Indian investors exploring US residency options are increasingly comparing the EB-5 immigrant investor program with President Donald Trump’s proposed Gold Card initiative, but the two pathways represent very different approaches to investment migration, according to Sandeep Wadhwa, Chairperson of Fay Invest Group and FAY EB-5.
Market Context
Wadhwa said the Indian EB-5 market has expanded rapidly over the past 12 to 18 months, with investors becoming younger, more informed and more focused on visa availability, processing timelines and long-term certainty.
Citing USCIS data, Wadhwa said 668 Indian investors filed I-526E petitions in the first quarter of FY2026, exceeding China’s 649 filings. India accounted for nearly 38% of all 1,765 EB-5 petitions filed globally during the period, making it the largest source market.
“The Indian EB-5 market has become larger, younger and far more informed than it was even 18 months ago,” Wadhwa said.
He added that EB-5 interest is no longer limited to ultra-high-net-worth families and business owners. The applicant pool now includes first-generation entrepreneurs, technology founders, professionals with equity wealth, manufacturing business owners and families planning for their children’s higher education.
Wadhwa said EB-5 investors are increasingly prioritizing projects that combine immigration certainty with economic viability. Rural projects have emerged as a major trend, accounting for 56% of global EB-5 filings in the first quarter of FY2026.
Company Performance
Indian filings into rural projects increased 70% quarter-on-quarter to 411 petitions, he said, indicating that investors are looking beyond traditional real estate considerations.
“History has consistently shown that the greatest economic value is created when private investment builds businesses, creates jobs, and strengthens communities,” Wadhwa said.
Gold Card vs EB-5
The discussion around Trump’s Gold Card program has also influenced investor conversations, although Wadhwa said it has not resulted in a major shift away from EB-5.
The Gold Card framework includes a $1 million non-refundable contribution to the US government for individual applicants, along with a $15,000 Department of Homeland Security processing fee. A corporate option has also been proposed for companies sponsoring foreign employees.
However, Wadhwa noted that while administrative steps have been introduced, the program’s legal foundation could continue to face challenges because Congress has not passed a new law specifically creating the Gold Card.
“The Gold Card and EB-5 should not be viewed as competitors. They represent two different philosophies of investment migration,” Wadhwa said. He explained that while the Gold Card is designed to attract capital, EB-5 focuses on deploying investment into the US economy through job creation.
Future Forecast
According to Wadhwa, investor conversations have shifted from basic eligibility questions to more complex concerns around visa categories and timelines. “Earlier, investors wanted to know whether they qualified for EB-5. Today, they want to know which visa category gives them the fastest and most predictable route to permanent residence,” he said.
He noted that India’s unreserved EB-5 category had reached its annual quota by June 2026, making reserved categories such as rural projects increasingly important for applicants.
Wadhwa said investors are also paying closer attention to the quality of EB-5 projects, including job creation strategies, financing structures, escrow arrangements and the sponsor’s track record.
“One of the biggest mistakes is evaluating an EB-5 investment like a conventional real estate investment,” he said, adding that the primary objective of the program remains obtaining permanent residency while preserving capital.
