Recently, U.S. President Donald Trump announced plans to introduce a program offering investors a U.S. green card in exchange for a $5,000,000 investment in the country’s government. According to Trump, this initiative wouldn’t require congressional approval.
The proposed ‘Golden Visa’ could potentially replace the EB-5 program—one of the world’s first investment immigration programs, established under the Immigration Act of 1990. But is that really the case? Let’s break it down.
Key Requirements
The EB-5 program, which provides a U.S. green card through investment, doesn’t involve a direct contribution to the government. Instead, it requires business investments that create at least 10 jobs. According to the rules, investors have to commit $800,000 to $1,050,000 into an existing business (such as a regional center project) or start their own enterprise. The processing time for an EB-5 visa is typically about a year.
The program is highly popular. According to U.S. Citizenship and Immigration Services (USCIS), nearly 5,000 EB-5 applications were submitted in the 2024 fiscal year—an 85% increase from the previous year.
Alena Lesina, Director of Astons’ U.S. office, assessed the prospects of Trump’s proposed alternative:
Very little is known about the potential new ‘Golden Visa’ program. However, given the variety of legal pathways to obtaining a green card—such as visas for skilled professionals, entrepreneurs, and the E-2 visa—it’s unclear whether investors would be willing to make a non-refundable $5,000,000 contribution, as proposed by Trump. That said, if the program offers significant advantages, such as a faster green card approval process (currently, EB-5 takes about a year) or fewer background checks, it might attract investors willing to commit larger sums.
Will the EB-5 Program Be Discontinued?
Trump’s announcement has raised concerns among EB-5 applicants, prospective investors, and legal professionals working with the program. However, according to Astons experts, there is no immediate cause for concern.
First, under Article I, Section 8 of the U.S. Constitution, Congress controls immigration laws—including the EB-5 program. This means that ending the program would require congressional approval, not just executive action. Any attempt to terminate EB-5 without Congress could lead to lawsuits from regional centers or investors.
Currently, the EB-5 program is authorized through September 30, 2027, under the EB-5 Reform and Integrity Act. This indicates the level of legislative support.
Second, EB-5 is a massive and influential industry with strong lobbying support from regional centers, business owners, and developers who rely on foreign investment.
Experts believe a sudden and complete shutdown of the EB-5 program is unlikely. The main reason? It remains a critical source of investment and job creation, benefiting the U.S. economy. The program has already generated tens of thousands of jobs nationwide, and a report by the U.S. Government Accountability Office found that less than 1% of EB-5 petitions were fraudulent in the 2021 fiscal year.
According to USCIS, as of September 2024, 12,055 EB-5 visas had been issued through U.S. consulates. While not the final count for the fiscal year, this already marks a record-high number since the program’s inception in 1990.
Could Trump’s Decision Negatively Impact Current EB-5 Applicants?
Short answer: probably not.
Longer answer: A key protection was built into the EB-5 program during its 2022 reform—known as the grandfathering provision. This ensures that applicants who submitted their petitions (such as Form I-526 or I-829) before any policy changes remain subject to the existing rules. Even if there are new restrictions or investment requirements, these investors would still be processed under the old terms.
What Should Investors Do?
For now, the EB-5 program remains unchanged, and any new policies will take time to implement.
Currently, EB-5 remains the fastest route to U.S. permanent residency for an entire family. With a business investment of at least $800,000 and a processing time of approximately 12 months, a green card can be obtained by the investor, their spouse, and unmarried children under 21.
The capital must be invested in a business that creates at least 10 jobs, and the project must carry an element of entrepreneurial risk. The most efficient way to meet these requirements is by investing in a U.S. regional center project—a commercial enterprise authorized by USCIS to facilitate EB-5 investments. Regional centers oversee compliance with both commercial and immigration regulations, including job creation requirements.
A green card grants the right to live, work, and study in the U.S., and after 5 years (due to certain conditions), investors can apply for citizenship.
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