In a recent conversation between Pete Calabrese, CEO of CanAm Investor Services, and Rohit Turkhud, Immigration Counsel at CSG Law, the two experts tackled a pressing topic making waves in the immigration investment community: the proposed “Gold Card” visa. As speculation and curiosity swirl around this high-profile idea, the discussion provided much-needed clarity, reassurance, and a grounded perspective for EB-5 investors.

What Is the Gold Card—and What Do We Actually Know?

The term “Gold Card” has recently entered the public lexicon thanks to comments made by President Trump and Commerce Secretary Gina Raimondo. According to Turkhud, the proposal would involve a $5 million “donation”—not a recoverable investment—potentially used to help offset the U.S. national debt. However, he emphasized, “I’m pretty sure that I can say it’s not the law.”

At present, the “Gold Card” remains a conceptual idea, not a piece of legislation, nor an executive order. Turkhud clarified, “We don’t know if it’s going to be introduced as an executive order… it’s going to go through a lot of discussion.” Without concrete details, including how the program would be structured or regulated, any comparisons to EB-5 remain speculative.

EB-5: A Longstanding, Legislated Pathway

Amid the uncertainty surrounding the Gold Card, both experts reinforced one critical point: EB-5 is firmly established by law.

“The EB-5 program is a law. It’s been around since 1990,” Turkhud explained. “The most recent of which was the Reform and Integrity Act of March 15, 2022.” This law, known as RIA, secured the program’s authorization through September 30, 2027, and includes a grandfathering clause for all applications filed by September 30, 2026.

As Calabrese put it, “What we do know is that the EB-5 program is a law. It has been passed by legislation, it is governed by legislation, and it could only be altered or amended by legislation.”

This distinction is vital. While a proposed Gold Card visa may capture headlines, it has no current legal standing—whereas EB-5 remains an active, regulated program that allows qualifying investors to obtain a green card in exchange for a job-creating investment of $800,000 (or $1.05 million if outside targeted employment areas).

A Very Different Investor Profile

A central theme of the discussion was the difference in investor profiles between EB-5 participants and those who might pursue the proposed Gold Card.

Calabrese pointed out, “This is a much higher amount of money that you’re talking about… and it is a direct contribution program to the government. So this would not be a situation where you would be able to get your funds back.”

The contrast is stark: EB-5 is an at-risk investment in a qualified project, with the potential for capital return. The Gold Card, as described so far, resembles a donation with no such return. “One would wonder who would potentially look at, say, a Gold Card compared to an EB-5-related green card,” Calabrese mused.

Both agreed that the two programs—if the Gold Card is ever enacted—would cater to very different audiences. “There will clearly be fewer [Gold Card] investors, and I think EB-5 is going to stay because it’s going to bring in more people,” said Turkhud.

Investor Reactions: From Panic to Purpose

Initial reactions to the Gold Card proposal were intense. “I got a call within 10 minutes of the President making the announcement,” Turkhud recalled. “My client said, ‘I want you to file this EB-5 next week because I cannot afford $5 million.’”

But after the dust settled, calm returned. “They have taken a bit of a step back,” Turkhud said of his clients, “and at the same time, they have not lost their interest in EB-5.” In fact, the announcement has brought a sense of urgency. “People who put it off for a while have decided that it’s now the right time to do it.”

Calabrese echoed that sentiment. “It has definitely brought an urgency to people… especially with the rural and high-unemployment set-aside categories being current, allowing for concurrent filing of petitions.”

Legislative Hurdles for Any New Program

Turkhud explained the difficulty of launching a new immigration program, emphasizing that any such move would take months—if not years—of political wrangling. “I’m not sure that the country presently or Congress has the appetite for a new immigration program,” he said. “There’s going to be so much conversation, so much dialogue, so much publicity.”

He further cautioned that unlike EB-5, which is open to all countries (except where sanctioned), a Gold Card visa could be limited by geopolitical considerations. “The administration has proposed releasing lists of countries that are deemed to be not so friendly to U.S. interests… red list, orange list, yellow list,” Turkhud noted, suggesting this could limit access to the program.

Bottom Line: EB-5 Is Here to Stay

Ultimately, both Calabrese and Turkhud emphasized that EB-5 remains one of the most secure, accessible, and legally sound pathways to U.S. permanent residence.

“EB-5 remains one of the best ways—if not the best way—to get your permanent residence,” said Calabrese. “There is not a concern for it to be amended or taken away in the foreseeable future.”

Turkhud concluded with a reassuring perspective: “EB-5 is still good law. It’s here to stay, at least for the next couple of years.”

Until more is known, investors are well advised to stay informed, consult with immigration professionals, and act based on facts—not speculation. As Calabrese wisely noted, “All we can really advise to people is: stay up to date, know that the EB-5 program is very much in place, is very intact… and we can always update the news if things change.”

Dive Deeper Into EB-5:

• Risk Mitigation in EB-5: Lessons Learned and Best Practices
• How CanAm Selects EB-5 Projects: Due Diligence, Investor Protection, and Project Structuring
• The EB-5 Program in a New Political Era: Insights from Industry Experts