On April 23, 2026, Commerce Secretary Howard Lutnick told a House subcommittee that the Trump administration’s Gold Card visa program had approved exactly one applicant since it began accepting applications in December 2025. He noted that hundreds more remain in the queue and that the vetting process was only recently finalized with the Department of Homeland Security.
For prospective investors and families weighing how to secure U.S. residency, that single data point is worth pausing on. Not because one approval is inherently good or bad, but because of what it signals about program readiness and the difference between a program in its earliest stages and one with a multi-decade operational track record. We unpacked the broader policy debate in our November 2025 post, Gold Card vs. EB-5: What Investors Need to Know, where immigration law leaders made the case that EB-5 remains the more credible and sustainable path. The April 2026 update reinforces that thesis with new data.
What One Approval Actually Signals
When a federal program approves a single applicant in roughly four months, with hundreds reportedly waiting, the most useful question is not “why so few?” It is “what does this say about operational readiness?”
Three things stand out from Secretary Lutnick’s testimony:
- Process finalization is recent. Lutnick told lawmakers that the application process was only recently finalized with the Department of Homeland Security. A program whose adjudication procedures are still being settled is, by definition, still finding its footing.
- Adjudication infrastructure is being built in real time. The program currently relies on a $15,000 processing fee per applicant to fund what the Commerce Department describes as rigorous vetting.
- Revenue projections and approvals do not match. The program was initially pitched as a potential $1 trillion revenue source, with later claims of more than $1 billion in commitments. Reconciling those figures with one approval requires answers that have not yet been provided publicly.
What this describes is a program in its first chapter. For investors with time-sensitive decisions to make, the chapter that’s already been written matters more than the ones still to come.
What a Mature Investment Immigration Program Looks Like
EB-5 is in its 36th year. It was created by Congress in 1990 and has been continuously operated by U.S. Citizenship and Immigration Services ever since. The EB-5 Reform and Integrity Act of 2022 modernized the program with stronger investor protections and clearer compliance standards.
That maturity shows up in the things investors actually care about:
- A defined regulatory framework. EB-5 operates under codified statute, with USCIS adjudicating I-526E petitions for conditional residency and I-829 petitions for the removal of conditions.
- An established adjudication track record. USCIS has been processing EB-5 petitions for decades, with publicly available processing time data.
- An ecosystem of accountability. Reform-era EB-5 includes annual fund administration, attested financial reporting, and FINRA oversight where broker-dealers are involved.
- Grandfathering protections. Investors who file before September 30, 2026 are protected by statutory grandfathering provisions, even if Congress later modifies the program.
At CanAm, that maturity is reflected in our own numbers: $4 billion+ raised from 8,400+ investors, $2.5 billion+ repaid, 3,000+ I-829 petitions approved, and nearly 10,000 unconditional permanent green cards facilitated across more than 75 financed projects.
Certainty Versus Aspiration: A Practical Frame
Some commentary has framed the Gold Card as a potential replacement for EB-5. Whether that comes to pass is ultimately a question for Congress, since EB-5 is established by federal statute and cannot be replaced by executive action alone. In the meantime, the practical question is simpler: which program offers a clearer path right now?
EB-5 offers defined milestones (I-526E filing, conditional residency, the sustainment period, I-829 filing, permanent residency) and a public record of outcomes. The Gold Card, as of April 2026, has one approval and a queue of applicants whose timelines remain unclear. For families coordinating school years, professional moves, or aging-out concerns for children, that distinction is the difference between a program you can plan around and one whose operational rhythm is still being established.
Why the Gold Card Conversation Has Been Good for EB-5
Tom Rosenfeld, CanAm’s Founder and CEO, made the point in our November 2025 webinar that the Gold Card debate has actually strengthened EB-5’s public case. By contrasting a donation-based proposal with EB-5’s job-creation model, the conversation has reminded lawmakers that EB-5 brings private capital to U.S. projects that might otherwise struggle to secure financing, and that it does so while creating at least 10 full-time American jobs per qualified investment. The April 2026 update extends that contrast and underscores how rare a fully operational, congressionally backed investment immigration pathway actually is.
What Investors Should Do Now
Three practical takeaways:
- Evaluate where each program actually stands. Compare operational track records, not just headline pitches. EB-5 has decades of approvals; the Gold Card has one.
- Pay attention to the September 30, 2026 grandfathering deadline. Investors who file qualifying EB-5 petitions before that date secure statutory protection regardless of what Congress decides about the program’s future.
- Work with sponsors who can show their work. Track record matters. So does transparency: ask for repayment history, audited or attested financials, and the regulatory framework under which the sponsor operates.
Ready to Explore EB-5 with a Proven Sponsor?
CanAm Enterprises has been operating in investment-linked immigration for over 30 years and has focused on EB-5 since 2002. Our track record reflects what a mature, regulated investment immigration pathway can deliver:
- $4 billion+ raised from 8,400+ investors globally
- $2.5 billion+ repaid to EB-5 investors
- 3,000+ I-829 petitions approved
- 9,400+ unconditional permanent green cards facilitated for investors and their families
- 75+ projects financed across 30+ U.S. states
- 11 USCIS-designated Regional Centers
- FINRA-registered broker-dealer (CanAm Investor Services)
If you are weighing your options for U.S. residency through investment, we are glad to walk you through how EB-5 works, what the September 30, 2026 grandfathering deadline means for your timeline, and how to evaluate any sponsor you are considering.
Contact us at (212) 668-0690 or info@canamenterprises.com, or visit www.canamenterprises.com to learn more.
