Why EB-5 is Still Ideal for Commercial Real Estate

In an interview with an industry publication, JTC’s Jill Jones outlines why commercial real estate projects should still look to EB-5 for financing.

Since the executive action in September 2025 that created the Gold Card visa program, there has been plenty of speculation as to how the Gold Card would be implemented and whether or not this visa program could replace the EB-5 Immigrant Investor Program.

We now have a little more clarification, but there is still a lot of misinformation out there regarding how the Gold Card works and what makes it different from EB-5. To help clear up some misconceptions, JTC’s Jill Jones gave an interview to Matthew Kaufman at Commercial Property Executive. In the interview, Jones explains not only how the Gold Card differs from EB-5, but why commercial real estate professionals shouldn’t expect to simply switch from EB-5 fundraising to courting Gold Card applicants.

“The Gold Card program is a green card purchase program,” explains Jones. Anyone purchasing a Gold Card is not required to make any private investment in the United States. Any real estate investment they make would be in addition to their Gold Card contribution, and the terms for that investment would need to be enticing enough to cause them to invest without an immigration incentive.

In contrast, “The EB-5 program comes with a requirement that capital commitments from the applicants be used to benefit U.S. communities, with certain perks if those funds are used in underserved areas such as rural, urban high unemployment, or infrastructure,” says Jones.

“These funds are invested in job creating enterprises, and there is an expectation that the investment can be liquified after the immigration goal is reached, so the family gets at least their initial investment back, and at best with a return on top of the initial investment,” she says.

This makes EB-5 more achievable for investors who can’t spare $1 million, meaning a larger pool of potential investors. Because a private investment is required, EB-5 applicants need to find suitable projects.

Another thing to understand is that the Gold Card initiative may not be permanent. As Ron Klasko points out, because the Gold Card was created through executive action and not by Congress, “the entire program may be subject to invalidation if there is a federal court challenge. It also means that the entire program could be invalidated by a future executive order, without the need for legislation.”

If the courts invalidate the Gold Card program, will those who’ve already paid still get their green cards? How easy will it be for applicants to get their money back? And how much time will have passed that could have spent with EB-5 investments at risk, only to be back at square one? The same is true if a future president decides to eliminate the Gold Card through another executive action: these unknowns add risk to a program that hasn’t been tested yet.

For those debating which visa pathway to pursue, there are three possibilities to consider: 1) the Gold Card is repealed by the courts or eliminated through an executive order; 2) the EB-5 Regional Center program expires or EB-5 is repealed completely, leaving the Gold Card as the only remaining option of the two; or 3) the Gold Card and EB-5 exist side-by-side, with investors having a choice of which program is right for them. Jones believes this third option is not only possible, but preferable.

“The two programs are symbiotic. Nothing about the Gold Card program links immigration capital to U.S. real estate projects—there is only an assumption that the demographic who would qualify for a Gold Card should have the wealth and desire to invest in U.S. real estate projects.”

So if both programs exist, which group of investors should the CRE industry target?

“Commercial real estate sponsors should continue to seek capital from EB-5 investors,” says Jones. Not only are these investors required to make an investment, but the program has a proven track record when it comes to both immigration and financial success, making it a more reliable choice.

“Getting a green card via the EB-5 program is likely faster than a Gold Card, and it comes with the chance to get that investment capital back,” says Jones. So long as investors can invest with EB-5, they will, and commercial real estate projects can benefit from this investment capital.

Read the full interview here