Introduction

The EB-5 Investor Visa has long been a gateway for foreign nationals seeking U.S. permanent residency through significant economic investment. However, recent discussions surrounding former President Donald Trump's proposed "Gold Card" raise questions about the future of the EB-5 program and potential alternatives. This article explores the legislative process required to end the EB-5 program, the legal feasibility of a "Gold Card" through executive action, and the likelihood of terminating the EB-5 Regional Center Pilot Program.

1. Legislative Process for Ending the EB-5 Visa

The EB-5 visa program is codified under the Immigration and Nationality Act (INA) and any substantial modification, including termination, requires legislative action. Congress would need to pass a bill to repeal or amend the relevant sections of the INA, a process that involves:

• Introduction of legislation in either the House of Representatives or the Senate.
• Consideration by the relevant committees (such as the House and Senate Judiciary Committees).
• Floor debate and voting in both chambers.
• Presidential approval or veto (with a potential override by Congress).

Given the complexity of immigration policy and the lobbying power of stakeholders benefiting from the EB-5 program, a full legislative repeal would face significant political hurdles.

2. Possibility of Ending the EB-5 Regional Center Pilot Program

The EB-5 Regional Center Program, distinct from the direct EB-5 investment route, operates as a pilot program requiring periodic congressional reauthorization. The program faced a lapse in 2021 before being reinstated with significant reforms in 2022.

• Congress could allow the program to lapse again by not renewing its authorization.
• The executive branch could impose stricter oversight, making participation less attractive.
• Legal challenges from vested interests could delay or prevent outright termination.

Given its history of bipartisan support for economic development, outright termination remains uncertain.

3. Legal Basis for a "Gold Card"

The concept of a "Gold Card" proposed by Trump is largely undefined but appears to resemble an investor visa with fewer restrictions than the EB-5 program. Key questions include:

• Congressional Act and President’s Signature: Given that Republicans currently control both the Senate and the House, there is a possibility that the "gold card" proposal could become law if it gains sufficient support within Congress and is signed by the President.
• Executive Order Authority: The President has broad discretion over immigration matters, particularly in setting visa priorities through executive action. However, creating an entirely new investor visa category would likely require congressional approval.
• Parole or Temporary Status Mechanism: The administration could potentially use humanitarian or economic parole to admit high-net-worth investors, though this would not confer permanent residency.
• Regulatory Adjustments: The Department of Homeland Security (DHS) and the State Department could revise existing investor visa regulations, but such changes would be subject to judicial challenges if they exceed statutory authority.

Summary and Predictions

While the prospect of replacing the EB-5 visa with a "Gold Card" is intriguing, significant legal and political barriers exist. Ending the EB-5 visa outright would require congressional action, a complex and uncertain process. Implementing a "Gold Card" through executive order is legally dubious without statutory backing. The EB-5 Regional Center Pilot Program, however, remains vulnerable to non-renewal or restrictive regulatory changes.

If a future administration pursues investor immigration reform, it is more likely to modify rather than eliminate the EB-5 program. Depending on legislative and judicial actions, a "Gold Card" may emerge as a parallel or alternative program rather than a replacement.

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Founded in 1996, Zhang & Associates, P.C. offers legal services to clients worldwide in all aspects of U.S immigration law. We have successfully handled over ten thousand immigration cases.

At Zhang & Associates, P.C., our attorneys and supporting professionals are committed to providing high-quality immigration and non-immigration visa services. We specialize in NIW, EB-1, PERM, I-485 I-130, H-1B, O, L and J cases. In the past over twenty years, we have successfully helped over ten thousand clients get green cards. If you plan to apply for a green card, please send your CV to Attorney Jerry Zhang (info@hooyou.com) for a free evaluation.

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(03/02/2025)