On February 25, 2025, U.S. President Donald Trump unveiled the "Trump Gold Card Visa," a $5 million residency-by-payment program poised to replace the decades-old EB-5 Immigrant Investor Program. For thousands of foreign investors currently navigating the EB-5 pipeline—hoping to secure U.S. permanent residency through job-creating investments—this announcement raises a pressing question: Can you change your pending EB-5 application to the new Gold Card?
As of February 27, 2025, details are still emerging, but this article explores the possibilities, challenges, and implications of transitioning from EB-5 to the Gold Card, offering clarity for investors at a crossroads.
The EB-5 Program: A Well-Trodden Path Under Threat
Since its inception in 1990, the EB-5 program has been a cornerstone of U.S. immigration policy, granting foreign investors and their families green cards by investing $800,000 to $1.05 million in U.S. projects that create at least 10 full-time jobs. Administered by U.S. Citizenship and Immigration Services (USCIS), it’s capped at 10,000 visas annually, with recent data showing 10,605 pending petitions as of late 2024 (uscis.gov).
The process involves filing an I-526 or I-526E petition, securing conditional residency for two years, and then filing an I-829 to remove conditions after proving job creation. Despite its economic intent, EB-5 has faced persistent criticism. Fraud scandals—like the Vermont ski resort case where millions were embezzled from investors (cbsnews.com)—and lengthy processing times, sometimes stretching 3–5 years for countries like China due to visa backlogs, have tarnished its reputation. The 2022 EB-5 Reform and Integrity Act tackled some issues, speeding up rural project approvals to under a year, but Commerce Secretary Howard Lutnick recently branded it “full of nonsense, make-believe, and fraud” (newsweek.com).
Enter the Trump Gold Card Visa
Announced in the Oval Office, the Gold Card Visa shifts the paradigm. For $5 million, applicants gain immediate permanent residency and a potential fast track to citizenship—no job creation required. Trump pitched it as a streamlined alternative, saying, “We’re going to be selling a gold card… It’s going to give you green card privileges plus it’s a route to citizenship” (time.com). Lutnick added that it targets “world-class global citizens,” with funds possibly reducing the $34 trillion national debt rather than fueling projects (cnn.com).
Set to launch in “about two weeks”—potentially mid-March 2025—the Gold Card promises simplicity and speed, contrasting with EB-5’s complexities. But for those midstream in EB-5, the burning question is whether they can pivot to this new option.
Can You Switch a Pending EB-5 to the Gold Card?
As of now, no official mechanism exists to convert a pending EB-5 application to the Gold Card Visa. Here’s why—and what might happen:
Legal Framework: EB-5 is enshrined in law, reauthorized by Congress in 2022 until September 30, 2027, under the EB-5 Reform and Integrity Act. The Act includes “grandfathering” provisions, meaning petitions filed before September 2026 are protected under current rules (fragomen.com). Trump claims the Gold Card doesn’t need Congressional approval, but ending EB-5 outright does, as Congress holds plenary power over immigration (eb5insights.com). Without legislation, EB-5 persists, and no transition policy has been announced.
Pipeline Status: If you’ve filed an I-526E and are awaiting approval, your application is locked into EB-5’s process. USCIS data shows rural and high-unemployment petitions now process in 6–12 months, while older or urban cases lag longer. Switching midstream would likely require withdrawing your petition and reapplying under the Gold Card—assuming it’s an option—potentially losing time and fees already sunk.
Cost Differential: EB-5’s $800,000–$1.05 million contrasts starkly with the Gold Card’s $5 million. Could you “top up” your investment to qualify? Trump and Lutnick haven’t addressed this, but posts on X speculate a pay-the-difference model might emerge. Without confirmation, it’s a gamble.
Program Coexistence: Immigration attorney Rahul Soni suggests the Gold Card might run parallel to EB-5 rather than replace it immediately (fragomen.com). If so, you could stay the EB-5 course or opt for the Gold Card as a new applicant, but switching an existing case isn’t yet supported.
What’s at Stake for EB-5 Applicants?
For those with pending EB-5 petitions, the stakes are significant, and every factor must be carefully weighed before making any decisions.
Time:
Time is a crucial consideration. For applicants who have invested in rural projects, the pathway to conditional residency may already be within reach. Thanks to expedited processing under the 2022 EB-5 Reform and Integrity Act, some rural applicants are securing approvals in as little as six to twelve months. On the other hand, those from heavily backlogged countries like China and India face much longer wait times, often extending for several years due to visa retrogression. This stark difference makes the Gold Card’s promise of immediate permanent residency an attractive alternative—provided that a transition mechanism exists and that it proves to be a feasible option.
Money:
Money is another major factor that cannot be overlooked. Most EB-5 investors have already committed between $800,000 and $1.05 million to their U.S. projects, in addition to legal fees and other associated costs. Walking away from an ongoing EB-5 petition to apply for the Gold Card would mean abandoning that investment and committing an additional $5 million, making it an exceptionally expensive decision. Unless the government introduces a way to credit past EB-5 investments toward the Gold Card, this steep financial burden will make switching a difficult choice for many investors.
Certainty:
Certainty is also at stake. The EB-5 program, despite its flaws, follows a well-established legal framework with clear steps toward permanent residency and eventual citizenship. The Gold Card, by contrast, is still an evolving concept with many unanswered questions. Will the pathway to U.S. citizenship remain the same five-year timeline as EB-5, or will it be shortened? Will additional conditions or vetting processes be imposed? Until the full details are revealed—expected in March 2025—investors must navigate this period of uncertainty with caution.
Comparing EB-5 and the Gold Card
| Aspect | EB-5 Program | Trump Gold Card Visa |
|---|---|---|
| Cost | $800,000–$1.05M investment | $5M flat fee |
| Residency | 2-year conditional, then permanent | Immediate permanent residency |
| Citizenship | 5+ years after permanent status | Potentially faster, TBD |
| Requirements | 10 jobs created | No job creation, vetting only |
| Processing Time | 6 months–5+ years | Weeks (claimed) |
| Legal Status | Active until 2027 | Proposed, pending rollout |
What Should EB-5 Applicants Do Now?
Stay Informed: Watch for Gold Card details in mid-March 2025.
Assess Your Case: Rural EB-5 filers nearing approval might finish faster than switching; backlogged applicants could benefit from a pivot if offered.
Consult Experts: Immigration lawyers can navigate evolving options.
The Bigger Picture
Trump’s Gold Card reflects a shift—prioritizing revenue over job creation, targeting the elite while sidelining EB-5’s broader base. Critics call it “citizenship for sale,” but supporters see it retaining talent and capital. For pending EB-5 applicants, the question isn’t just “Can you change?” but “Should you?” Until the administration clarifies, the answer remains a cautious “not yet.”
