Authored by Jill Jones, General Counsel of Institutional Client Services USA for JTC Group.
Since it was first announced, there has been plenty of discussion surrounding the suggested “gold card” visa that would offer foreign nationals the chance to potentially buy U.S. residency for $5 million. The EB-5 program provides a path toward permanent residency to foreign nationals who invest in job-creating projects in the U.S.
Under the EB-5 investor visa program, per U.S. Citizenship and Immigration Services (USCIS), foreign investors can obtain U.S. permanent residency by investing $1.05 million, or $800,000 for projects qualifying for a set-aside category, in real estate developments that create jobs for U.S. taxpayers.
Since the announcement of the gold card, there have been many discussions about what impact, if any, such a program would have on the current EB-5 program. To help sift through the confusion, here are some key differences between the proposed gold card and the EB-5 program, as well as what those differences could mean for potential applicants, American workers and the country as a whole.
1. EB-5 is established law.
Regardless of the level of press it has generated, it’s important to remember that the gold card visa is, at this point, only a concept. There has been no formal legislation proposed or Congressional action taken, and few details have emerged as to how the program would operate. Any new law creating the visa program would need to be passed by Congress before it could be enacted by the president. And a program that would offer different tax treatment for its participants than for any other person in the U.S. would need to be approved by the IRS, according to CNBC.
In contrast, EB-5 has already existed for 35 years. Any changes to the program, including termination, require congressional action, and no such proposals have been introduced at the time of this writing. EB-5 investors filing before September 30, 2026, are grandfathered in under the EB-5 Reform and Integrity Act of 2022.
EB-5 offers a well-established, clearly defined path that is available to foreign nationals today.
2. EB-5 is not a ‘citizenship by investment’ program.
The gold card idea is not without precedent. Other countries have “golden visa” programs that allow those who either make a monetary donation or an investment in real estate to receive residency, and in some situations, citizenship. It is unclear how the American gold card will involve a path to citizenship, but the popularity of citizenship-by-investment programs in other countries can give us some idea of how the program might work in comparison.
A common misconception about the EB-5 program is that applicants are simply “buying” green cards. In reality, investing in EB-5 does not guarantee immigration approval. Applicants invest “at-risk” funds in projects that must create at least 10 jobs per investor, as required by USCIS.
3. EB-5 involves a lower investment threshold than the proposed gold card.
Based on what we know so far, the gold card is expected to be offered with a $5 million price tag, but the White House hasn’t said whether that would cover a family or only an individual visa, the aforementioned CNBC article explained. If the latter, for a family of four, that means they may need to provide a $20 million donation with no chance of a return.
There is a limited number of foreign investors who could afford this. Additionally, many of these wealthy individuals already live in the U.S. While there is value in attracting these ultra-high-net-worth individuals (UHNWIs) to the U.S., the pool of potential gold card applicants may not be as large as anticipated.
Conversely, EB-5 applicants have the potential to secure a conditional green card for themselves and their eligible family members. EB-5 applicants often expect a return on their investment, which can make it a more accessible option for more investors. While some EB-5 investors are UHNWIs, in my firm’s experience, most are families using savings or pooled funds to create better opportunities for their children through education and career advancement in the U.S.
4. EB-5 investment serves a different purpose.
Early speculation indicates that all payments for gold card visas will be used to pay down the national debt. While there is value in this, EB-5 investments serve a different purpose. Capital raised through EB-5 offerings is used to provide financing for development and job creation in underserved areas that need the support.
As mentioned above, each EB-5 investment must create at least 10 full-time jobs. I’ve seen these investments support projects in affordable housing, agriculture, healthcare and senior living, often in rural or underserved urban areas where traditional financing is limited. In many cases, EB-5 funding is a catalyst that helps move development forward, bringing capital to communities that benefit from job creation and economic growth. And, 96% of EB-5 funding comes from filing fees, so it requires little in congressional appropriations.
While the programs differ, both offer meaningful economic value and can complement each other within the U.S. immigration system.
5. EB-5’s popularity has been proven, and its success is well-documented.
EB-5 has a strong track record, with application volumes hitting record levels in recent years. Demand has been so high that visa backlogs for certain countries stretch years beyond petition approval dates. As long as the program continues, it will attract investors whose capital drives job creation nationwide.
The gold card’s operation and timeline are unclear. For foreign investors pursuing green cards through EB-5, there’s no reason to delay. The program has a long track record of success, and with no future reauthorization guaranteed, certainty may run out. For investors weighing both options, ensure you stay up to date on how regulations may change, especially as the proposed U.S. Gold Card program has not yet been implemented and remains uncertain.
In my view, EB-5 and the gold card are not mutually exclusive and could operate side by side. EB-5 is a long-standing, well-regulated program that helps foreign nationals invest in the U.S. while supporting job creation and local economies. The gold card may one day help reduce the national debt and attract new wealth. I believe both programs, if properly run, can benefit the U.S. economy and its people.
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