The future of the US EB-5 Green Card program

In a shocking turn of events, people from around the globe were surprised by a never discussed before announcement by President Trump about the US EB-5 Immigrant Investor Program. On Tuesday, Trump announced that he would be eliminating the US EB-5 Program in favor of a “Gold Card” Program. “We’re going to be selling a gold card,” Trump stated. “We are going to be putting a price on that card of about $5 million.”

However, outside of the potential price point of Trump’s new scheme, there were very limited further details announced as he stated that further information would be available when he launches the program in approximately two weeks.

These statements have put both EB-5 investors and potential investors on edge and has left uncertainty about the future of the popular US EB-5 Program, from which 12,000 green cards were issued in 2024 alone. Preeya Malik, US lawyer and Managing Director of Step Global, a leading decade old firm in the UAE focusing on the EB-5 Program, weighs in on the impact of this announcement.

The US EB-5 Immigrant Investor Program, is a program which was enacted by US Congress initially in 1990. This program allows foreign investors to inject capital into the US economy at a minimum amount of $800,000 in return for a green card which can include the investor, the investor’s spouse, and any children under the age of 21.

The purpose of this program was to ignite development and job creation for US people utilizing foreign capital, and has quickly become a popular and straight forward way of achieving a US green card and eventual US citizenship, amongst a number of other routes to permanent residency and citizenship, which have become more uncertain over time.

The program has become even more appealing over the last couple of years for F-1 international students and H1-B holders working in the US because of the ability to attain an Employment Authorization Document and Travel Document while awaiting approval of the green card. Effectively EB-5 investors are given the benefits of a green card holder and immediate access to the United States, even during the processing of their EB-5 application.

It is important to note that despite President Trump and Secretary Lutnick’s announcement of intentions to end the US EB-5 Program, no changes have yet been made. This means that the US EB-5 Immigrant Investor Program is still currently in full effect as written into US laws and regulations.

The EB-5 Program was reauthorized in March 2022, under the Reform and Integrity Act. This resulted after lengthy discussions in Congress as to how the EB-5 Program should be structured going forward and what changes would make the program more safe and secure for potential investors. According to US regulation, the EB-5 Program is not due for reconsideration until 2027.

Under the current law, those who apply to the EB-5 Program before September 30, 2026, will be grandfathered into the program under the current regulations, even if future legislation changes. Those also who have applied previously will remain unaffected by any changes which may occur, even if their application is still in process.

While any President can propose new programs and changes to current legislation, the United States has a protocol in place such that the approval of Congress is required to create new laws or amend any existing regulation. This process is important as it protects constitutional rights and the concept of democracy within the United States, as well as avoids giving any one person the power to unilaterally make changes to the law.

Traditionally we have seen that this legislative process can be lengthy. For example, in June 2021 the US EB-5 Program lapsed when Congress could not agree on the reauthorization of the program. It took the work of lobbyists, industry professionals, and many others to finally arrive at a conclusion to reauthorize the program, but this didn’t officially happen until March of 2022, eight months from when discussions ensued.

Any attempts to dismantle the law without going through the proper legislative process will likely give rise to massive litigation and multiple suits against the United States government.

President Trump has arguably been one of the most controversial political figures in United States history. During his term from 2017 to 2021, Trump made many changes to the law and signed unprecedented executive orders, such as a ban of entry to the US for nationals from several countries.

During his current term of Presidency, Trump has already signed into effect ten executive orders and proclamations to give rise to changes in U.S. immigration law and policy specifically. Inclusive in these proclamations were orders including not allowing children born to parents who are in the US on temporary visas (including the H1-B visa), to receive US citizenship. Most of these Executive Orders gave instruction to different departments and agencies. Some instructions were executed almost immediately while others will require more time and scrutiny.

An executive order is a signed, written, and published directive and set of instructions from the United States President in relation to operations of federal government agencies and departments. Executive orders are not considered legislation or rule of law. However, they also do not require approval from Congress, and Congress cannot overturn them through a simple process. Congress may pass legislation making it difficult to carry out a certain executive order, however, only the US President may overturn an existing executive order.

What we have learned from Trump’s past is that his views on US immigration policy are strong. His intention is to make it difficult for individuals to enter and remain within US borders unless he feels they will be a contributing member to society on the financial and job creating front. “We have to be able to get people in the country, and we want people that are productive people,” Trump stated on Tuesday. We have also learned from his past terms, that it is not impossible for him to push an agenda he feels passionate about.

There are many potential impacts and outcomes which could result from Trump’s Gold Card announcement.

First, he may provide guidance to Congress and the changes to the current EB-5 Program could go through the regular legislative process in order to come to fruition. This could be lengthy and take time. In addition, changes could be made if Congress approves, otherwise the EB-5 program could remain in existence as it currently is until 2027, at which point its reauthorization will be reconsidered.

The possible outcome of this scenario is that Trump waits until 2027 and then pushes against reauthorization of the US EB-5 Program if that change is still something he desires at the time.

Second, is that Trump pushes forward with his agenda and signs an executive order. Directives in this order may or may not be executed immediately by USCIS (United States Citizenship and Immigration Services). If the President’s instructions are put into action, then the end of the EB-5 Program could come sooner than later in only a matter of weeks. The result may be litigation against the government.

However, litigation in and of itself can be a lengthy process during which the EB-5 program may remain stalled or cancelled until the litigation is concluded.

Third, Trump may decide to keep the EB-5 Program active at its current state whilst adding the category of “Gold Card.” The possibility of this is slim as Secretary Lutnick has already expressed his disapproval of the current EB-5 Program, and having a less expensive option alongside a more expensive route to the green card may not move the mark in the way President Trump hopes and has stated, “It’s going to sell like crazy. It’s going to be a bargain.”

In light of both President Trump’s recent commentary on the US EB-5 Program, taking into account the lengthy legislative process, and Trump’s desire to push forward with changes to US immigration policy - the US lawyers at Step Global Group are encouraging potential investors to move forward as soon as possible with their application process.

“Submitting an EB-5 application, even with a partial payment, before any changes are made is imperative to ensuring investors may take advantage of the current $800,000 price point before the green card becomes financially unattainable for most,” states Malik.

Although there is no clarity yet on whether or not the EB-5 Program will continue, how long any changes may take, or what those changes may be, for those who are seriously considering a green card for their family or individually, no risks should be taken in missing the current opportunities which exist under the EB-5 program.

It is certainly not out of the realm of possibility that the program could come to an end at some point, whether in the coming weeks or later, under Trump’s administration.