Donald Trump’s “Golden” Visas

On February 25, 2025, Trump announced his intention to end the EB-5 program and replace it with a “Gold Card” visa that requires a $5 million investment. While the announcement made headlines, it appears to be another publicity stunt.

Trump’s “Gold Card” visa would be a separate category designed to attract the super-rich, potentially with benefits such as exemption from global income taxes. The concept, if implemented, could coexist with EB-5 rather than replace it, creating an alternative path for high-net-worth investors.

Currently, the EB-5 program generates about $5 billion a year, funding U.S. businesses and infrastructure and creating thousands of jobs. Trump’s claim that his proposed visa could help reduce the nation’s $34 trillion deficit is simply unrealistic. Even if the new program were to attract significant investment, its contribution would be a drop in the bucket compared to the scale of the deficit.

Could Trump End EB-5?

Despite his statement, Trump cannot unilaterally repeal the EB-5 program. Immigration laws are controlled by Congress (Article I, Section 8 of the Constitution). In 2022, Congress modernized and extended EB-5 through 2027 under the EB-5 Reform Act (RIA). This means that any effort to repeal EB-5 would require new legislation.

While the president can influence immigration enforcement, directly ending EB-5 through executive action would immediately face insurmountable legal challenges.

Prospects

Trump’s announcement appears to be a move to expand and rebrand investment-based immigration to the U.S., rather than an intent to repeal EB-5. His administration may insist on a dual system — preserving EB-5 to attract cheap capital to the U.S. economy and create jobs, and creating a “Gold Card” visa for the super-rich on as-yet-unknown terms. Given the balance of power in Congress, repealing the federal EB-5 law appears unrealistic, and EB-5 will remain in effect until at least September 2027.