The Future of EB-5: Expansion or Elimination?

The U.S. has long been a beacon for investors seeking opportunity, innovation, and stability. The EB-5 Immigrant Investor Program has played a key role in attracting global capital, fueling economic growth, and creating American jobs. However, with new proposals and shifting immigration policies, the program faces both challenges and opportunities. This article explores whether dismantling EB-5 in favor of a high-barrier alternative is truly the best path forward—or if refining and expanding it is the smarter approach. Expect a deep dive into the program’s economic impact, the global competition for investment, and what the future may hold for America’s most well-known investor visa.

EB-5’s Legislative and Economic Importance

Dismantling a visa category like the EB-5 Immigrant Investor Program is a complex process that requires legislative action, making it difficult to remove without going through Congress. According to Article I, Section 8 of the U.S. Constitution, Congress has the power ‘To establish a uniform Rule of Naturalization’—which includes setting the terms for investor visas like EB-5. Read more here.
The EB-5 program, established in 1990, allows foreign investors to obtain U.S. residency by investing in job-creating businesses. Over the years, it has undergone various reforms, most notably the 2022 Reform and Integrity Act (RIA), which secured the program for five years.

The RIA, passed with strong bipartisan support, implemented stricter oversight and safeguards to ensure the program’s integrity. It was approved by a majority of both Republicans and Democrats, highlighting the broad consensus on its economic benefits. Given this legislative backing, eliminating the EB-5 program outright would require another act of Congress, which is not easily achieved due to the intricate legal and political processes involved.

Recently, President Donald Trump announced a proposal for a new "gold card" visa, which would grant permanent residency and a pathway to citizenship for a $5 million investment. While attracting high-net-worth individuals is a valuable goal, dismantling EB-5 in favor of this proposal would be a misstep. The EB-5 program has a proven track record of job creation and economic growth, making it a critical component of the U.S. immigration system. Instead of eliminating EB-5, the administration should consider building upon it by introducing an additional investment tier—perhaps an EB-6 or EB-7 category—with premium incentives such as expedited processing or other benefits. This approach would allow the U.S. to capture a broader range of investors while preserving a program that has already contributed billions to the economy and created thousands of jobs.

EB-5’s Economic Contributions and the Case for Expansion

The EB-5 program has historically been a significant contributor to the U.S. economy. Since its inception, it has generated billions in capital investment, supporting numerous projects and job creation across the nation. The program's influence extends beyond direct employment, stimulating economic activity in construction, manufacturing, and service industries. Given its substantial contributions to job creation and economic growth, any efforts to dismantle or replace EB-5 should be weighed against its economic impact. The bipartisan support and legislative backing it enjoys underscore its value to the U.S. economy.

A Balanced Approach to Investment Migration

Having a well-regulated and effective program like EB-5 does not mean it should be dismantled in favor of an untested alternative. Instead, the U.S. can build upon what works by creating an additional category for investors willing to contribute at a higher threshold in exchange for faster processing times and additional incentives. This would ensure that the country continues to attract investment from a broad spectrum of global investors, rather than risk alienating a large portion of potential applicants by raising the bar too high.

Rather than an unstructured "gold card" concept, the administration could establish an EB-6 or EB-7 category that allows investors to contribute $5 million while receiving enhanced benefits such as immediate work authorization, premium processing, and a fast-tracked path to a green card. This structure would make the U.S. competitive in the global investment migration market while still maintaining the foundational benefits of the EB-5 program.

Competitive Insights from High-Net-Worth Migration Trends

Data on high-net-worth individuals (HNWIs) from China, India, and Russia provides insight into the potential pool of investors capable of meeting higher investment thresholds:

- China: ~6.2 million millionaires, with 98,551 ultra-high-net-worth individuals (UHNWI) worth $30 million+

- India: ~849,000 millionaires, with 13,263 UHNWIs worth $30 million+

- Russia: ~408,000 millionaires, with 68,400 UHNWIs worth $1 million+

While these numbers suggest a large pool of wealthy individuals, the number of those with liquid assets readily available for a $5 million investment is significantly smaller. Capital controls, taxation policies, and geopolitical issues also affect investment decisions. This underscores the importance of maintaining a reasonable, competitive investment threshold rather than pricing out a majority of potential investors.

Conclusion

The success of EB-5 lies in its balance—offering a compelling investment opportunity while remaining accessible to a diverse range of global investors. A $5 million investment tier with expedited processing and additional benefits could be a valuable enhancement, but dismantling EB-5 entirely would be a strategic mistake.

Rather than replacing a program that has contributed billions to the economy and created thousands of American jobs, the U.S. should focus on expanding and refining the existing model. By introducing a higher-tier investment category such as EB-6 or EB-7, the U.S. can retain its competitive edge in global investment migration while ensuring it continues to attract capital and create jobs.

Economic growth isn’t about replacing what works—it’s about building on it. The EB-5 program should not be discarded but optimized, ensuring that America remains the land of opportunity for those willing to invest in its future.