POLICY PERSPECTIVE
SOLID GOLD?
THE IMPACT OF THE TRUMP GOLD CARD ON EB-5.
By ALI JAHANGIRI
O
n Feb. 25, 2025, President Donald Trump announced his intent to modify the EB-5 Immigrant Investor Program and replace it with a new“ Gold Card” visa requiring a $ 5-million investment. While this announcement made headlines, it appears more strategic than absolute— signaling an intent to reshape investment-based immigration rather than eliminate it. Trump, a businessman at heart, likely understands EB-5’ s economic value and sees an opportunity to introduce a new visa category targeting ultra-high-networth individuals. He also understands the value of maximizing capital flowing into the country. Why not support two distinct programs— each aimed at different demographics— offering two market-driven products rather than just one?
Rumor has it that Trump’ s Gold Card visa will be a separate category designed to attract the ultra-wealthy, potentially with benefits such as exemption from worldwide income taxation. This concept, if implemented, could coexist alongside EB-5 rather than replace it, creating an alternative pathway for high-net-worth investors.
ECONOMIC REALITY: EB-5 AND THE U. S. DEFICIT The EB-5 program currently generates around $ 5 billion annually, funding U. S. businesses and infrastructure while creating thousands of jobs. It is a financing vehicle often used in the development of hotel and real estate projects that require capital outside traditional lending. The EB-5 program sets aside nearly 10,000 visas a year for investors and their families. Since the average family size is approximately 2.5 people, this translates to about 4,000 new investments annually.
Most EB-5 capital flows into real estate projects rather than startups, as foreign investors are more comfortable with hard assets. EB-5 funds are particularly attractive to developers in today’ s environment, where traditional financing options are constrained by high interest rates and tightening credit markets.
The program has already demonstrated measurable impact through key developments across the country, including the Marriott Marquis in Washington, D. C., a landmark hospitality project that revitalized a major urban block; the Philadelphia
56 hotelsmag. com May / June 2025