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Trump’s New Immigration Plan Threatens Real Estate’s Original “Golden Visa”

March 10, 2025

Monday, March 10, 2025

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  • Gold for green: Trump’s Golden Visa could pull foreign capitol from real estate by replacing EB-5 with direct to government payments.

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The real estate industry has long benefited from the demand for American citizenship. One of the quickest paths to becoming an American has been the EB-5 program, which many real estate developers have used to attract foreign investors and reduce their cost of capital. Known as the Immigrant Investor Program, the EB-5 visa is granted to foreigners who invest $1,050,000 in a new commercial enterprise (or $800,000 if the investment is made in a Targeted Employment Area). To qualify for the visa, the investment must also create 10 full-time jobs. But, this program is now in jeopardy, as President Trump has announced plans to replace the EB-5 program with a new “Golden Visa.”

The Golden Visa would differ from the EB-5 in a few key ways. Instead of an investment, it would require a direct payment to the government. It would also grant new citizens important tax advantages, providing an exemption on foreign income rather than requiring them to pay taxes on all global earnings, as is currently mandated for American citizens.

For the real estate industry, the concern is that ending the EB-5 program would eliminate a valuable source of investment. Real estate developments have been a preferred vehicle for EB-5 investments, as they reliably produce the required jobs, follow a clear timeline for completion, and provide investors with a tangible asset upon completion. EB-5 projects have been highly popular—since its inception in 2008, the New York City Regional Center alone has facilitated over $1.5 billion in capital for various developments.

The details of the Golden Visa have yet to be finalized, so the EB-5 program could remain even if the new visa is introduced. Notably, President Trump himself has used the EB-5 program to finance a 50-story residential skyscraper in Jersey City. That project, a collaboration between Kushner Companies—managed by Trump’s son-in-law Jared Kushner—and the KABR Group, came under scrutiny for its designation as a Targeted Employment Area.

If Trump replaces the EB-5 program with the Golden Visa, developers will face even greater challenges in securing investment capital—at a time when real estate debt is already prohibitively expensive for many projects. Proponents hope the Golden Visa will generate enough economic growth to attract new capital and lower interest rates, but that may be optimistic. Fewer than 10,000 people currently participate in the EB-5 program, and that number would likely shrink with a $5 million price tag. If the EB-5 program is eliminated, real estate developers will have to get creative in finding funding with one less tool at their disposal.

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