Immigrant investor program is a boon — Trump is right to expand on it

Can you name a federal program responsible for creating or supporting 7 million high-paying jobs, attracting $75 billion in private investment, and generating $14.5 billion in tax revenue in the last four years?

Here’s one other key detail: The program didn’t cost taxpayers a dime in that period.

All of these benefits are byproducts of the EB-5 Immigrant Investor Program, an unheralded federal initiative that has been delivering big benefits to the U.S. economy and to American workers in the 35 years it has existed.

And the gains are going to continue piling up. From October 2024 through June 2025, more than 5,000 EB-5 investor petitions were filed — and they represent more than $4.1 billion in new EB-5 investment.

A current EB-5 investment that is delivering opportunity can be seen in Justin, Texas, just outside of the Dallas-Fort Worth metroplex.  A master-planned residential development, known as Treeline, is under development on 800 acres. The two-phase project includes 2,500 single family homes, with Phase 1 encompassing 705 single family home lots. The master plan also includes land allotments for a future elementary school, multi-family units, and commercial development. And it’s all because of EB-5 investments.

EB-5 capital comes from foreigners who are investing in projects inside the U.S. In one program they have to invest at least $800,000, and in another $1.05 million. If they meet that requirement and their investments create at least 10 full-time jobs over a two-year period, they are rewarded with a green card.

This is precisely the kind of immigration program that should exist. America (and American workers) get huge benefits at effectively no cost to the feds. The jobs being created pay, on average, $74,000 per year, and each EB-5 investor is more than meeting the 10-job threshold — the average is 45 jobs.

One study has shown that for every $500,000 invested through EB-5, an additional $1.6 million in private capital was mobilized. That’s a return on EB-5 dollars greater than 200 percent.

“You’re not just attracting capital,” points out Christine Chen, COO of CanAm Enterprises, which works with international investors to allocate capital to projects in the U.S. “You’re attracting people who bring ideas, global connections, and ambition. That’s a long-term asset for the U.S. economy.”

The Trump administration has proposed a worthwhile complement to the EB-5 program. Colloquially known as the “Gold Card,” immigrants would be able to purchase the right to U.S. permanent residence in exchange for a $1 million contribution to the U.S. Treasury if they make their payment of behalf of themselves. The fee is $2 million if a corporation or other entity pays on behalf of an individual.

Howard Lutnick, the Commerce Secretary, has said that he expects the federal government to issue 80,000 of these “Gold Cards.” If half of those were paid for by individuals and other the half by companies, that comes to a cool $120 billion. It’s a nice chunk of change, but not massive by Washington standards — the federal budget deficit in August alone was $380 billion.  

The U.S. would hardly be alone in instituting such a program. There are 70 other countries that offer permanent residency or citizenship in exchange for investments or contributions. And the U.S. program is a bargain. Singapore charges $8 million. New Zealand charges nearly $3 million. Hence the headline on a recent CNBC article: “The global wealthy are lining up for Trump’s $1 million Gold Card after price cut.” (Trump had originally said the fee would be $5 million.)

The EB-5 program and the Gold Card are synergistic. Both will contribute to the strength of the American economy. Talented entrepreneurs will flock to the United States — starting businesses here that employ Americans and pay taxes here. It will also mean reduced competition from foreign companies.

Let’s also remember that legal immigrants are a great asset to the U.S. economy. Studies show that they pay more in taxes than they use in federal services and that, on balance, they create more jobs than they take away. They have high rates of starting businesses, they fill niches in the workforce, and they create jobs with their purchases of American goods and services. We will get all of these benefits, and more, from the foreign investors who come to the U.S. through the EB-5 program.

The U.S. needs investment, needs jobs, and needs to reduce the federal budget deficit. We can get all three, along with some of the most innovative and talented people in the world, by seizing the opportunities presented by the EB-5 program and the Gold Card.

Stephen Moore is an economist and author of six books, including “Trumponomics: Inside the America First Plan to Revive our Economy.”