CLIENT ALERT

CSG Law Alert: The “Gold Card” Visa Program: A New Golden Path to U.S. Citizenship?

Conclusion

1. 1. EB-5 visa program is unlikely to change or end in 15 days.
   2. Do not panic and take any hasty actions.

Summary Analysis

On Tuesday, February 25, 2025, the President announced that he intends to replace the EB-5 visa with a new immigration initiative—the “Gold Card” program—which he states would provide a pathway to U.S. citizenship in exchange for a $5 million payment.

According to the administration, the “Gold Card” would replace the approximately 35-year-old EB-5 visa program within the next two weeks.

The proposed Gold Card program would require applicants to pay $5 million to the U.S. government, apparently as a contribution rather than an investment.

As of now, none of these statements about the Gold Card program have been confirmed.

The following facts are important to keep in mind:

1. 1. 1. There are not 200,000 people waiting for EB-5 visas as some of the commentators have stated. While it is hard to calculate an exact number, a combination of Department of State and USCIS data indicates that there are probably in the range of 65,000 to 75,000 people in line for an EB-5 visa, including people with EB-5 petitions filed but not yet approved, and approximately 44,000 applicants who applied before the law changed in 2022.
      2. The EB-5 program is successful and not full of fraud.
         1. EB-5 has brought an estimated $50 billion or more of investment to the U.S. Many investors have gotten green cards and their money back.
         2. Although there have been limited instances of fraud, these prompted the legislative changes in 2022 to increase oversight of the program and offer some protections to investors.
      3. EB-5 was created by Congress in 1990. It has stood the test of time for well over 34 years.
      4. Congress, which makes the laws, most recently reauthorized the program in 2022 – and this was after much deliberation and debate.
      5. Only Congress can change the laws.
      6. It is not likely that the EB-5 program is going to be cancelled or changed in the next two weeks, or in the immediate term.
      7. While the President can influence the processing logistics of cases at the USCIS, he cannot unilaterally eliminate a statutory program such as EB-5.

QUESTIONS, Just a Few That are Food for Thought

1. Will the Gold Card actually provide permanent residency or a path to citizenship?
2. What would be the difference in the rights and privileges of a Green Card holder versus a Gold Card holder?
3. Are there enough people in the world who can afford $5 million on an ongoing basis to make the Gold Card program productive?
4. How many millions will need to be raised to get anywhere close to the current national debt of $1 trillion in revenue to meaningfully bring down any national debt?
5. If through the UNILATERAL exercise of Presidential – Executive Branch authority the Gold Card program is created, it can be revoked unilaterally by a future administration, making it a particularly risky investment, and not likely to be attractive.
6. Attempts by the President to implement the Gold Card program without an act of Congress are more than likely to be challenged in federal court.

Unfortunately, we do not have any details of the proposed Gold Card program, so we are not able to answer these questions at this time. We welcome any lawful immigration program that provides another viable option to come to and remain in the U.S. for our clients. We hope that whatever the Gold Card ends up being, it is in addition to the proven option provided by the EB-5 program.

The EB-5 Immigrant Investor Program, established in 1990 continues to create jobs, and attract foreign investments in the billions of dollars. The money is used in real, local business activities that impact the communities that receive the investments. This impact occurs without any cost to U.S. taxpayers. The investors, like all green card holders, are required to pay taxes on worldwide income.  The program has resulted in permanent resident status for tens of thousands of investors and their family members. And billions of dollars of investors’ money have been returned to them after proper use in the program.

Opportunities for Prospective EB-5 Investors

Under the current law, once an EB-5 application (I-526E) is filed on or before September 30, 2026, it is protected under current law from future expirations of the program.

Despite the above, Congress can change the EB-5 laws. We cannot guarantee that there will not be changes at some point in the future. However, a President cannot make a unilateral change in law. As of now, the program continues to exist, unchanged.

Take the Next Step in Your U.S. Immigration Journey

Now is certainly the time to explore your best options for U.S. investment-based immigration. Please contact your attorney at CSG Law (or one of the authors below) for information about the EB-5 program, or email immigrationadmin@csg-demo.devlunch.co for further support.

Daniel B. Lundy

Rohit Turkhud