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The latest updates on President Trump’s “Gold Card” proposal and how it relates to EB-5
On February 25, 2025, the Trump Administration announced their intent to introduce a “Gold Card”, which allegedly grants permanent residency in the United States to eligible candidates for a price of $5 million USD.
Details are still emerging, and few specifics are currently available about the proposal, but here are the facts as it relates to the current EB-5 program:
- Modification vs. Termination: While initial news reports framed the Gold Card as a replacement for the EB-5 visa, the latest updates indicate that the administration intends to “modify” EB-5, a statement attributed to Commerce Secretary Howard Lutnick. EB-5 has been modified and improved multiple times since it was first created in 1990, most recently through the EB-5 Reform and Integrity Act of 2022 (RIA).
- EB-5 Changes Must be Authorized Through Congress: The EB-5 program is codified into law, with the regional center program reauthorized by Congress through 2027 via the EB-5 Reform and Integrity Act of 2022 (RIA). Any changes to the program can only be made through Congressional action.
- Investment Amounts Cannot Change Overnight: While the Gold Card proposal would entail a significant hike in investment thresholds for immigration-by-investment visas, changes to investment thresholds, outside of the automatic increases based upon the consumer price index commencing on January 1, 2027, must be made through Congressional action.
- Current and Prospective Investor Protections under the RIA: The RIA includes provisions that protects investors that have filed an I-526E petition by September 30, 2026. This clause, commonly referred to as the grandfathering of petitions, provides protections to investors that file petitions prior to September 30, 2026 against a termination of the EB-5 program. Legally, this means USCIS must continue processing petitions that applicants file prior to the aforementioned date, even if the EB-5 program were to be discontinued.
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]]>The post The Future of EB-5: An Open Letter from Noreen Hogan appeared first on CMB Regional Centers.
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Every new administration brings the potential for change. New ideas, fresh perspective, and the promise of progress on issues most important to the American people. For those of us in the EB-5 industry, the beginning of the Trump presidency is a period of particular importance. President Trump’s relentless commitment to evolving the approach to immigration across a multitude of dimensions made change inevitable.
The recent proposal put forward by the Trump administration for what has been referred to as the “Gold Card” represents a significant inflection point. This proposal presents an opportunity to engage in meaningful dialogue, to join forces with the new administration on our shared mission of improving our immigration pathways, policies, and regulations. Suddenly, the topic of further improvements to the EB-5 program that we have relentlessly advocated for are at the forefront of the national conversation.
While the specifics of the Gold Card proposal are still emerging, the announcement has already sparked important and, frankly, exciting conversations about how we can make the EB-5 program more impactful, transparent, and beneficial for America, in the spirit of what the Trump Administration is aiming to achieve. The underlying principle of the Gold Card, a path to permanent residency for those that go through proper vetting in exchange for investing in America, is fundamentally aligned with the purpose of the EB-5 program that was enacted by Congress in the 90’s and further improved by the Reform and Integrity Act of 2022.
At CMB Regional Centers, we have been advocating for continuous, meaningful change in the EB-5 industry for nearly 30 years. Our priority is the success of our investors, but our responsibility is to shape the future of the immigration-by-investment programs. Far from daunted, we are excited for this opportunity to work with policymakers to refine and improve EB-5. We hope EB-5 remains a vital jobs creation vehicle for the U.S. economy in the years to come.
Change is not inherently sensational. In this case, it can be synonymous with progress. As we move forward, I hope that industry leaders and policymakers collectively see this moment for what it is: an opportunity for constructive dialogue and collaboration in pursuit of our shared goals.
Noreen Hogan
President, CMB Regional Centers
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]]>Undertaken during the COVID-19 pandemic, the CMB Group 69 – Grand Bohemian Lodge hospitality project was powered by $26.7 million in EB-5 financing
DALLAS, February 10, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced the repayment of its $26.7 million mezzanine EB-5 loan by Kessler Hotels Ltd. for the Grand Bohemian Lodge Greenville, Autograph Collection hotel (CMB Group 69 – Grand Bohemian Lodge) in South Carolina.
“Group 69 is an amazing success story, particularly when considering the headwinds faced opening a luxury hotel at the height of COVID-19,” said Noreen Hogan, President at CMB “The successful repayment speaks to the rigorous standards of underwriting we apply to all our investments and to the tenacity and vision of our borrower, Kessler.”
Projected to have created more than 1,400 American jobs in a high-unemployment area, CMB Group 69 entailed the construction of a boutique lodge, perched on the falls of the Reedy River, featuring 187 luxury guestrooms. CMB Group 69 is the second of two EB-5 project collaborations between CMB and Kessler Hotels Ltd., with the first (CMB Group 68 – Grand Bohemian Charlotte) culminating in the successful repayment of a $30 million EB-5 loan in 2022.
The CMB Group 69 repayment represents the 62nd EB-5 loan fully repaid by the borrower to CMB, contributing to the $1.8 billion in EB-5 funds repaid to CMB partnerships throughout its 28-year history.
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,500 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors. To learn more about CMB or the EB-5 program, please visit the CMB website or contact us directly at [email protected].
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]]>The post CMB Regional Centers Coachella Valley Project Secures I-956F Approval in Three Months appeared first on CMB Regional Centers.
]]>DALLAS, January 23, 2025 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced that its Group 93 – Coachella Valley project has received Form I-956F approval just three months after filing with United States Citizenship and Immigration Services (USCIS).
An I-956F approval signifies that the project has met USCIS requirements and makes Group 93 limited partners eligible for immediate adjudication of conditional green card (I-526E) petitions.
“It’s exciting that our projects in targeted employment areas continue to be approved by USCIS at record-setting speeds,” said Noreen Hogan, President at CMB “We’re proud to continue bringing high-quality investment opportunities to market. We apply rigorous standards of underwriting for our investments, reflected in the 100% approval rate for CMB projects that have undergone USCIS adjudication.”
The announcement represents the latest in a series of speedy USCIS approvals for CMB projects, notably including:
- CMB Group 89 – Hillwood City Creek (I-956F approved in 39 days)
- CMB Group 86 – Gable House Apartments (I-956F approved in just under five months)
- CMB Group 90 – Hillwood Treeline (I-956F approved in just over six months)
Undertaken in conjunction with Hillwood Development Company, the Group 93 – Coachella Valley project will consist of the development and construction of an approximately 240 home community to meet high demand in the flourishing build-to-rent residential market.
With over 40 EB-5 projects and more than $500 million in EB-5 loan repayment to investors, CMB and Hillwood Development Company have cultivated one of the most successful lender-borrower relationship in the EB-5 industry.
The approval represents the twelfth CMB EB-5 partnership to achieve an I-956F approval under the EB-5 Reform and Integrity Act of 2022 (RIA).
Previously approved partnerships include:
- CMB Group 78 – Hillwood California BTS
- CMB Group 81 – Inland Empire Industrial
- CMB Group 82 – Hazleton Logistics Park
- CMB Group 83 – Hillwood SOMI Hayward
- CMB Group 84 – Hillwood Daytona
- CMB Group 86 – Gable House Apartments
- CMB Group 87 – Kona Bay Hampton Hotel
- CMB Group 88 – Hillwood Detroit Fairgrounds
- CMB Group 89 – Hillwood City Creek
- CMB Group 90 – Hillwood Treeline
- CMB Group 91 – Hillwood DTW Air Cargo
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors.
To learn more about CMB, the EB-5 program, and Group 93 please visit the CMB website or contact us directly at [email protected].
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]]>The post Permanent Green Card Petition Approved for Investor in CMB Regional Centers Hôtel Swexan Project appeared first on CMB Regional Centers.
]]>DALLAS, January 2, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced the first approval of petition I-829 for an investor in its Group 66 – Hôtel Swexan project. Approval of the I-829 petition is the final step in the EB-5 visa process for immigrant investors to be issued a permanent green card (conditions removed) and achieve permanent residency in the United States.
“We are thrilled at yet another successful approval of an investor’s I-829 petition, which is arguably the most significant milestone in their EB-5 journey: the removal of conditions on their permanent green card” said Noreen Hogan, President at CMB. “We’re proud to have been a part of this process and look forward to continuing to support our investors in their pursuit of permanent residency in the United States.”
The USCIS has approved over 5,500 I-526 petitions for conditional green cards and nearly 3,000 I-829 petitions for permanent green cards in connection with CMB partnerships.* In its more than 25 years of experience in the EB-5 industry, CMB has repaid over $1.3 billion USD to its investors.
Located in uptown Dallas, Texas, Hôtel Swexan is a 132-key luxury boutique hotel, which includes an exclusive lifestyle club, executive boardrooms, a ballroom, and event space. After just one year, Hôtel Swexan was selected for Condé Nast Traveler’s 2024 Readers’ Choice Awards, which recognized the hotel for its “blend of European elegance and Texas charm, award-winning dining, and stunning Japanese architecture.”
Other recent CMB partnerships include (but are not limited to):
*I-526/I-526E and I-829 approvals are audited on a quarterly basis by Forvis Mazars,,LLP, a third-party national accounting firm.
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors.
To learn more about CMB, the EB-5 program, and Group 89 please visit the CMB website or contact us directly at [email protected].
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]]>The post Battineni v. Mayorkas, Klasko Case Clarifies “Path of Funds” for EB-5 Investors appeared first on CMB Regional Centers.
]]>A groundbreaking decision out of Washington, D.C., the outcome represents the first federal court decision rejecting a long-standing interpretation of the United States Citizenship and Immigration Services’ (USCIS) “path of funds” requirement for EB-5 Immigrant-Investors.
The decision effectively rejected the USCIS policy and determined the only relevant issue is the lawfulness of the immediate source of the funds used for the investment, further advising that there is no regulatory requirement to trace the funds “back to persons or entities who provided the funds.” So long as the immediate source of funds is lawful, there is no need to trace it back to the person or entity who provided the funds to the immediate source.
Brandon Meyer, founder and Managing Partner of Meyer Law Group, noted the importance of the decision for EB-5 Investors:
‘This decision, while not binding on USCIS, has already been used by our office to successfully overturn prior I-526 denials.’
We encourage each of our investors to work with well-qualified immigration counsel on source-of-funds documentation, given the unique situations of each individual investors and their investments. That said, the outcome of this case promises to pave the way toward a streamlined, less cumbersome path forward for immigrant investors around the world.
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]]>The post Permanent Green Card Issued for Investor in CMB Regional Centers Arizona Project appeared first on CMB Regional Centers.
]]>DALLAS, November 13, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced the first approval of petition I-829 for an investor in its Group 67 – Great Wolf Lodge Arizona project. Approval of the I-829 petition is the final step in the EB-5 visa process for immigrant investors to be issued a permanent green card (conditions removed) and achieve permanent residency in the United States.
“The approval of the I-829 petition is a milestone that signifies the success of an EB-5 investment, the creation of jobs, and fulfillment of the American dream for our investors,” said Noreen Hogan, President at CMB. “We are proud to continue to offer strong, USCIS-compliant EB-5 projects that unlock a future of opportunity in the United States for our investors and their families.”
The USCIS has approved over 5,500 I-526 petitions for conditional green cards and nearly 3,000 I-829 petitions for permanent green cards in connection with CMB partnerships.* In its more than 25 years of experience in the EB-5 industry, CMB has repaid over $1.3 billion USD to its investors.
Located in Arizona’s Greater Phoenix metropolitan area, the CMB Group 67 – Great Wolf Lodge Arizona includes a 350-suite hotel, an indoor water park, arcade, and spa, among other amenities.
Other recent CMB partnerships include (but are not limited to):
- CMB Group 86 – Gable House Apartments
- CMB Group 87 – Kona Bay Hampton Inn
- CMB Group 89 – Hillwood City Creek
- CMB Group 90 – Hillwood Treeline
*I-526/I-526E and I-829 approvals are audited on a quarterly basis by Forvis Mazars,,LLP, a third-party national accounting firm.
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors. To learn more about CMB, the EB-5 program, and Group 89 please visit the CMB website or contact us directly at [email protected].
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]]>The post CMB Regional Centers Daytona Beach Project Secures I-956F Approval appeared first on CMB Regional Centers.
]]>DALLAS, October 9, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced that its Group 84 – Hillwood Daytona project has received Form I-956F approval from the United States Citizenship and Immigration Services (USCIS)
The approval comes in response to CMB requesting a writ of mandamus, which sought an order from the court to require the USCIS to adjudicate the I-956F petition. An integral part of the USCIS approval process, an I-956F approval confirms that the project meets all necessary EB-5 Immigrant-Investor Program requirements.
“It is extremely rewarding to see that our efforts to ensure adjudication of the Group 84 project have paid off,” said Noreen Hogan, President at CMB. “We’re proud to have secured a successful outcome for our investors, who are one major step closer to achieving permanent residency in the United States.”
The I-956F petition was filed with the USCIS in January 2023 and, when it became apparent the CMB Group 84 petition adjudication was taking longer than expected, CMB worked, on behalf of its investors, to request the writ of mandamus.
The CMB Group 84 EB-5 partnership lent $79.2 million to a Hillwood Development Company-affiliated entity for the construction of a Daytona Beach, Florida build-to-suit logistics facility for a Fortune 500 tenant. With over 40 EB-5 projects and more than $500 million in EB-5 loan repayment to investors, CMB and Hillwood Development Company have cultivated one of the most successful lender-borrower relationship in the EB-5 industry.
CMB Group 84 is one of 11 CMB EB-5 partnerships to achieve an I-956F approval under the RIA. Other approved partnerships include:
- CMB Group 78 – Hillwood California BTS
- CMB Group 81 – Inland Empire Industrial
- CMB Group 82 – Hazleton Logistics Park
- CMB Group 83 – Hillwood SOMI Hayward
- CMB Group 86 – Gable House Apartments
- CMB Group 87 – Kona Bay Hampton Inn
- CMB Group 88 – Hillwood Detroit Fairgrounds
- CMB Group 89 – Hillwood City Creek
- CMB Group 90 – Hillwood Treeline
- CMB Group 91 – Hillwood DTW Air Cargo
About CMB Regional CentersCMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors. To learn more about CMB, the EB-5 program, and our current I-956F-approved Group 89 project that is available for subscription, please visit the CMB website or contact us directly at [email protected].
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]]>The post First Investor in CMB Regional Centers Downtown Dallas Project Receives I-829 Petition Approval appeared first on CMB Regional Centers.
]]>DALLAS, September 30, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced the first approval of petition I-829 for an investor in its Group 65 – Stillwater Deep Ellum project. Approval of the I-829 petition is the final step in the EB-5 visa process for immigrant investors to achieve permanent residency in the United States (U.S.).
CMB Group 65 is the 61st partnership through which EB-5 investors successfully became permanent residents of the U.S. by the removal of conditions on their green card. “At the end of the day, an investor achieving this life-changing milestone is the culmination of everything we do here,” said Noreen Hogan, President at CMB. “We’re proud and humbled that we were able to play a part in this investor’s successful pursuit of permanent residency in the U.S. We look forward to many more I-829 approvals for investors across our EB-5 partnerships.”
The CMB Group 65 – Stillwater Deep Ellum project was undertaken in conjunction with Stillwater Capital Investments and included the development and construction of a five-story, 336-unit rental complex in the trendy and rejuvenated Deep Ellum neighborhood of Dallas, Texas.
The announcement of the I-829 approval in CMB Group 65 comes amidst a month characterized by momentum for CMB partnerships, and investors alike, with record-setting speed for I-956F approvals and the regional center’s first I-526E approval for an investor from its Group 87 – Kona Bay Hampton Inn project, earlier this week.
Other approved CMB partnerships include (but are not limited to):
- CMB Group 86 – Gable House Apartments
- CMB Group 87 – Kona Bay Hampton Inn
- CMB Group 89 – Hillwood City Creek
- CMB Group 90 – Hillwood Treeline
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors.
To learn more about CMB, the EB-5 program, and Group 89 please visit the CMB website or contact us directly at [email protected].
To learn more about CMB, the EB-5 program, and Group 89 please visit the CMB website or contact us directly at [email protected].
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]]>The post Investor in CMB Regional Centers Rural EB-5 Project Receives Conditional Green Card Approval appeared first on CMB Regional Centers.
]]>DALLAS, September 25, 2024 – CMB Regional Centers (CMB), one of the most experienced regional center operators in the EB-5 industry, today announced the first approval of petition I-526E for an investor in its Group 87 – Kona Bay Hampton Inn project. The I-526E approval comes 2.5 months after the rural EB-5 project received I-956F approval from the United States Citizenship and Immigration Services (USCIS), which confirms that the project meets all necessary EB-5 requirements.
An I-526E approval signifies the eligibility of the investor and their immediate family members for conditional permanent residency in the United States. The Group 87 investors will be eligible for visas in the “rural” set aside category as designated by the EB-5 Reform and Integrity Act of 2022 (RIA).
“We are relentless in our pursuit of best-in-class projects that provide our investors the strongest opportunities to achieve permanent residency in the United States,” said Noreen Hogan, President at CMB. “We’re thrilled that yet another of our limited partners has secured this monumental achievement, and we look forward to the additional I-526E adjudications for Group 87 that are sure to follow.”
The CMB Group 87 – Kona Bay Hampton Inn project was undertaken in conjunction with Shapery Enterprises and consists of the redevelopment of a historic hotel in Kailua-Kona, on the west side of the big island of Hawaii. The EB-5 partnership secured I-956F approval from the USCIS just under seven months after filing and just 2.5 months before this first I-526E petition was adjudicated.
CMB Group 87 is one of ten CMB EB-5 partnerships to achieve an I-956F approval under the RIA. Other approved partnerships include:
- CMB Group 78 – Hillwood California BTS
- CMB Group 81 – Inland Empire Industrial
- CMB Group 82 – Hazleton Logistics Park
- CMB Group 83 – Hillwood SOMI Hayward
- CMB Group 86 – Gable House Apartments
- CMB Group 88 – Hillwood Detroit Fairgrounds
- CMB Group 89 – Hillwood City Creek
- CMB Group 90 – Hillwood Treeline
- CMB Group 91 – Hillwood DTW Air Cargo
About CMB Regional Centers
CMB Regional Centers (CMB) has been a leader in the EB-5 industry for over 25 years, with its first regional center designation approved in 1997. Since then, CMB has assisted over 6,400 investor families, from over 100 countries, in their pursuit of immigrating to the United States. CMB currently maintains a 100% project approval rate on partnerships that have undergone United States Citizenship and Immigration Services (USCIS) adjudication. To date, CMB has repaid over $1.3 billion USD to investors.
To learn more about CMB, the EB-5 program, and Group 89 please visit the CMB website or contact us directly at [email protected].
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