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      GMS Flash Alert 2025-048

      United States – Trump’s Gold Card and the Future of EB-5

      GMS Flash Alert 2025-048 | March 3, 2025

      President Donald J. Trump announced on February 25, 2025, that the U.S. intends to sell “Gold Cards” that will provide the recipient with U.S. lawful permanent residency privileges as well as a path to U.S. citizenship in exchange for a $5 million fee, it has been reported.1  An individual may purchase the Gold Card for themselves, or companies may purchase the Gold Card for key employees.2  

      The Trump administration envisions that the Gold Card program will replace the EB-5 program within two weeks, and will not require congressional approval.3

      Commerce Secretary Howard Lutnick noted that the Gold Card will eradicate issues of fraud associated with the EB-5 program.  There was no reference to a requirement of job creation, which is a cornerstone of the EB-5 program.4

      WHY THIS MATTERS

      The announcement creates uncertainty about the future of the EB-5 program. However, it is unlikely that the EB-5 program can be easily abolished by a presidential executive order.  As U.S. federal immigration and nationality law is controlled by Congress and protected under the U.S. Constitution, new legislation must be passed through Congress to terminate the EB-5 program. Notably, preserving the EB-5 RC program beyond its 2027 expiration date will now require significant lobbying.

      Potentially, the Gold Card program could exist alongside the EB-5 program.  It may serve as a parallel pathway for high-net-worth individuals to pursue U.S. permanent residency through a donation-based, rather than a job-creation investment-based model. 

      Background on the EB-5 Program

      The EB-5 program was created by the U.S. Congress in 1990 to simulate the U.S. economy through job creation and capital investment by foreign investors.5  Under this program, a foreign investor is eligible to apply for a Green Card if he or she makes the necessary investment in a U.S. commercial enterprise and creates 10 permanent full-time jobs for U.S. workers.  The EB-5 investment amount is $1.05 million (or $800,000 in a targeted employment area or infrastructure project).  The EB-5 investment can be a direct investment in a business or through a designated EB-5 Regional Center, which gathers investment funds from multiple EB-5 investors to fund projects.

      Notably, in 2022, President Joseph Biden signed the EB-5 Reform and Integrity Act, which reauthorized the EB-5 Regional Center (“RC”) Program until 2027.6  The bill also includes a provision to protect EB-5 investors who have invested, or plan to invest, before September 2026 in the event of a future lapse in the EB-5 RC program.

      KPMG INSIGHTS

      No details have yet been provided by the Administration on eligibility and conditions for applicants for the Gold Card.

      The EB-5 program remains active for now and continues to be an attractive option, especially for individuals born in retrogressed countries such as China and India.  The upcoming U.S. Visa Bulletin for March 2025 shows that all nationalities remain current through certain expedited regional center projects.7

      Once the initial EB-5 application (Form I-526E) is filed, the application will be protected.8  EB-5 investors who have invested, or plan to invest, before September 2026 will be protected from future lapses in the EB-5 RC program.9  It is possible that the Trump Administration may direct U.S. Citizenship and Immigration Services (“USCIS”) to reduce or pause the processing of EB-5 petitions, but any such directive is anticipated to be successfully challenged and enjoined in court. 

      KPMG Law LLP will continue to monitor developments concerning this newly-announced pathway to lawful permanent residency and the future of the EB-5 program, and we will keep readers of GMS Flash Alert apprised as matters evolve.

      FOOTNOTES:

      1  See AP, "Trump wants to offer wealthy immigrants ‘gold cards’ for $5 million," (February 25, 2025) at:  https://apnews.com/video/trump-wants-to-offer-wealthy-immigrants-gold-cards-for-5-million-4249ecd849e14d2b8e5a05be8a8e7bad .  Please note that by clicking on this link, you are leaving the KPMG website for an external site (non-governmental, non-KPMG), that KPMG is not affiliated with nor does KPMG endorse its content.  The use of the external site and its content may be subject to the terms of use and/or privacy policies of its owner or operator.

      2  Ibid. 

      3  See footnote 1.  

      4  Ibid.    

      5  See” EB-5 Immigrant Investor Program” at:  https://www.uscis.gov/working-in-the-united-states/permanent-workers/eb-5-immigrant-investor-program .

      6  See H.R.247 - Acre In, Acre Out Act at: https://www.congress.gov/bill/117th-congress/house-bill/2471 .

      7  “Visa Bulletin For March 2025” on the State Department website at:  https://travel.state.gov/content/travel/en/legal/visa-law0/visa-bulletin/2025/visa-bulletin-for-march-2025.html . 

      8  I-526E, Immigrant Petition by Regional Center Investor at:  https://www.uscis.gov/i-526e .

      9  See footnote 6.  

      Contacts

      Elizabeth Nanton
      Elizabeth Nanton

      Partner and U.S. Immigration Practice Leader, KPMG Law LLP

      KPMG in Canada

      Nashrah Rahman
      Nashrah Rahman

      Manager—Attorney, U.S. Immigration

      KPMG in Canada

      Disclaimer

      * Please note the KPMG International member firm in the United States does not provide immigration or labour law services. However, KPMG Law LLP in Canada can assist clients with U.S. immigration matters.

      The information contained in this newsletter was submitted by the KPMG International member firm in Canada.

      GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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