A review of the U.S. EB-5 immigration program (investor visa) is scheduled for March 2027, and a key date to keep in mind is September 30, 2026. You’ll understand why when you read the explanations from attorney Marc-André Séguin, co-founder and partner at Exeo in Montreal, who also explains the differences between the EB-5 visa and the “Gold Card” proposed by Donald J. Trump.
Description
In U.S. immigration, there are different categories. Attorney Séguin explains: “First, there are ‘non-immigrant’ visas such as visitor visas, work permits, and student visas—that is, anything intended for temporary stays in the United States. On the permanent family immigration side, there are ‘immigrant’ visas aimed at obtaining a green card, and thus intended for a more permanent stay.” And within the permanent visas, there are other subcategories of immigration: humanitarian, family-based, and economic. The expert explains: “In economic-based permanent immigration, there are five categories, EB-1 through EB-5, where EB stands for Employment-Based and the number 1 represents First Preference, up to 5 for Fifth Preference. The EB-5 visa falls within this broader legal framework and constitutes the investor category.”
History
The EB-5 program has existed since 1990 and has undergone several reforms over the years: “In 1990, you had to invest $500,000 in your own project and then create 10 jobs through it on your own payroll,” explains Attorney Séguin. Since the program was quite restrictive, in 1992 it was expanded to allow for participation through a regional center, encompassing direct job creation (on one’s own payroll), indirect job creation (people who have jobs because the project exists), and induced job creation (jobs created as a result of the company’s presence in a given community, by injecting vitality into the local economy and creating third-tier jobs).
The Exeo expert adds that the program subsequently evolved from $500,000 to $900,000 during the pandemic, with an attempt to reform the program. This was followed by a return to the $500,000 program with direct job creation only. Then, in March 2022, the Reform and Integrity Act (RIA) was enacted, codifying the EB-5 program into law with a mechanism for automatic adjustment of program amounts every five years, and setting the minimum investment amount at $800,000 for projects in rural areas or areas with high unemployment rates, and a minimum of $1,050,000 for non-rural areas and those without high unemployment rates, such as Miami, for example, whether through direct, indirect, or induced job creation. The 2022 law also tightens the rules to ensure that project sponsors meet several EB-5 program compliance requirements to prevent fraud.
Law and Uncertainty
The next review will take place in March 2027, but as stated in the law, any reforms announced in March 2027 may apply retroactively up to six months prior. “So as of September 30, 2026, we don’t know what the future holds for the EB-5 because we don’t know what will happen in March 2027,” says Attorney Séguin. And last February, Trump announced that the EB-5 would be replaced by a “Gold Card.”
Fundamental Difference
While the specifics of the “Gold Card” are still quite vague, the EB-5 investor visa is a program that exists in law, which constitutes the fundamental difference between the two. The co-founder of Exeo explains that with the “Gold Card,” you essentially purchase your permanent residency in a matter of weeks by paying one, two, or five million dollars to the U.S. Treasury Department to be able to live and work legally in the United States. “There is no requirement to create jobs, and it is not a program that exists under U.S. law,” notes Attorney Séguin. He adds that the Trump administration is attempting to push the “Gold Card” through the EB-1 program for exceptional talent, “but the path to investing and obtaining a green card in the United States, as the law makes very clear, is the EB-5 visa.” The problem with the “Gold Card”? “There will be legal challenges to the basis of this program,” warns Attorney Séguin. “What will happen if a federal court rules that the program doesn’t hold up? Will those who benefit from it lose their status overnight because the basis of their status is deemed invalid? We don’t know…”
Recommendation
The key date to remember is September 30, 2026, if you wish to invest to obtain an EB-5 visa, which leads to a “green card,” given that the current administration is hostile to this program, seeking to replace it with the “Gold Card,” and given that it will be revised in March 2027 with the possibility of retroactive application to the preceding six months. But this still gives you time to begin the process of obtaining an EB-5 visa, according to Marc-André Séguin of Exeo.
Example
A good example of an investment for obtaining an EB-5 visa is a project to build and manage senior living facilities because they require a large number of employees. Attorney Séguin notes in particular that there are nursing staff, security personnel, cafeteria workers, laundry staff, hair salon staff, and so on.
In addition to staff working directly for the facility, indirect jobs are also created—assuming that, in some cases, laundry or cafeteria staff may come from an external service provider but still work directly within the facility. Then, the grocery store that opens across the street and the clinic or pharmacy that opens two blocks away to serve the residents—all of this constitutes induced job creation, helping to meet the job creation requirements for the EB-5 program.
For more information: www.exeo.ca
