With Donald Trump’s return to the political spotlight and his recent proposal of a “Gold Card” residency visa, EB-5 stakeholders—investors, issuers, and industry professionals alike—have understandably raised questions about how this new concept might impact the EB-5 landscape. The short answer: it likely won’t. If enacted, the Gold Card might complement rather than compete with the EB-5 program, and could even open up new opportunities for strategic immigration planning.
To understand why, it’s worth breaking down what the Gold Card would entail and the legislative hurdles it would need to clear—then looking at how it might coexist with EB-5.
Legislative Hurdles: Why the Gold Card Is a Long Shot
While introducing a new visa category like the Gold Card would technically require only a simple majority in Congress, the political reality is far more complicated. In the Senate, almost all substantive legislation—especially immigration-related measures—must clear a 60-vote threshold to overcome a filibuster and move to a final vote.
Given the current polarization in Congress, reaching 60 votes is highly unlikely. Immigration legislation, in particular, has repeatedly failed even when broadly supported, because partisan divisions and public sensitivity around immigration make bipartisan cooperation extremely difficult. Proposals seen as favoring wealthy individuals over broader immigration reform are even less likely to attract the necessary cross-party support.
Even if a future administration were able to secure majorities in both chambers, without a supermajority in the Senate, Gold Card legislation would almost certainly stall. Immigration policy changes of this magnitude require a level of political consensus that does not exist today—and is unlikely to emerge in the near future.
And even if the Gold Card somehow cleared these legislative hurdles, it would still face another major obstacle: reworking the U.S. tax code to exempt Gold Card holders from worldwide income taxation.
U.S. Tax Code: The Dealbreaker for Many High Net Worth Individuals
The key pitch of the Gold Card is that ultra-wealthy individuals could obtain U.S. permanent residency without becoming subject to U.S. tax on their worldwide income. However, the U.S. tax code is clear: permanent residents (green card holders) are treated as U.S. persons for tax purposes. This means they are subject to taxation on their global income, regardless of where they live or earn money.
Excluding Gold Card holders from this provision would require a significant tax code rewrite. Congress would need to carve out an exception that treats this new class of residents differently than all others—a move that would likely draw strong opposition, not just from policymakers but also from the IRS and Treasury Department. Implementing such a carve-out's logistical and political difficulty should not be underestimated.
In short, the Gold Card might be appealing to a narrow group of individuals, but its path to becoming law—let alone being structured to avoid U.S. tax liability—is extremely uncertain.
Complementary, Not Competitive: How the Gold Card Could Co-Exist with EB-5
Let’s assume for a moment that the Gold Card somehow becomes law. What then?
Rather than displacing EB-5, the Gold Card could serve a different purpose for a different audience. One clear scenario is the high-earning patriarch of a wealthy family who is unwilling to subject his worldwide income to U.S. taxation. In this case, he might opt to apply for the Gold Card (assuming its proposed tax protections become law), while the rest of the family pursues EB-5 visas.
This scenario is more common than one might expect. In many EB-5 investments I’ve seen, the petitioner is not the primary breadwinner of the family. It is often the spouse or even a child—particularly if they are studying in the U.S. or planning a long-term move. EB-5 offers full permanent residency to the investor, their spouse, and any unmarried children under 21, making it an ideal vehicle for family immigration planning, especially when paired with tax strategy considerations.
Thus, the Gold Card could serve as a parallel strategy for households seeking flexibility: it would allow the wealth generator to retain favorable tax positioning while enabling the rest of the family to live, work, and study in the United States under EB-5.
Why EB-5 Remains Strong—Regardless of Political Shifts
EB-5 has always been a politically resilient program. That’s because its value proposition aligns closely with bipartisan priorities: job creation, rural and urban revitalization, and foreign direct investment into U.S. communities. Since its inception, the EB-5 program has brought billions of dollars into the country and helped finance infrastructure, housing, and business growth—often in areas that struggle to attract traditional financing.
Perhaps more importantly, many elected officials have seen firsthand how EB-5 projects have benefited their districts. Whether it’s a redeveloped downtown area, a new senior living facility, or a manufacturing plant creating hundreds of jobs, EB-5 investments are visible and politically valuable. That’s why lawmakers from both parties have historically supported the program, even during periods of broader immigration reform gridlock.
The EB-5 Reform and Integrity Act of 2022 (RIA) further solidified this bipartisan commitment. The Act brought long-awaited changes—like reserved visas for rural and infrastructure projects, enhanced transparency, and the reauthorization of the Regional Center program through 2027. These updates made the program more attractive to investors and more credible in the eyes of lawmakers and regulators.
As long as EB-5 continues to deliver economic value, it’s unlikely that any new initiative—even one championed by the president—would supplant it.
Final Thoughts for Investors
For prospective EB-5 investors concerned about the future of the program: the path forward remains stable. While the Gold Card proposal has attracted headlines, its many legal and political challenges make it an unlikely disruptor to the EB-5 space. If it ever becomes law, it would likely serve a niche group of individuals looking for specific tax advantages, and could in fact complement family immigration planning strategies where EB-5 remains central.
The EB-5 program, meanwhile, continues to offer a proven, government-backed path to permanent residency for investors and their families—one that’s grounded in economic development and community benefit.
Investors evaluating their U.S. immigration options should remain confident in the EB-5 program’s standing, credibility, and long-term viability.
