On February 25, 2025, President Trump’s announcement of a new “Gold Card” program for immigrant investors drew the attention of the EB-5 industry. It has now been several weeks since President Trump’s remarks, but the White House has yet to implement a framework or make further official announcements on the “Gold Card” program.
President Trump initially signaled his intention to terminate the EB-5 program entirely. However, Commerce Secretary Howard Lutnick later said that the program’s rules would be modified.
While it’s unclear how the Trump administration will proceed, one thing is certain: the U.S. real estate industry stands to gain billions of dollars in capital if the EB-5 program continues to operate under its current rules.
This was the topic of a recent New York Times article describing the EB-5 program’s contribution to the real estate sector.
As The New York Times points out, “[EB-5] represents a huge profit bump for a small but powerful political contingency: major real estate developers. They are not likely to see EB-5 killed without a fight.”
In this post, we will review the EB-5 program’s role in bolstering real estate developments across the United States. Then, we will explore why the influential real estate industry is expected to rally to protect the EB-5 visa—a valuable source of cheap capital.
Why Is EB-5 Valuable to Real Estate Developers?
How the Real Estate Sector Could Protect EB-5
EB-5 Capital Continues to Bolster U.S. Real Estate
Why Is EB-5 Valuable to Real Estate Developers?
EB-5 funding is often available to developers at below-market rates. Projects that raise EB-5 capital can save significant amounts with the lower rates of return offered to EB-5 investors as opposed to traditional lenders.
One industry member quoted in The New York Times story points out the following: “You’re really cutting, you know, 30 to 50 percent of your cost of capital, on a rather significant portion of your capital.”
“On top of saving money,” the article continues, “developers say the program has been crucial during periods like the financial crisis when other funding sources become prohibitively expensive or scarce.”
“Unsurprisingly, the real estate industry has been one of the EB-5 program’s most ardent defenders.”
The real estate industry has certainly benefitted from EB-5 funding. According to Invest in the USA (IIUSA), an EB-5 trade association, the EB-5 program has raised more than $55 billion—at no cost to American taxpayers. Moreover, this capital has created approximately 1.4 million American jobs.
EB5AN alone has sponsored projects with a total development cost of over $2.9 billion, with over 19,000 jobs created.
It’s noteworthy that Trump himself has raised EB-5 funding in the past for his Trump Plaza development in Jersey City. Trump’s son-in-law Jared Kushner has also used EB-5 capital as a funding source for his projects.
How the Real Estate Sector Could Protect EB-5
The U.S. real estate industry is politically influential through its enormous economic weight and its extensive lobbying efforts. For example, according to OpenSecrets, the industry contributed over $162 million in campaign funds during the 2012 election cycle, and the National Association of Realtors spent more than $372 million on lobbying from 1998 to 2016. This influence enables the real estate sector to shape policies on taxation, zoning, and housing finance—areas that directly affect property values and market stability.
A Reuters report noted that during the 2024 election cycle, finance, insurance, and real estate sectors contributed $234.9 million to Trump’s campaign compared to $117 million for Vice President Kamala Harris.
With his background in real estate, President Trump is undoubtedly aware of the tremendous benefits of cheap capital for developers. And if the real estate industry lobbies in favor of EB-5, he will be inclined to listen.
The developer quoted in the Times article adds the following: “Cheap capital is the crack cocaine to the real estate industry and probably every other industry. They and their rather large political donations are going to be very motivated.”
The real estate industry has already demonstrated its political support for the EB-5 program: in 2017, the National Association of Realtors and the U.S. Chamber of Commerce opposed a bill that would have cancelled the EB-5 program altogether.
Reporting on that legislative decision, ABC News said that “private groups paid out as much as $30 million in a lobbying effort to protect the EB-5 program this year alone. Some of the National Association of Realtors’s $23 million lobbying budget targeted the issue, according to an analysis of lobbying registration reports for ABC News by the Center for Responsive Politics.”
In contrast to the current rules of the EB-5 program, the Trump administration would have immigrant investors pay the government directly instead of investing in real estate developments.
With over 7,000 I-526/I-526E filings between April 2022 and July 2024, the EB-5 industry raised about $5.6 billion in this relatively short period. Real estate developers have much to lose if the EB-5 program is cancelled or modified as Trump has suggested.
Many industry stakeholders expect the EB-5 and the “Gold Card” programs to coexist. At a much higher investment amount of $5 million, the “Gold Card” would offer tax benefits that are not available to EB-5 investors.
In our open letter to President Trump following the “Gold Card” announcement, EB5AN said the following:
“Your innovative Gold Card approach targets a different demographic and accomplishes different goals than the EB-5 program. Together, your Gold Card program and the EB-5 program could supercharge America’s growth. […] Why not work to expand EB-5 instead? An expanded EB-5 program could unleash transformative investment in America’s heartland.”
In any case, President Trump would need Congressional approval to cancel or modify the EB-5 program and to allocate U.S. visas to his “Gold Card” scheme.
The American Immigration Lawyers Association (AIIA) published the following analysis of the legislative obstacles President Trump would have to surmount:
Should the Trump administration actually seek to end the EB-5 program, it would need its Republican allies in Congress to introduce a bill to do so. Such legislation would need to pass both houses of Congress, including the Senate, where standing rules require the invocation of “cloture” to limit debate and advance a bill to a final vote — else, the bill may be “filibustered.” Invoking cloture requires 60 votes, and Senate Republicans (many of them supporters of the EB-5 program) only number 53. Unless the administration can convince at least seven Democratic senators to vote in favor of such a bill (which is unlikely), assuming that all Senate Republicans support it, any legislation to abolish and/or replace the EB-5 program will never be passed.
EB-5 Capital Continues to Bolster U.S. Real Estate
While there’s some uncertainty around the EB-5 program’s future, it continues to provide invaluable funding to the real estate industry. “The multi-billion-dollar EB-5 industry is becoming an increasingly important asset to U.S. real estate,” says Sam Silverman, managing partner of EB5AN. “We’ve personally witnessed how EB-5 capital helps projects get completed on time and at a lower cost than would otherwise be possible.”
With one of the most politically influential industry sectors on its side, the EB-5 program is more likely to coexist with Trump’s “Gold Card”—if the “Gold Card” materializes at all.
