A new federal court ruling has reshaped a controversial immigration loophole — and President Donald Trump is already preparing to shut it down for good.
Court Sides With Wealthy Foreign Investors
In a decision cheered by immigration lobbyists, the court ruled that wealthy foreigners using the EB-5 Immigrant Investor Program need only keep their money “at risk” for two years to qualify for U.S. green cards. That’s a drastic reduction from previous rules, which often kept funds tied up for years.
Supporters call it a win for foreign investors. Critics see it as a dangerous shortcut that lets the world’s richest elites buy their way into America while giving little back to U.S. workers.
A Program Plagued by Fraud and Abuse
Created in 1990, the EB-5 program was supposed to boost American jobs through foreign investment. Instead, it’s been riddled with fraud, shell companies, and exploitation — allowing overseas millionaires to turn cash into citizenship.
Judge Ana C. Reyes’ August 2025 ruling found that the EB-5 Reform and Integrity Act of 2022 shortened the “sustainment period” to two years for post-2022 investments. Pre-2022 investors are still stuck under the old rules.
Trump Slams ‘Ridiculous’ Green Card Loophole
President Trump has long called the program a “ridiculous” way for wealthy outsiders to gain U.S. residency. In March, he told Congress:
“For $5 million, we will allow the most successful, job-creating people from all over the world to buy a path to U.S. citizenship.”
Commerce Secretary Howard Lutnick says the EB-5’s history of “make believe and fraud” is exactly why the administration plans to replace it with the Trump Gold Card — charging $5 million directly to the U.S. government so taxpayers, not private middlemen, benefit.
New Rules Coming — But Trump Wants Action Now
The U.S. Citizenship and Immigration Services (USCIS) will now begin drafting formal regulations to reflect the ruling. The process — including public comment — could drag into 2027.
Trump’s team says that’s too slow. They want to scrap the current EB-5 entirely and roll out the Trump Gold Card, ensuring every dollar goes to American priorities like border security, infrastructure, and veterans’ care.
What This Means for Americans
While immigration activists celebrate the ruling, many conservatives see it as another example of a broken system that puts foreign millionaires ahead of hardworking U.S. citizens. With Trump promising to overhaul the program, the fight over green card reform could be one of the biggest immigration battles yet.