GT Immigration & Compliance Practice Co-Chair Kate Kalmykov spoke during a recent webinar on the EB-5 industry’s future, explaining that changes to the RIA to tighten oversight of regional centers have contributed to rising costs for operators. These comments are referenced in a Nov. 21 Law360 article, “EB-5 Experts Eyeing 4 Suits For Needed Clarity.”

Please join Greenberg Traurig Immigration & Compliance Practice Shareholders Jennifer Hermansky, Kate Kalmykov, and Dillon Colucci for a presentation on the new requirements for annual compliance under the EB-5 Reform and Integrity Act. Panelists will discuss USCIS’s replacement of the annual compliance form I-924A with form I-956G, as well as covering the more fulsome documentary requirements required by the Act.

Wednesday, Nov. 16, 2022
10:30 – 11:30 a.m. EST

Click here to register.

Update: The Judge approved the settlement Thursday, Sept. 1. 

The EB-5 Reform and Integrity Act (RIA) was passed on March 11, 2022. USCIS then posted an interpretation of the legislation that would nullify all 600-plus designated regional centers and require all entities to be re-designated in order to be authorized to file petitions under the new law pursuant to provisions effective May 14, 2022. This interpretation was challenged in the U.S. District Court for the Northern District of California by the EB-5 Investment Coalition (EB5IC) through one of its members. Greenberg Traurig, as counsel for the plaintiff, argued that USCIS’ interpretation ran counter to the plain language of the RIA and violated the Administrative Procedure Act because USCIS failed to properly engage in reasoned decision-making as required by law. On June 24, 2022, the Court agreed and enjoined USCIS from treating as deauthorized previously designated regional centers and declared they must be permitted to operate within the regime created by the RIA. As the Court stated, “[t]his includes processing new I‑526 petitions from immigrants investing through previously authorized regional centers…just as the agency would do for a newly approved regional center.” As a result of this ruling, all previously designated regional centers retain their existing designation and can continue to operate. See previous post, District Court Orders USCIS to Process New I-526 Petitions Throughout Previously Authorized Regional Centers | EB-5 Insights (eb5insights.com)

On Aug. 24, 2022, the parties agreed to a settlement of the case (the court is still reviewing the settlement). See USCIS Settlement Agreement.

The parties included the original plaintiff, Behring Regional Center, an EB-5 Investment Coalition member and plaintiff intervenors, EB5 Capital, CanAm Enterprises, LP, Civitas Capital Management, LLC, Golden Gate Global, Pine State Regional Center, LLC, Invest in the USA (IIUSA). The key terms of the settlement include:

  1. Acknowledgement by USCIS that regional centers validly authorized to operate prior to June 30, 2021, did not lose their designation because of the RIA.
  2. Such regional centers will have to properly file a Form I-956 by Dec. 29, 2022, if not done so already.
  3. Regional centers validly authorized to operate prior to June 30, 2021, do not need to wait for approval of a Form I-956 in order to file and receive adjudications from USCIS on any other forms, such as a Form I-526.
  4. When adjudicating Form I-956s of these regional centers validly authorized to operate prior to June 30, 2021, USCIS will defer to its decision in its prior designation notices when adjudicating certain issues and will allow for attachments from past filings to establish approval.
  5. Form I-956F must be filed by all regional centers (new or regional centers validly authorized to operate prior to June 30, 2021) prior to the filing of an associated Form I-526E (even those with previously approved exemplar Form I-924s) and a Form I-956F should be included with the Form I-526E. Due to delays in the issuance of Form I-956F receipt notices, if a Form I-956F receipt notice is not issued within 10 days of delivery, USCIS will accept a lockbox notice along with a copy of at least the first six pages of the filed Form I-956F (Parts 1-5) for purposes of providing “the receipt number for the regional center’s Form I-956F” in order to facilitate investors’ ability to file a Form I-526E immediately after a regional center files the Form I-956F, or will accept proof of cashed check or credit card charge (along with regional center name, new commercial enterprise name, job creating entity name if available, and approximate Form I-956F filing date) for purposes of providing “the receipt number for the regional center’s Form I-956F.”
  6. USCIS will provide an electronic copy of receipt notices for all Form I-956F applications that have been or are properly filed within 16 weeks and will undertake best efforts to arrange for its lockbox contractor to have the capability to return a Form I-956F receipt notice via prepaid overnight courier (e.g., FedEx or UPS).
  7. For investors who previously filed a Form I-526 or Form I-526E without a Form I-956F but based on a previously approved exemplar Form I-924, such investor may either file a new Form I-526E and a receive a refund of the filing fee or may interfile the I-956F receipt notice. Such investor petitions will not be rejected solely for failure to provide a Form I-526E or include an I-956F receipt number, and those investors can keep their original priority date.
  8. USCIS will deem the new Forms I-956, I-956H, I-956F, I-956G and I-526E to be interim until the conclusion of notice-and-comment rulemaking. USCIS has already published the Form I-526E for notice and comment here. The deadline for comments is Oct. 24, 2022.

U.S. Citizenship and Immigration Services (USCIS) continues to issue formal notifications initiating audits of EB-5 Regional Centers under the EB-5 Reform and Integrity Act of 2022 (RIA)’s authority.

The RIA requires USCIS to audit each approved Regional Center at least once every five years to ensure continued compliance with EB-5 program requirements. The audit process is designed to assess whether a Regional Center is operating according to EB-5 statutory and regulatory standards — including job creation, investor activity, and proper recordkeeping.

According to the notification letters, the USCIS Immigrant Investor Program Office (IPO) Audit Branch will conduct audits primarily on a remote basis but may also perform on-site inspections at the Regional Center, associated new commercial enterprises (NCEs), or job-creating entities (JCEs) if warranted.

The audits include a comprehensive review of:

  • Books, ledgers, and records for the preceding five years,
  • Evidence submitted with prior filings and certifications,
  • Government, commercial, and public records, and
  • Questionnaires and potential interviews with Regional Center representatives.

Regional Centers receiving audit notifications are required to confirm receipt and identify a point of contact within seven days. USCIS may schedule an audit entrance conference following that confirmation. Failure to cooperate or respond may lead to recommendations for termination of the Regional Center’s designation. Document request responses are typically due within a few weeks of the audit notification.

Regional Centers and their associated NCEs should consider:

  1. Reviewing their recordkeeping systems for the past five years,
  2. Confirming that all job creation and investor tracking documentation is organized and accessible,
  3. Designating an internal audit contact and preparing for potential remote or in-person review, and
  4. Working with counsel to prepare for an in-person review.

Key Takeaway

EB-5 Regional Center audits are continuing under the RIA. Entities should ensure they maintain full compliance documentation and be prepared for outreach from the IPO Audit Branch. Early preparation and legal guidance may help mitigate the risk of adverse findings or program termination.

Please join Greenberg Traurig Shareholder Kate Kalmykov, James Sozomenou, Metropolitan Commercial Bank, and Connor IrishPRXY CO, for the next lunch-and-learn. The program will discuss:

  • What is the role of an Escrow Bank in EB-5
  • Understanding the duties of an EB-5 Fund Administrator under the RIA
  • Positive effects on a project’s capital raise
  • How to get set up

Location:

The lunch-and-learn program will take place in-person at Greenberg Traurig’s NYC office in One Vanderbilt on Thursday, April 11 from 12 – 2:00 p.m. ET.

RSVP:

To RSVP for the April 11 program, please click here.

This event is part of a series on emerging trends impacting investors and employers. To RSVP to future scheduled Lunch-and-Learn programs, please click here.

On May 21, 2026, USCIS issued Policy Memorandum PM-602-0199, outlining a change to the adjustment of status (AOS) process under Form I-485. The Policy Memorandum (PM) states that applicants for permanent residence should generally process for immigrant visas at U.S. embassies and consulates abroad following immigrant petition approval, except in limited circumstances. The PM reframes AOS as an “extraordinary discretionary benefit.”

AOS is the procedure for applying for permanent residence, commonly referred to as a “green card,” while physically in the United States. It is used by applicants who are in the U.S. and relies on a statutory framework outlining AOS eligibility criteria and the administrative process for adjudicating applications. For those outside the U.S., applicants for permanent residence go through a similar process at a U.S. embassy or consulate abroad, known as “consular processing.” The PM states that AOS is not an entitlement but a discretionary form of “administrative grace,” even where statutory eligibility is met. The PM characterizes AOS as an “extraordinary” remedy that allows applicants to “bypass” the immigrant visa process through consular processing, which the memo describes as the “normal” procedure that “the Congress generally expects aliens to follow.” The PM instructs officers to apply a case-by-case discretionary analysis, weighing positive and negative factors, including immigration violations, failure to maintain status, and failure to depart, as part of a totality of the circumstances assessment.

Who Does This Impact

The PM applies to all AOS applicants, including individuals with:

(1) pending or approved family-based immigrant petitions (Form I-130);
(2) pending or approved employment-based immigrant petitions (Form I-140); and
(3) pending or approved immigrant investor petitions (Form I-526/Form I-526E).

What Is New

The PM reframes AOS as secondary to consular processing. It characterizes AOS as an “extraordinary” form of relief, describes it as an exception that allows applicants to avoid consular processing and states that AOS should be granted sparingly.

What Is Important

The PM directs USCIS officers to evaluate whether an applicant should be granted AOS based on overall equities, including immigration compliance, moral character, family ties to the U.S., and conduct after admission as a nonimmigrant. Officers are instructed to conduct a totality of the circumstances analysis weighing positive against negative factors. The PM also confirms that discretionary denials must articulate why negative factors outweigh positive ones.

The PM elevates certain adverse factors, instructing officers to treat the following as “highly relevant”:

  • Failure to maintain nonimmigrant status;
  • Failure to depart after admission or parole;
  • Conduct inconsistent with the purpose of admission; or
  • Immigration violations or fraud.

The PM states that maintaining lawful nonimmigrant status in dual-intent categories (such as H-1B or L-1) does not automatically guarantee AOS approval; officers are still instructed to apply the totality of the circumstances test using the discretionary factors listed in the PM.

The current Administration has indefinitely suspended the issuance of immigrant visas via consular processing to nationals of 75 countries citing public charge concerns. Notably, the AOS process already includes public charge-related questions, while consular processing currently does not. A finding that an applicant does not warrant the “extraordinary measure” of AOS, combined with the immigrant visa suspension affecting nationals of those 75 countries, could leave a significant number of applicants unable to pursue permanent residence through either pathway. Such a broad suspension of immigrant visas raises questions regarding Congressional intent, given that Congress has statutorily authorized the issuance of 480,000 family-based green cards and 140,000 employment-based each year.

The U.S. embassies and consulates worldwide are also facing capacity constraints following staff reductions, and applicants pursuing consular processing may encounter lengthy wait times for immigrant visas. Applicants with unlawful presence or status violations may trigger a three- or 10-year bar to reentry if they travel abroad and may wish to carefully consider whether to depart and the potential impact on subsequent immigrant visa processing.

Impact on Pending AOS Applications

The PM does not address whether it applies to already pending or newly filed AOS applications. There is no stated effective date, and no specific changes have been made to the USCIS Policy Manual. Because USCIS may seek to apply the PM to pending applications, applicants may consider gathering evidence of positive discretionary factors, including U.S. employment, absence of immigration violations, family and community ties in the U.S., and U.S. investments (particularly for EB-5 investors). USCIS may issue Requests for Evidence (RFEs) seeking documentation to support the totality of the circumstances determination.

Impact on Travel and Work Authorization for AOS Applicants

The PM does not specifically address travel on an advance parole document (AP) or working pursuant to an employment authorization document (EAD) issued while an AOS applicant is pending with USCIS. However, applicants who use AP to travel internationally should be aware that if USCIS seeks to deny the AOS while they are abroad under this guidance, the applicant may face obstacles reentering the U.S. Travel on AP carries additional considerations considering the PM’s publication.

Travel on AP may also disrupt certain types of underlying nonimmigrant status, including B, E, F, J, H-1B1, and O status. Applicants may wish to remain in the U.S. and forego international travel on AP to preserve underlying nonimmigrant status where possible.

What’s Unclear

The PM is subject to a range of interpretations, and its practical application to specific nonimmigrant classifications, including long-term work-authorized categories (dual intent or otherwise), is presently unclear. The PM states that the current statutory framework and the validity of precedent appellate decisions remain unchanged; however, a number of the court decisions cited in the PM are dated or were decided in other contexts, such as removal proceedings and are not directly relevant to AOS applications.

Potential Court Challenges

The PM directs adjudicators to treat AOS as an extraordinary measure secondary to consular processing requiring a showing of “unusual or outstanding circumstances,” which represents a shift in agency practice. Both the statutory interpretation and the reading of case law cited in the PM may become subject to litigation, depending on how the agency’s adjudication practices change.

The AOS statute includes certain exceptions permitting individuals to apply for permanent residence even where they may have violated status, overstayed a visa, or worked without authorization. For example, an immediate relative (such as a spouse or parent of a U.S. citizen) may still apply for AOS without having maintained status or where unauthorized employment occurred. Similarly, the statute provides an exception for certain employment-based applicants who have had a period of unauthorized stay or unauthorized employment of fewer than 180 days. Some of the “negative” factors listed in the PM, including failure to maintain nonimmigrant status and failure to depart after admission or parole, appear to conflict with these statutory exceptions and could form the basis for legal challenge.

Congress has expressly passed the AOS statute permitting these applications. USCIS administers the AOS applications. U.S. federal courts interpret whether policies by USCIS, such as the PM, conflict with Congressional intent or the language of the statute passed by Congress. Litigation in the federal courts may focus on claims under the Administrative Procedure Act (APA), including that the PM constitutes a rulemaking disguised as policy guidance (which would require public notice and comment procedures) and/or that the PM is not in accordance with the law (e.g. the “negative factors” listed in the PM conflict with statutory exceptions that still permit AOS approval).

From a policy standpoint, family reunification has been a longstanding principal of U.S. immigration law. Litigation may also focus on the PM’s expressed limitation of AOS as inconsistent with the statutory framework allowing AOS applications for family reunification, including in cases where an applicant violated status or accrued unlawful presence. For EB-5 applicants, Congress passed the EB-5 Reform and Integrity Act of 2022 (RIA), which explicitly permits the concurrent filing of AOS applications. There may be potential litigation challenges asserting that the PM conflicts with the plain text and Congressional intent of the RIA.

Any forthcoming litigation will likely seek a temporary restraining order (TRO), which could pause the PM from taking effect and being applied to pending cases.

Practical Considerations

  1. Applicants may document positive discretionary factors in newly filed AOS applications, including family ties in the U.S., lawful employment, community involvement, and tax compliance.
  2. Applicants should maintain their underlying nonimmigrant status where possible and may wish to forego international travel on AP.
  3. Applicants with an approved immigrant petition (Form I-130, Form I-140 or Form I526/I-526E) may wish to file Form I-824 with USCIS to initiate an immigrant visa case with the National Visa Center, which may be used in the event of a subsequent AOS denial.
  4. USCIS may issue additional guidance or clarification on the PM. The PM states that USCIS may issue further guidance on certain AOS categories or discrete populations to aid officers in identifying which applications may or may not be affected. USCIS may also clarify its policy positions following further review of the impact on applicants.

The PM may result in increased difficulty in obtaining a green card through the AOS process, particularly for applicants with prior immigration violations or those holding purely nonimmigrant intent visa categories (B-1/B-2, E-1/E-2/E-3, F-1, J-1, TN, H-1B1, and O-1). While the PM signals potential changes to the AOS process, the underlying statute remains unchanged and the PM may be subject to court challenge.

The EB-5 Immigrant Investor Program remains a powerful pathway to U.S. permanent residency while supporting economic growth and job creation. 2026 is a pivotal year: grandfathering protections under the Reform and Integrity Act (RIA) remain available, fee adjustments are pending, and USCIS adjudication trends continue to evolve. Investors who act strategically—by filing early, documenting comprehensively, and monitoring compliance—may be best positioned for success.

I-526 Filing (Initial Petition & Investment)

1. Leverage grandfathering before program changes
Investors may wish to file their I-526 forms before Sep. 30, 2026, to lock in current investment thresholds and TEA benefits under the RIA before any new regulations or fee increases take effect.

2. Act before potential price hikes
Following a late 2025 court-ordered fee reduction, filing now allows investors to take advantage of lower EB-5 filing fees.

3. File early to avoid retrogression delays
Visa backlogs in set-aside categories (TEA, rural, and infrastructure) remain a concern, particularly for applicants from China and India. Early filing may secure investors’ priority dates and position them ahead of future cut-off dates.

4. Submit a well-documented petition
Investors may wish to work with counsel to organize timelines, source-of-funds evidence, business registrations, and tax documentation. Clear documentation may reduce the likelihood of receiving Requests for Evidence (RFEs).

5. Provide comprehensive tax filings
Include seven years of U.S. and foreign tax returns—or official proof of no tax obligations—to meet regulatory requirements.

6. Include complete business registration records
Corporate filings, licenses, shareholder agreements, and proof of good standing for all entities generating EB-5 funds are essential.

7. Reconsider older source-of-funds documentation
Funds originating many years ago are harder to verify and may contain gaps. Given increased USCIS scrutiny, consider providing more recent source-of-funds evidence.

8. Exercise caution with loans
Loans from the New Commercial Enterprise or any entity associated with the Regional Center may trigger USCIS scrutiny. Investors may wish to discuss any such loans with counsel in advance.

9. Avoid installment funding
USCIS currently disfavors phased contributions. Full upfront funding might reduce the likelihood of RFEs or denials, particularly when seeking grandfathering protection.

10. Document all capital transfers thoroughly
Investors should consider maintaining wire confirmations, bank statements, and reconciliations in order to ensure traceable, auditable transfers.

11. Address Communist Party membership proactively
Discuss any membership in the past five years with counsel and consider selecting the optimal primary applicant to avoid eligibility issues.

12. Perform rigorous due diligence on Regional Centers and projects
Verify USCIS approval, financial stability, construction timelines, and job creation projections. Investors may wish to work with a U.S.-licensed broker/dealer or business advisor.

Adjustment of Status (AOS) / Consular Processing

13. Consider concurrent filing strategically
Concurrent I-526 and AOS filing may provide work authorization and travel flexibility for applicants in the United States on valid nonimmigrant status. Confirm eligibility and timing with counsel.

14. Maintain underlying visa status
Fallback status prevents unlawful presence if an applicant’s EB-5 petition is denied and may allow alternative green card options or appeals to be filed.

15. Track visa bulletin movement and country-specific limits
Retrogression may occur, particularly for China and India. Monitor the visa bulletin monthly to ensure timely AOS or consular filing.

16. Keep documentation organized for consular interviews
Investors should have their I-526 approval, tax filings, investment records, and corporate documentation ready for review.

17. Expect potential delays due to security checks
Background checks and name matching may slow processing, so investors may wish to build extra time into their planning.

18. Disclose status violations, unauthorized work, or criminal issues proactively
Applicants may wish to discuss any potential issues with counsel early to prevent denials or complications.

19. Apply for a Reentry Permit for extended travel
U.S. permanent residents must maintain at least 180 days of residence annually. For planned absences longer than 180 days, a Reentry Permit allows up to two years abroad without risking green card status.

20. Renew EAD and AP documents proactively
For AOS applicants, investors may wish to file extensions at the 180-day mark to avoid work or travel interruptions, as automatic extensions have been discontinued.

I-829 / Removal of Conditions

21. Prepare early for I-829 filing
Maintain communication with the Regional Center to track project completion, job creation, and capital investment from I-526 through I-829. Alert counsel to any delays or issues promptly.

22. Align I-829 filings with original investment documentation
Cross-check I-829 submissions against I-526 to avoid inconsistencies that might trigger RFEs.

23. Consider mandamus for excessive I-829 delays
Mandamus litigation might be an effective tool to compel USCIS action when processing times exceed norms.

24. Plan travel around the I-829 receipt notice
Filing an I-829 extends conditional permanent resident status and provides up to 48 months of work and travel authorization. Investors may wish to avoid international travel until the receipt notice is issued, as it is required for reentry.

Naturalization Planning

25. Track residency requirements for U.S. citizenship
EB-5 investors may apply for naturalization five years after receiving the conditional green card. Maintain detailed records of physical presence and residence after conditional green card approval.

26. Prepare early for the naturalization interview and civics/English test
USCIS has increased the number of questions and expectations for passing. Begin study and preparation well in advance of eligibility.

2026 might be a strategic year for EB-5 investors. With grandfathering protections still available, potential fee increases on the horizon, and heightened scrutiny on compliance, proactive planning is essential. Investors who file early, maintain comprehensive and organized records, monitor Regional Center and project compliance, and address potential issues with counsel in advance may be best positioned for success. Approaching each stage of the EB-5 lifecycle—from I-526 filing, through AOS or consular processing, I-829 removal of conditions, and eventual naturalization—with diligence and foresight may help investors navigate evolving regulations and optimize their path to U.S. residency and citizenship.

The United States has introduced a new immigration pathway aimed at attracting ultra-high-net-worth individuals: the Gold Card Program, created by Executive Order 14351 in September 2025. Because this program arises from executive action rather than an act of Congress, it operates outside the traditional statutory framework that governs the EB-5 immigrant investor program. As a result, it presents both opportunities and legal uncertainties for prospective applicants.

Below is a detailed analysis of the Gold Card program’s structure, requirements, risks, and how it compares to the long-established EB-5 investor visa category.

What the Gold Card Program Is—and Why It Is Different

Unlike EB-5, Congress did not enact the Gold Card. It is an executive initiative, implemented solely through presidential authority. That distinction has significant implications:

  • It may be modified, suspended, or rescinded by a future administration.
  • It does not include statutory grandfathering protections. Investors who begin the process today do not have guaranteed eligibility if the program is later withdrawn or struck down by a court.
  • It relies on existing immigrant categories (EB-1A and EB-2 NIW) for visa issuance, meaning adjudications may still need to satisfy the regulatory standards for extraordinary or exceptional ability in the national interest. For example, EB-1A normally requires the applicant to have “sustained national or international acclaim.” Exceptional ability EB-2 normally requires the applicant to have an advanced degree and meet other criteria, in addition to meeting the requirements for a National Interest Waiver.

In effect, the Gold Card overlays a financial-contribution model onto existing immigrant visa frameworks, creating a hybrid program that blends donation-based residency incentives with employment-based visa adjudications.

Key Features of the Gold Card

Although the Gold Card uses employment-based categories, the distinguishing elements relate to its funding mechanism, processing model, and tax-related incentives.

Donation Model: Applicants must make a non-refundable “gift” to the U.S. government:

  • $1 million per individual applicant, including each family member; or
  • $2 million for corporate-sponsored applicants, plus $1 million per dependent; and
  • $15,000 USCIS processing fee per person.

Unlike EB-5, the funds are not invested, do not carry job-creation obligations, and are not returned under any circumstances.

New Fast-Track Petition: Form I-140G

The program introduces Form I-140G, a petition similar to a premium-track I-140 but tied to visa availability. Petition processing may be completed in weeks, but immigrant visa issuance still depends on priority date movement and the applicant’s country of birth. Applicants born in certain countries may still experience long wait times for the immigrant visa due to existing EB-1 and EB-2 visa backlogs.

No Adjustment of Status

Significantly, Gold Card applicants must process through a U.S. embassy or consulate abroad. The program explicitly bars Adjustment of Status, eliminating the ability to apply from within the United States. It is unclear why.

Platinum Tier

A forthcoming $5 million Platinum contribution offers extended U.S. presence (up to 270 days annually) and preferential tax treatment on foreign-source income. It does not provide permanent residency; rather, it functions as a long-term entry and tax-benefits privilege for globally mobile individuals.

Navigating Requirements and Process

Although the Gold Card avoids the rigorous EB-5 job-creation framework, it still requires detailed documentation.  The current process appears as follows:

  1. Source and Path of Funds: Applicants must prove lawful origin of the gifted amount, consistent with employment-based immigrant standards. It appears the source and path of funds requirements is similar to EB-5 standards.
  2. Filing of Form I-140G with the donation documentation and fees.
  3. USCIS Adjudication under EB-1A or EB-2/NIW standards.
  4. Consular Processing and visa issuance once the priority date is current.

The reliance on EB-1 and EB-2 legal standards introduces a substantive evaluation that some high-net-worth individuals may not expect; the financial contribution does not necessarily override statutory eligibility requirements.  Further clarification on this point is required from USCIS.

Comparison to the EB-5 Immigrant Investor Program

Created by Congress in 1990, EB-5 remains the only statutory investment-based pathway to a U.S. green card. It requires:

  • $800,000 investment in a Targeted Employment Area (TEA) or $1,050,000 outside a TEA.
  • Creation of 10 full-time U.S. jobs.
  • Capital at risk throughout the investment period.
  • Eligibility for Adjustment of Status and concurrent filing inside the United States.
  • Access to grandfathering protections for those who apply before Sept. 30, 2026, under the Reform and Integrity Act.

EB-5’s core advantages are family coverage, permanence, and legal stability. Its disadvantages are longer timelines and the need to satisfy job-creation and project-risk requirements.

Side-by-Side Analysis

AspectGold Card (EO 14351)EB-5 Investor Visa (Statute)
AuthorityExecutive order; vulnerable to legal challenge and repeal; no grandfatheringCongressional statute; RIA provides statutory grandfathering through Sept. 30, 2026
Cost$1M per family member; $2M if company-sponsored; $5M Platinum tier; $15k per person filing fee$800k–$1.05M investment covers entire family
Family CoverageEach family member pays full gift and feeOne investment covers spouse and children under 21
RefundabilityNoneInvestment generally returnable after project exit or if petition is denied
RequirementsNo job creation or business risk; gift treated as government donationMust create 10 full-time jobs; capital must remain at risk
TimelinePetition may be processed within weeks; visa issuance tied to EB-1/EB-2 backlogsFour to six years typical for permanent residency
Green Card OutcomePermanent residency unless program is repealedTwo-year conditional residency, then permanent upon I-829 approval
Preference CategoryEB-1A or EB-2/NIWEB-5
Process(1) Register on trumpcard.gov, (2) File I-140G, and (3) Consular process only(1) File I-526E, (2) AOS or consular, and (3) File I-829 after two years

Sample Cost Comparison: Family of Six

The contrast in total cost is stark:

Gold Card

  • Donation: $1,000,000 × 6 = $6,000,000
  • USCIS fees: $15,000 × 6 = $90,000
  • Total: $6,090,000

EB-5

  • Investment: $800,000 (TEA)
  • USCIS fees: $3,675
  • Total: $803,675

For large families, the Gold Card’s per-person model makes it more expensive than EB-5.

Practical Considerations for Investors

While the Gold Card potentially offers speed and eliminates job-creation risk, the program presents legal and strategic uncertainties:

  • Regulatory durability is weak compared to EB-5’s statutory foundation.
  • Visa availability remains tied to EB-1 and EB-2 demand, meaning individuals from high-demand countries may still face backlogs.
  • The high per-person cost may outweigh benefits for families.

EB-5, despite its longer timeframe and job-creation obligations, aims to provide stability, family efficiency, and an established statutory framework—elements some investors value when making long-term relocation plans.

The Gold Card represents an untested pathway for those seeking rapid U.S. residency through financial contribution. EB-5 remains the more established, predictable option for investors prioritizing statutory protection, family coverage, and long-term stability. The optimal route depends on the applicant’s priorities: speed and simplicity versus durability and cost efficiency.

On Nov. 12, 2025, a federal court determined that USCIS unlawfully increased EB-5 filing fees without completing a fee study that was required to be completed under the EB-5 Reform and Integrity Act of 2022 (RIA). The RIA, passed in April 2022, required USCIS to complete a fee study and to set USCIS filing fees according to the amount of time required to adjudicate the different types of EB-5 cases, including Form I-526E Petitions, Form I-829 Petitions, and Form I-956/I-956F Applications. However, USCIS did not timely complete the fee study; instead in April 2024, USCIS increased EB-5 filing fees significantly and without first completing the required fee study.

Following a recent lawsuit, a federal court determined that USCIS’ April 2024 fee increase was unlawful and arbitrary. The court also held that the fees should revert to the pre-April 2024 fees until USCIS finalizes the fee study. While the USCIS website on fees has yet to be updated, parties to the litigation have confirmed informally that USCIS will accept new applications, including Form I-526E Petitions, Form I-829 Petitions, and Form I-956/I-956F Applications, with the older fees. New guidance may be forthcoming from USCIS on the fees.

Importantly, USCIS now has completed its fee study as part of a Notice of Proposed Rulemaking (NPRM), which is currently in a 60-day comment period. Once the NPRM is published in final, the EB-5 filing fees may increase to the amounts listed in the completed fee study. The result is a short window of time where EB-5 filing fees for various applications are reduced to pre-April 2024 amounts.

EB-5 stakeholders who are filing cases presently should discuss with their lawyer regarding the USCIS filing fees to be paid.

The newly released USCIS proposed fee rule includes reductions to several key EB-5 Immigrant Investor Program filing fees.

At a time when USCIS fees have largely trended upward due to inflation, staffing, and backlog-related costs, the proposed decreases for EB-5 filings stand out as a noteworthy development for regional centers and investors alike.

Proposed EB-5 Fee Reductions

According to the newly proposed rule, the following filing fees are set to decrease:

  • Form I-526E (Immigrant Petition by Regional Center Investor): from $11,160 → $9,625;
  • Form I-956F (Application for Approval of an Investment in a Commercial Enterprise): from $47,695 → $29,935;
  • Form I-956 (Application for Regional Center Designation): from $47,695 → $28,895;
  • Form I-956 (Amendment): from $47,695 → $18,480; and
  • Form I-956G (Regional Center Annual Statement): from $4,470 → $2,740.

New fees would also apply to Form I-956H (Bona Fides of Persons Involved with Regional Center Program) and Form I-956K (Regional Center Investor Compliance Certification), though the changes in those categories are not as significant.

Why This Matters

It is rare for USCIS to reduce filing fees absent litigation—particularly within a complex and high-stakes category like EB-5. Historically, USCIS has justified fee increases by citing the need for operational funding and efficiency improvements. The decision to lower EB-5-related fees may reflect recognition of the program’s administrative challenges and the importance of maintaining accessibility for regional centers and investors post-Reform and Integrity Act (RIA).

Litigation Concerns and the RIA Fee Study

Interestingly, USCIS appears to be deliberately distancing itself from the RIA’s mandated fee study and adjustment process, potentially due to ongoing and potential litigation surrounding the agency’s authority to impose and structure certain EB-5 fees. By proposing independent revisions rather than relying on the RIA’s framework, USCIS may be seeking to insulate itself from future challenges while maintaining operational control over the program’s financial structure.

What Comes Next

The rule is still in the proposed stage, meaning there will be a public comment period of 60 days before final implementation. EB-5 stakeholders—including investors, regional centers, and developers—should consider submitting comments to help shape the final version.

The proposed fee decreases represent an unexpected development in a space where most practitioners had only expected increases.

We will continue to monitor developments.