“Green Card Plus”
A new “gold card” announced recently will allow investors to obtain permanent residency for $5 million.
President Trump, who introduced the initiative, said the card will offer “green card privileges, plus it’s gonna be a route to citizenship.”
Commerce Secretary Howard Lutnick added that the gold card will replace the EB-5 investor visa program.
Currently, EB-5 applicants must invest between $800,000 and $1 million and create at least 10 jobs to qualify for a green card. The gold card would remove the job creation requirement.
Experts argue that simply replacing the current program with the gold card could be a mistake, as the existing EB-5 program plays a crucial role in economic development in underserved areas.
However, it seems the administration plans to modify, not terminate, the EB-5 program — and that won’t be easy.
The Trump administration cannot unilaterally change EB-5 program rules overnight, said Katya Stelmakh, founder of Stelmakh & Associates.
“For pending EB-5 investors, EB-5 immigrant visa petitions filed by September 30, 2026, remain protected,” Stelmakh said. “USCIS must continue processing these petitions even if the program changes.”
Starting in 2027, the investment amount will automatically rise with the consumer price index, so investors planning to apply soon won’t see an immediate increase.
“The gold ard proposal suggests a significantly higher investment threshold, but changes to EB-5 investment amounts must first be approved by Congress,” Stelmakh said.
The EB-5 regional center program remains authorized by Congress through 2027, so any fundamental changes would require congressional action.
According to Stelmakh, if the gold card remains separate from the EB-5, the new initiative will introduce an alternative path for high-net-worth individuals.
“The situation is still developing,” Stelmakh said. “Those EB-5 investors who file their EB-5 petitions before September, 2026, remain protected under the existing regulations.”
H-1B modernization and startup founders
The H-1B Modernization Rule, which went into effect on January 17, allows for greater flexibility for startup owners. Under the new rule, entrepreneurs who co-own a company can sponsor themselves for an H-1B visa.
Lisa Eisenberg, principal at Eisenberg Law Firm, warns that owners must pay the prevailing wage for the role, reflecting the required experience, responsibility, and supervisory authority to justify the H-1B application.
“Many early-stage startups struggle to meet the wage requirements,” she said.
According to the regulations, H1B applicants must spend most of their time performing specialty occupation duties.
“For example, a co-founder of an IT startup with more than a 50% ownership could qualify for an H-1B visa if they have a computer science degree and spend most of their time on software engineering tasks, such as building a new app,” Eisenberg said.
The validity period for such petitions will be limited to 18 months. “For startup founders who qualify for O-1, E-1, E-2 or L-1 visas, these options are still more attractive,” Eisenberg added. “They do not involve a lottery and do not regulate wages.”
Is the Muslim Travel Ban back?
Another major change is the introduction of “extreme vetting,” for individuals from countries deemed to pose security risks. This policy is seen as a continuation of Trump’s Muslim Ban.
“Extreme vetting could have a profound impact on startup founders who are trying to enter the U.S.,” said Jonathan Grode, U.S. practice director and managing partner at Green & Spiegel. “It’s not just about the visa, but the uncertainty surrounding the process that causes issues for businesses trying to plan long-term.”
By the end of March, the Secretary of State, Attorney General, Secretary of Homeland Security, and Director of National Intelligence must send a report to President Trump.
The report should identify countries “for possible suspension of admissions” and “provide data on nationals from those countries admitted since January 20, 2021, along with any relevant details about their activities in the U.S.”
Uncertainty amid shifting policies
Attorneys also mentioned changes in visa processing times, which can vary drastically depending on the applicant’s nationality.
“If you’re an Indian national applying for an H-1B in Mumbai, your appointment might not come up until 2026,” Grode said. “But if you have a Schengen visa, you might be able to get an appointment in Belgium the next day.”
One recent development that affects O-1 and E visas is more frequent baseless denials of visa applications by U.S. consulates.
“Sometimes the consulates cite lack of ties to the home country as the basis for the denial, although applicants for these visas are not required to maintain residence abroad,” Eisenberg said. “And sometimes they do not provide a clear explanation at all.”
The issue has been brought up to the Department of State by the American Immigration Lawyers Association. “We hope that this negative trend will subside,” Eisenberg added.
Window of opportunity
Some recent policy changes have been beneficial for immigrant entrepreneurs. Grode added that Biden’s initiative to create pathways for startup founders through changes to the J-1 visa was particularly valuable.
“For STEM entrepreneurs the J-1 visa now offers more flexibility and longer durations, which is a huge benefit,” he said.
Elizabeth Maruyama, founder of America Visa Advisory, believes Trump’s tech policy and his new initiative, Stargate, will benefit AI startup founders. While many details are still unclear, the project plans to build up to 20 large AI data centers in the U.S., starting with a $100 billion investment.
Despite the potential benefits, uncertainty around immigration policies could impact international startups long-term.
“Every four to eight years, we see a new set of rules,” Grode said. “What businesses really need is predictability, and that’s what’s missing.”
The article has been updated on March 7, 2025
