the leading immigration consultancy in the UAE specializing in the EB-5 program. With a proven track record and over a decade of experience in the UAE, their team of U.S. licensed lawyers and professionals has helped hundreds of families secure U.S. residency through the EB-5 program.

“Time is of the essence for investors considering the EB-5 program. To ensure our clients can file their EB-5 Green Card applications before any potential policy changes, we are expediting our process over the next two weeks,” urges Zamanian. “We have successfully negotiated installment plans with the government pre-approved U.S. projects, allowing investors to file their application with an initial investment of $200,000, ensuring they can lock in their eligibility under the current rules.

"Given the uncertainty surrounding future immigration policies, acting now is the smartest decision for families seeking U.S. residency.”