A press conference statement cannot cancel or introduce a new U.S. immigration program. The specifics of the “Gold Card” program, including whether it will be implemented at all, will become clear in the next two weeks or later when an official order or another document with details of the initiative is released. Additionally, it remains uncertain whether the program will gain sufficient support.
At the same time, while the future of the EB-5 program remains uncertain, three possible scenarios can already be outlined:
- The EB-5 Program Will End Soon
This is the least likely scenario. The EB-5 program is enshrined in law and was reauthorized by Congress under the EB-5 Reform and Integrity Act of 2022 (RIA). Its current authorization expires on September 30, 2027. While the President can propose new immigration policies, only Congress has the authority to amend existing laws, including EB-5. Any attempt to terminate the program would require legislative action and would likely face legal challenges. The President cannot unilaterally repeal a law through a press conference statement or an executive order.
- The EB-5 Program Will Operate Until September 30, 2027
As noted, the 2022 law secured the EB-5 program’s validity until 2027. If Trump aims to terminate it, he could theoretically seek congressional support to prevent its renewal after 2027. In this case, the program could be suspended until a new president takes office and potentially restores it. Given that EB-5 has existed since 1990 and has attracted over $5 billion in foreign capital into the U.S. economy in the past two years alone, the likelihood of its complete shutdown is low.
- The EB-5 Program Remains Intact and Will Be Reauthorized in 2027
The most optimistic scenario is that Trump’s and the Secretary of Commerce’s statements merely express dissatisfaction with the current EB-5 model and suggest an alternative rather than outright cancellation or that President Trump’s remarks do not result in any legal changes at all, which is also a possibility. The EB-5 industry is already preparing a response to potential cancellation initiatives. It is important to recognize that over 600 Regional Centers, thousands of investors, developers, and other stakeholders are involved in this sector. The program not only attracts foreign capital but also creates jobs for Americans, particularly in regions needing economic development. After a thorough review of the program, Trump may revise his stance, propose reforms, or introduce the “Gold Card” as a parallel option to EB-5.
What Should Current EB-5 Investors Expect?
The EB-5 program remains in effect and is governed by the RIA, which is valid until September 30, 2027. Investors who have already committed funds can be assured that the law continues to protect their rights. Many Regional Centers have stated that, regardless of the political situation, they will advocate for their investors’ interests.
As of the end of September 2024, 9,971 I-526(E) petitions were pending. These investors have already made substantial financial commitments based on the existing legal framework. If the EB-5 program were to be abruptly terminated, investors who have initiated the process should still be able to complete it under the laws in effect at the time of their investment.
What Should Prospective EB-5 Investors Do?
We recommend waiting a few weeks for official clarifications regarding the new initiative and the future of EB-5. However, the RIA remains in force, investors have the right to invest and expect their cases to proceed under the current rules. Given that an immediate shutdown of EB-5 is the least likely scenario, those planning to obtain a green card through investment still have a viable path forward. The law remains on the side of investors, and Regional Centers continue to offer new projects, understanding that a sudden termination of the program is unlikely.
Conclusion
Despite Trump’s statements, the fate of EB-5 remains unchanged for now. A complete shutdown of the program is improbable, and in the near term, investors can expect its continuation. It is crucial to monitor official documents and avoid unnecessary panic. If any changes occur in the future, they will likely take time to implement, ensuring that current investors remain protected. The key is to base decisions on facts rather than political rhetoric.
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