On February 25, 2026, the Trump administration announced plans to potentially replace the longstanding EB-5 investment green card program with a new initiative called the ‘Gold Card.’ This program would require a $5 million investment and could offer a path to U.S. citizenship. While the announcement has sparked both intrigue and concern, the details remain unclear. What does this mean for current and prospective EB-5 investors?
The EB-5 Immigrant Investor Program has long been a pathway for foreign nationals to obtain U.S. green cards through substantial investments in the U.S. economy. In 2022, the EB-5 Reform and Integrity Act (RIA) introduced significant changes to the program, reinforcing compliance measures while also extending the Regional Center pilot program until September 30, 2027.
A key provision of the RIA includes grandfathering protections, ensuring that any EB-5 investor who files a petition by September 30, 2026, will have their case processed, even if the program lapses. This means that for now, EB-5 investors can still proceed with their applications and investments under the current framework.
The announcement of the Gold Card program raises important legal and logistical questions. The Trump administration cannot unilaterally revoke the EB-5 Reform and Integrity Act or immediately dismantle the existing EB-5 program. Such changes would require Congressional action, which could be met with resistance, particularly given the bipartisan support for investment-based immigration.
That said, the future of the EB-5 program remains uncertain. If Congress does not extend the Regional Center Program beyond 2027, the program could face expiration, making Trump’s alternative Gold Card initiative a potential replacement.
While details on the Gold Card program remain sparse, key differences from EB-5 may include:
For those currently in the EB-5 process, the key takeaway is that the existing program is still valid. Investors who file before the September 30, 2026 deadline are protected under the RIA’s grandfathering provisions, meaning their applications should be processed regardless of future changes.
For prospective investors, the uncertainty may require careful planning. With potential policy shifts on the horizon, those considering EB-5 may want to act sooner rather than later to secure their place in the program before any major legislative changes occur. The Trump administration has stated that more details about the Gold Card program will be released in the coming weeks. Until then, immigration attorneys, EB-5 investors, and stakeholders should stay informed and prepared for potential legislative developments.
The announcement of the Gold Card program introduces both opportunities and uncertainties for foreign investors seeking U.S. residency. While the Trump administration’s plan signals a new approach to investment-based immigration, the fate of the EB-5 program remains tied to Congress. As we await further details, one thing is certain—investment immigration is once again at a crossroads, and staying informed will be crucial for those looking to navigate this evolving landscape.