Trump Can Only “Kill EB-5 Through Policy”

Moustafa Daly
Cairo

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To “get rid of EB-5, you’d need an act of Congress,” Mona Shah discusses how Trump’s gold card could impact the EB-5 program.

The Trump administration’s announcement of the “gold card”—a $5 million donation for expedited US residency—sent ripples through the investment migration industry and beyond.

During an interview at IMI Connect Athens, Mona Shah, Managing Partner at Mona Shah & Partners Global, discussed the details surrounding the gold card and examined what this proposal could mean for the industry, wealthy foreigners, and the EB-5 Immigrant Investor Program.

A new path with unprecedented costs

The gold card differs sharply from EB-5. As Shah explained, the $5 million payment is not an investment but a non-refundable donation, and investors are “not getting five million back. It’s not being invested in something.”

This distinction is critical in her opinion. For many potential applicants, she says the lack of a financial return may make the program less attractive, despite potential tax benefits that limit liability to US-sourced income, a considerable draw for high-net-worth individuals.

Even with these incentives, Shah expects limited reach. She acknowledges that “there definitely will be takers,” but she doesn’t believe it will be “as high as the administration anticipates.”

Commerce Secretary Howard Lutnick, in March, asserted he sold 1,000 gold cards in one day, although no framework existed. Just recently, WIRED claimed that the Department of Government Efficiency (DoGE) has started adding mentions of the gold card to the existing immigration system, but an application structure is still not available.

Can EB-5 and the gold card coexist?

Shah says it’s highly unlikely for the gold card to replace EB-5 because to “get rid of EB-5, you’d need an act of Congress,” calling such a scenario implausible.

She envisions the two programs running in parallel, yet acknowledging a clear divide: EB-5 investors are accustomed to a lower financial threshold and the prospect of returning their capital, making the $5 million donation a “big ask” for most.

She says the administration also faces logistical hurdles, pointing to the rigorous source-of-funds requirements standard in US immigration processes, in which the government “often requires applicants to trace their funds back many years,” which could prove a significant barrier for many prospective applicants.

Trump admin’s EB-5 rhetoric

The Trump administration’s messaging around the gold card has included pointed critiques of EB-5. The Commerce Secretary has made comments that cast doubt on the program’s future. Yet Shah downplayed the idea that EB-5 could face legislative termination, reiterating its entrenched legal status.

She said that the gold card’s announcement has driven up EB-5 demand. Especially within the regional center program’s current authorization, which runs through 2027, and key filing deadlines in 2026.

She asserts investors are rushing to secure their place under the existing rules as Congress must reauthorize the program to remain beyond 2027.

Still, Shah warned that while the administration might not end the EB-5 through legislation, it could still hamstring it by indirect means: Arbitrary denials, onerous requests for evidence, and other bureaucratic hurdles could deter applicants, even if the program remains intact. “Donald Trump cannot kill the program, but he can kill it through policy.”