EB-5 REMAINS A VIABLE PATHWAY FOR INVESTORS AND DEVELOPERS AMID POLICY DISCUSSIONS BY THE TRUMP ADMINISTRATION: A GOLD CARD VISA IS PROPOSED BUT EB-5 REMAINS INTACT

Carrasquillo Law Group (“CLG”) is closely monitoring recent statements made by President Donald Trump and Commerce Secretary Lutnick during a February 25, 2025, White House presentation in which President Trump announced a proposal to introduce a “Gold Card” visa program that would offer U.S. residency to individuals paying US$5 million to the US Government.  The announcement has led to speculation regarding the future of the EB-5 Immigrant Investor Program due to certain comments made during the press conference.

• EB-5 Program Cannot Be Eliminated by Executive Order

The EB-5 Program is established by U.S. federal law and cannot be eliminated by executive order. The Program is codified under INA § 203(b)(5) and remains protected by the EB-5 Reform and Integrity Act of 2022 (the “RIA”), which reauthorized the EB-5 Program through September 30, 2027. Additionally, any future changes to EB-5 would not apply retroactively to already filed petitions due to the grandfathering provisions in the RIA and legal prohibitions against the retroactive application of new laws.

Prospective investors should proceed with confidence, as any regulatory changes will take time to implement and are likely to face legal challenges.  Investors and developers who are actively participating in the EB-5 Program should consider the impact of potential policy shifts and take the necessary steps to secure their positions under the current framework.

• EB-5 Has Been a Cornerstone of U.S. Immigration Policy for Over 30 Years

The EB-5 Immigrant Investor Program has been part of U.S. immigration law for more than thirty years since its inception in 1990. Any attempt to terminate or substantially modify the EB-5 Program requires action by the U.S. Congress, making it unlikely that an executive order alone could alter the Program or terminate it.

• The “Gold Card” Proposal Does Not Replace or Affect EB-5

While the “Gold Card” proposal is being positioned as an alternative to EB-5, it does not replace EB-5. Unlike EB-5, which requires investment into U.S. businesses that create jobs, the “Gold Card” was presented as a one-time payment to the U.S. Government with no direct economic benefit or return on investment for the applicant.

• EB-5 Investment Thresholds Remain in Place

The minimum EB-5 investment remains $800,000 for projects in a Targeted Employment Area (“TEA”) and $1,050,000 for non-TEA projects. The U.S. government has previously attempted to raise the investment amounts under the EB-5 Program through regulation, but such efforts have faced legal challenges, including the 2019 rule that increased the minimum investment to $900,000, which was later overturned in 2021. If the current or a future administration attempts to increase the required investment amount, investors who apply before any new regulations take effect will remain eligible under the existing lower investment thresholds.

• Grandfathering Provisions Under the RIA Protect Investors

The RIA’s grandfathering provision ensures that all investors who file their I-526E petitions before September 30, 2026, will be processed under the current rules, regardless of future policy changes. This provides certainty for those who act now to secure their investment under the existing EB-5 framework.

• Regulatory Changes May Lead to Increased Demand and Processing Delays

Changes to EB-5 regulations often trigger an increase in application filings, which can lead to processing delays. Filing now ensures priority in the visa queue, as applications are adjudicated based on the date of submission. If demand surges following policy announcements, adjudication times may increase significantly. Investors who file before any new rules are enacted will avoid potential delays associated with increased demand.

• EB-5 Remains a Key Capital Source for Developers

The EB-5 Program remains a critical funding tool for developers. Despite speculation surrounding the “Gold Card” proposal, EB-5 remains the only established, job-creating investment immigration program that channels direct foreign capital into U.S. businesses and infrastructure projects. Developers should take steps now to finalize EB-5 capital commitments before any policy shifts, such as an increase in the minimum investment threshold, which could impact investor demand.

• Timely Filing of I-956F Applications is Critical for Project Success

Developers should also prioritize the timely filing of I-956F applications to avoid delays in investor processing. Investors cannot proceed with I-526E petitions until the project’s I-956F application has been filed, making early submission essential to maintaining project timelines. Given the complexity of EB-5 compliance requirements, developers should work closely with experienced EB-5 counsel to ensure that their filings meet all USCIS regulations and remain eligible under current program rules.

• EB-5 Remains a Secure and Active Program

The EB-5 Program remains in effect, and investors and developers should continue their activities with confidence. Investors who apply now will be protected under the current investment thresholds, and developers should take proactive steps to secure funding commitments.

Carrasquillo Law Group and the members of the EB-5 Practice Group continue to monitor this situation and will provide updates as new information becomes available.  For more information or to discuss an EB-5 investment or project, contact our office and the members of our EB-5 Practice Group today.