The EB-5 Immigrant Investor Program has long been a pathway for foreign investors seeking permanent residency in the U.S., offering a green card in exchange for job-creating investments. It is not a giveaway nor a simple path to “buy a green card” (as noted by David Bier of the Cato Institute). The program has faced political scrutiny, regulatory reforms, and ongoing debates about its integrity and effectiveness. Notably, the program was restructured under the EB-5 Reform and Integrity Act of 2022 (RIA), which reauthorized the regional center program until September 30, 2027, introduced stricter compliance measures, and solidified investor protections.
On February 25, 2025, President Donald Trump introduced a surprising new immigration policy proposal: the “Trump Gold Card,” a visa option requiring a $5 million investment for green card “privileges” and a pathway to citizenship program intended to replace EB-5, with aims to attract ultra-high-net-worth individuals while raising government revenue. However, whether such a program could be implemented unilaterally through Executive Order and whether Congress—especially given its current political makeup—would back such a drastic shift is questionable.
For EB-5 investors and regional centers, this announcement raises several pressing concerns:
Can the president legally terminate EB-5 without Congress?
Could the Gold Card visa be implemented through a budget reconciliation bill that the current Congress is planning to pass?
What does this mean for those currently in the EB-5 process?
Is this proposal likely to become law, or is it more of a political maneuver?
This article provides an in-depth analysis of the legal, legislative, and political landscape surrounding this proposal—and what it means for investors, project sponsors, and regional centers navigating the U.S. investment immigration market.
Executive Orders vs. the EB-5 Reform and Integrity Act (RIA)
The EB-5 immigrant investor program was established by statute in 1990. In 1992, the U.S. Congress amended the program to add the Regional Center Pilot Program, which sought to expand the basic program by allowing indirect job creation to be factored. Then, in 2022 Congress passed the RIA reauthorizing the EB-5 Regional Center program through September 30, 2027. As such, because EB-5 is grounded in law, a presidential Executive Order cannot override or eliminate the program – the President lacks authority to undo an act of Congress. U.S. immigration law falls under Congress’s exclusive power, meaning only Congress can create, modify, or abolish visa categories. The Constitution grants Congress the power to set immigration and naturalization rules, so the President cannot unilaterally end EB-5 or replace it with a new visa by decree. Any attempt by the executive branch to ignore or contradict the EB-5 provisions in the law would be unlawful and almost certainly stopped by the courts. In short, an Executive Order cannot repeal the RIA or terminate the EB-5 program – only a new act of Congress could do so.
Importantly for investors, the RIA provides stability through 2027. The regional center program is authorized until Sept. 30, 2027 by law. Furthermore, the RIA included a grandfathering clause to protect investors in case of a sunset: anyone who makes an EB-5 investment and files a petition by September 30, 2026 (one year before the RIA’s expiration) is safeguarded. Under this clause of the RIA, USCIS must continue processing properly filed EB-5 petitions even if the Regional Center program lapses, and an expiration cannot be used as a reason to deny or delay petitions, and approved investors would remain eligible for an EB-5 visa issuance post-sunset. This means EB-5 investors who enter the program before that cutoff are insulated from a potential shutdown, and their path to a green card will remain open even if the program were to expire.
As for the political dynamics leading up to 2027, any significant change to EB-5 will require legislation in Congress, which sets the stage for debate in the coming years. The current law’s expiration in late 2027 means that before that date Congress will have to decide whether to reauthorize the EB-5 regional center program, modify it, or let it lapse. Given the President’s recent “Gold Card” proposal, stakeholders such as AIIA and IIUSA should anticipate a contentious policy discussion well before 2027. Industry groups and immigrant investor advocates are already gearing up to defend the EB-5 program’s merits or negotiate potential changes. With the program’s future on the line, we can expect intense lobbying and political negotiation prior to the 2027 sunset. However, until any new law is passed, EB-5 remains the law of the land – investors and regional centers can continue operating under the existing rules, confident that an executive action alone cannot shut the program down overnight.
Legislative Feasibility: Budget Reconciliation and Modifying the RIA
Given that an executive order cannot by itself end EB-5, the focus shifts to Congress. The question is whether Congress could repeal or modify the RIA (and thus overhaul EB-5) through special means like a budget reconciliation bill, and whether such changes could realistically pass with the current balance of power. At the moment of this article’s publication, Congress is working on a budget bill through the reconciliation process.
Budget reconciliation is a legislative process that allows certain budget-related bills to bypass the Senate filibuster and pass with a simple majority. However, reconciliation comes with strict rules – notably, provisions included must primarily affect federal revenue or spending and not be “extraneous” policy changes. Major immigration reforms typically do not qualify under these rules. In fact, the Senate Parliamentarian has repeatedly rejected attempts to include immigration policy changes in reconciliation bills. For example, a 2021 proposal to offer legal status to undocumented immigrants was ruled out of order because it was deemed a “substantial policy change” with effects outweighing its budget impact. By the same reasoning, a sweeping change like repealing the EB-5 program or creating a new $5 million visa category would likely fall outside the scope of reconciliation, since it fundamentally restructures an immigration program rather than making a purely budgetary tweak. While the proposed Gold Card program is pitched partly as a deficit-reduction measure (due to the high price tag), the core of the proposal is an immigration policy change – something reconciliation is ill-suited to carry. In short, using a budget reconciliation bill to overturn the RIA or establish a Gold Card visa would be procedurally very difficult. It would likely run afoul of Senate rules, meaning 60 votes would still be needed to overcome a filibuster for such provisions.
Without the shortcut of reconciliation, any change must go through the regular legislative process. That requires the usual 60-vote threshold in the Senate to end debate (invoke cloture) on a bill amending the immigration laws. In the current Congress, reaching 60 votes is a steep challenge. As of now, neither party holds a filibuster-proof majority. Even if Republicans (some who have signaled support for Trump’s plan) control one or both chambers by a slim margin, they would need bipartisan support in the Senate to pass an EB-5 overhaul. For perspective, suppose Senate Republicans number around 53 seats (following the 2024 elections) – they would still need at least 7 Democratic senators to join them to overcome a filibuster. That is an unlikely scenario, especially given how polarizing immigration policy can be. Moreover, it’s not guaranteed that all Republican lawmakers would back dismantling EB-5. Many GOP senators and representatives have been supporters of the EB-5 program (which has brought investment and jobs to their states), so even within the party there could be resistance to scrapping the existing program in favor of an untested Gold Card scheme.
Considering the current balance of power in Congress, any proposal to repeal or significantly modify the RIA faces an uphill battle. The House of Representatives has a narrow majority, and the Senate is closely divided, so passing controversial immigration legislation is daunting. Immigration reforms in general have stalled in recent years, even when there was broader agreement on the need for change. There would have to be a compelling, bipartisan consensus to enact the Gold Card or to repeal EB-5 early, which at present does not exist. In summary, Congressional action is required to change EB-5, and given partisan divides, a budget reconciliation maneuver is not a viable workaround. Unless there’s a dramatic shift in political will, the RIA is likely to remain in place as-is until its scheduled 2027 expiration, with only a small window for any legislative changes before then.
What This Means for EB-5 Investors and Stakeholders
For EB-5 investors, regional centers, and project developers, the key takeaway is stability for now, uncertainty in the future. The RIA remains the controlling law until at least September 30, 2027, meaning that existing investors and those considering the program can still proceed with confidence under the current framework. The grandfathering provisions ensure that petitions filed by September 30, 2026, will continue to be processed even if the program sunsets, making it crucial for investors to act sooner rather than later.
The “Trump Gold Card” proposal, while attention-grabbing, remains a political concept rather than an imminent policy change. Any effort to replace EB-5 would require congressional action, and the likelihood of such legislation passing in the near term is low, given the divided nature of Congress and the procedural hurdles involved. Moreover, the legal limitations on using executive orders or budget reconciliation to overhaul the program further reduce the likelihood of an abrupt change.
That said, the political climate leading up to the 2026 midterm elections and the 2027 EB-5 sunset deadline could shape the future of investor immigration. If the Gold Card or a similar high-dollar investor visa gains traction among lawmakers, we may see efforts to reshape EB-5 in the coming years. However, given EB-5’s long-standing role in economic development and job creation, it is more likely that Congress would amend and reform EB-5 rather than eliminate it entirely.
For now, EB-5 stakeholders should continue to monitor legislative developments, engage with industry advocates, and ensure compliance with the RIA’s requirements. Investors considering EB-5 should take advantage of the certainty that the current program provides, knowing that their path to U.S. residency remains intact under the law. While political discussions may continue, the fundamentals of EB-5 remain strong, and for those seeking a reliable investment immigration pathway, EB-5 remains the best option available today.
