Is the EB-5 Program Still Available? What a US$5 Million Gold Card Would Change
April 25, 2025 · EB-5 · 11 min read
The Trump administration’s proposed “Gold Card,” with a non-refundable US$5 million investment, could make the path to a U.S. green card more expensive than ever.
{#bo-qua-so: “cuoi thang 2” dich thanh chu “late February”; so 5 trong EB-5 nguon dung gach noi U+2011 nen may tach sai} In late February, President Donald Trump announced a proposal that drew attention across the investment migration market: replacing the EB-5 investor green card program with a new category called the “Gold Card,” carrying a non-refundable investment of up to US$5 million. The proposal immediately raised a pressing question for international investors: is the EB-5 program still available, and how much longer will the US$800,000 route into the United States stay open?
From the EB-5 visa to the “Gold Card”: a far more expensive route to a U.S. green card
{#bo-qua-so: so 5 trong “EB-5” nguon dung gach noi U+2011 nen may doc thanh so roi} EB-5 was created by the U.S. Congress in 1990 and allows foreign investors to obtain a green card by investing in a commercial enterprise that creates at least 10 jobs in the United States. Over more than 30 years it has become a preferred immigration route for tens of thousands of families worldwide, and IMM Group has taken hundreds of successful cases from Vietnam through the process.
The “Gold Card” proposal, however, could change the rules entirely. As announced, the Gold Card would require a US$5 million payment made directly into the U.S. budget, with no job-creation requirement, no project to invest in, and no return of capital. In effect, it would be a cash-for-residence route rather than an investment.
The Gold Card has not yet reached the implementation stage. Even so, the administration’s continued political and public campaigning to make the idea a reality has been enough to create a wave of apprehension and prompt investors to act early.
A difference of millions of dollars: an opportunity cost that can shape a generation
As a legal matter, immigration experts note that for the Gold Card to replace or eliminate EB-5, the administration would have to go through Congress, which would certainly face significant obstacles.
Over the longer term, however, implementation of the Gold Card is entirely possible. Were that to happen, the investment required for a U.S. green card would no longer be US$800,000 but as much as US$5 million, with no return of capital.
Comparing the two programs shows the extent of the loss an investor could suffer by waiting:
Criteria
EB-5 (current)
Gold Card (proposed)
Investment
US$800,000
US$5,000,000
Return of capital
Capital may be returned after 5–7 years
None
Job creation
10 jobs required
Not required
Statutory basis
Yes, enacted by Congress
None yet; a political announcement only
Legal status
Authorized through fiscal year 2027 under the EB-5 Reform and Integrity Act of 2022 (RIA)
Still being developed; no defined process
With a gap of as much as US$4.2 million, investors who hesitate face not only a far larger financial commitment but also a passive position for their family’s immigration plans.
Acting early to protect your eligibility
Technology billionaire Elon Musk, through an engineering team at the Department of Government Efficiency (DOGE), is reported to be developing the software and the online filing process for the program. According to reporting by The New York Times, the system is intended to cut processing times to as little as two weeks, far faster than current EB-5 processing. The fact that the administration and figures as prominent as Elon Musk are pressing ahead suggests the program is being advanced, and that EB-5 could be displaced at some point.
Meanwhile, the EB-5 program continues to accept and adjudicate petitions as normal. The grandfathering provision of the EB-5 Reform and Integrity Act of 2022 (RIA, Public Law 117-103) is explicit: a regional center EB-5 petition properly filed on or before September 30, 2026 must continue to be adjudicated to a final decision even if the program lapses, and visas already issued are not revoked because the program has ended. In other words, whichever way the policy goes, investors who have filed, or who file in time, keep their place in the queue and their petitions continue to be processed if EB-5 is later replaced.
Filing a complete EB-5 petition, however, requires roughly 6–12 weeks of preparation, including:
- Strategic planning and assembling documentation to evidence the lawful source of funds
- Selecting and conducting due diligence on a suitable investment project.
- Preparing and translating documents.
If you wait until the law changes before you start preparing, you may well not have time to file within the protected window.
Why work with an experienced advisory firm?
Given the complexity of the documentation and a policy environment that keeps shifting, your advisory firm’s experience and its ability to manage problems when they arise matter a great deal to a family’s U.S. immigration plan. As a pioneer of investment migration in Vietnam, IMM Group brings a track record that includes:
- IMM Group states that it is the only firm in Vietnam to have prevailed in litigation against U.S. Citizenship and Immigration Services (USCIS), protecting the interests of EB-5 investors.
- More than 21 years advising hundreds of client families, resolving some of the most demanding EB-5 cases, including documenting source of funds held through third parties (2008) and restructuring EB-5 projects stalled by the financial crisis and the pandemic, while pursuing investors’ green card and capital interests to the end.
- A four-stage due diligence process (legal, financial, construction, market) applied to every EB-5 project, designed to reduce investor risk.
- Transparent fees, and an IMM Group undertaking to refund, on the terms set out in its client agreement, if the EB-5 program is discontinued before the investor’s petition receives an official receipt notice from USCIS.
Expert recommendations
Whether or not the “Gold Card” becomes a reality, it is a clear signal that the cost of and requirements for U.S. immigration are likely to keep rising. For now, EB-5 remains the legal, effective, and most cost-optimal route to a U.S. green card, although the capital must be placed at risk under U.S. law and can be lost.
IMM Group’s recommendations for investors who are serious about this route:
- Assess eligibility early. Review the EB-5 requirements against your circumstances (financial plan, lawful source of funds, residence objectives) before the law changes.
- Prepare in parallel. Project due diligence, a source-of-funds audit, and document translation should begin now so the petition is ready to file within the protected window.
- Follow the legislation closely. IMM Group will share updates as significant developments occur so you can adjust your plans in good time.
If you would like your EB-5 eligibility assessed, or a clearer view of how the proposed Gold Card could affect your family’s plans, IMM Group can arrange a private, confidential discussion and provide legal and financial analysis specific to your situation.
IMM Group — a pioneer with 20 years leading EB-5 advisory in Vietnam.
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