In late March 2025, US Commerce Secretary Howard Lutnick announced on the All In podcast that he had sold 1,000 “US Gold Cards” in one day. The so-called “US Gold Card” worth $5 million, which, similar to “Green Card,” open the way to American citizenship. That is the same card that President Trump announced in February 2025, while stating at the time that the new program should replace the existing EB-5 program with a more modest cost – from $800,000.
According to Mr. Howard Lutnick, there are 37 million people in the world who can buy a “US Gold Card,” and Trump believes that the number of cards sold could reach a million. Lutnick added that he would buy a “Gold card” for himself, his wife, and his children, if they were not US citizens.
The US Golden Card: An Immigration Expert’s Opinion
Nuri Katz, founder of Canada-based immigration consultancy Apex Capital Partners, said investors taking advantage of the program would most likely need a net worth of roughly $50 million and estimated that “50 to 200” people would apply. He said he expects people from Asia, including China and the Middle East, as well as Russians and Canadians to be the first to look at these visas. Bloomberg >>
What’s next for the EB-5 program?
Nevertheless EB-5 currently remains the most expedited pathway to U.S. permanent residency for investors and their families. According to the latest comments by Howard Lutnick, the US Gold Card proposal seeks to “modify” EB-5 rather than replace it. Note that the President cannot unilaterally eliminate the EB-5 program or create a new visa category without Congressional action.
Article I, Section 8 of the U.S. Constitution states that Congress controls immigration laws (and, by extension, the EB-5 program). Therefore, any decision to end the EB-5 program would require legislative action by Congress, not unilateral action by the executive branch. Trying to eliminate EB-5 without Congressional input could lead to lawsuits from regional centers or investors themselves.
The EB-5 program is currently in effect until September 30, 2027, under the EB-5 Reform and Integrity Act, further indicating the level of legislative support.
According to USCIS, by the end of September 2024, 12,055 EB-5 visas had been issued through U.S. consulates. That’s not the final number for that fiscal year, but it’s already a record high for the program’s history since 1990.
How to enter the EB-5 program. Key facts
The US EB-5 visa gets its name from its number as the fifth employment-based visa. Those who have invested in a local business that will retain or create 10 permanent, full-time jobs for qualified U.S. employees are eligible to apply.
So, an investor may include his or her spouse and unmarried children under the age of 21 in the application. An investor and his family who have received a US EB-5 visa do not have any restrictions on employment. There is no requirement for permanent residence, but the investor must come to the United States at least once a year.
On average, it takes 30 to 36 months to process an EB-5 US visa application. The waiting time will depend on two factors. Firstly, where the investor came from, how many requests came from this country. If citizens of this state have submitted too many applications, then the consideration of new files will be postponed until next year. Thus, the investor will have to wait until next year until USCIS fills the various quotas.
Approved EB-5 project located just two minutes from Mammoth Mountain, California, The Obsidian Phase II and III Rural EB-5 project is a development of 73 Luxury Townhomes on the Sierra Star Golf Course, a short walk from California’s finest skiing and outdoor areas. More information here >>
Could Trump’s decision negatively affect those who have already applied for EB-5?
This is the question that worries investors the most. However, it is important to note that after the 2022 reform, the so-called grandfathering provision was integrated into the EB-5 structure. This measure protects investors who applied before the new provisions came into force and allows them to receive a green card under EB-5 under the same conditions.
