EB-5 Visa Bulletin Insights 2025 – Part 1
In recent weeks, the immigration and investment world has been abuzz over President Trump’s newly announced “Gold Card” and “Platinum Card” programs. With bold headlines and even bolder promises, the initiative has sparked intense speculation—especially among global investors exploring pathways to U.S. residency.
But how does this new “donation-based” visa concept really compare to the well-established EB-5 Immigrant Investor Program? In CanAm’s latest EB-5 Visa Bulletin Insights webinar, Pete Calabrese (CEO, CanAm Investor Services) sat down with Charlie Oppenheim and Joey Barnett of WR Immigration to separate political hype from practical reality.
A Presidential Executive Order and a Wave of Uncertainty
The Gold Card Executive Order, signed on September 19, 2025, directs several federal agencies—the Departments of State, Commerce, and Homeland Security—to design an entirely new visa category. The concept is unprecedented: rather than investing in job-creating enterprises, participants would make a non-refundable “donation” to the U.S. Treasury to pay down the national debt.
- $1 million donation for individuals
- $2 million if made by an employer on behalf of an employee
The order also hinted at a “Platinum Card,” though even its inclusion is based more on social-media speculation than formal policy. As Barnett observed during the session, “This is a donation to the government, not an at-risk investment. There is no return of capital.”
The Executive Order leaves critical questions unanswered:
- Will these donations be charged against EB-1 or EB-2 visa numbers, creating new backlogs?
- What happens if an applicant’s petition is denied after making the donation—will refunds be possible?
- Are family members included, or must each make separate contributions?
- Could future administrations revoke or revise the program through a new Executive Order?
As Oppenheim noted, no administration has ever created a brand-new visa category purely by executive action: “This is brand-new uncharted territory—and how Congress will feel about that is anybody’s guess.”
The “At-Risk Investment” That Defines EB-5
The contrast with EB-5 could not be sharper.
For more than three decades, the EB-5 Immigrant Investor Program has offered foreign investors a clear, legislated route to U.S. permanent residency—one that requires real job creation and a return of invested capital when projects succeed.
Barnett explained that EB-5 is “a bipartisan immigration success story,” extended repeatedly since 1992 and responsible for billions of dollars in U.S. investment and hundreds of thousands of jobs. Today, the Regional Center Program is authorized through 2027, with ongoing congressional efforts to expand its grandfathering protection beyond 2026.
Under EB-5, investors place capital into a job-creating enterprise, not a government fund. Their funds remain “at risk” for the purpose of job creation but are expected to be repaid when the project performs as planned. That distinction—investment versus donation—is more than semantic: it’s what gives EB-5 its legal foundation, transparency, and accountability.
As Calabrese summarized, “When structured right, good regional centers like CanAm achieve immigration benefits consistently and predictably. That predictability is a good thing when making these sorts of decisions.”
Why EB-5 Remains the Reliable Path
While the Gold Card concept attracts headlines, the lack of legislative framework, undefined refund policy, and questions about visa allocation leave potential applicants in limbo. Even if implemented, participation would require extraordinary financial confidence—essentially writing a seven-figure check to the U.S. Treasury with no expectation of return.
EB-5, by contrast, is:
- Established – codified in U.S. law and renewed repeatedly by Congress.
- Tested – thousands of families have achieved permanent residency through it.
- Predictable – governed by published regulations, processing data, and defined visa allocations.
- Dual-benefit – driving both U.S. economic growth and immigrant success stories.
That’s why, even amid the political fanfare surrounding the Gold Card, seasoned immigration professionals continue to view EB-5 as the only legislated, investment-based pathway to a U.S. green card.
Looking Ahead
As the Executive Order’s 90-day rulemaking window progresses, further details about eligibility, priority-date assignment, and refundability may emerge. But for now, as Calabrese emphasized, EB-5 remains the proven, legislated route for investors seeking permanent U.S. residency through capital investment and job creation.
“Making a good, informed, and pragmatic decision just becomes that much more difficult when so much uncertainty exists,” Calabrese concluded. “EB-5 is the program with clear rules, transparency, and history on its side.”
Coming Next in the Series
Part 2 – EB-5 Program Stability and Investor Protection:
We’ll examine how EB-5’s bipartisan track record, strong compliance framework, and 2027 reauthorization underpin long-term security for investors—and how experienced regional centers like CanAm continue to deliver on the program’s dual promise of investment and immigration success.
