“The Trump Card is Coming. Enter your information below to be notified the moment access opens,” says the new US government website on the Gold Card, the $5 million US residency visa programme announced by President Donald Trump in February.
Despite curiosity surrounding the programme, whose launch date and specifics remain undisclosed, data reveals that the existing EB-5 visa — which the Gold Card is set to replace — has witnessed record-high applications from India in the past year.
Sharp Rise in EB-5 Filings
According to the American Immigrant Investor Alliance (AIIA), demand from Indian citizens for EB-5 has surged since April 2024, driven by stricter controls on student and temporary work visas under the Trump administration. Data from United States Immigration Fund (USIF), which operates designated EB-5 regional centres, reinforces this trend.
“In the first four months of FY2025 (October 2024-January 2025), Indian applicants filed more than 1,200 I-526E petitions across reserved categories — more than any prior full year,” said Nicholas Mastroianni III, president and CMO of USIF.
Experts attribute the spike to mounting backlogs in other immigration categories, such as H-1B visas and green cards, with over 11 million US immigration applications pending. As a result, EB-5 has emerged as the fastest and most reliable pathway to permanent US residency.
Mumbai Leads in EB-5 Filings
Data from Invest In the USA (IIUSA) shows 1,428 EB-5 visas issued to Indians in FY2024, compared to 815 in FY2023. Most filings were processed through the US consulate in Mumbai. Out of the total 638 unreserved consular processing applicants between October 2024 and May 2025, 543 filed through the US consulate in Mumbai, the data indicated.
“India shows a positive trend in approval rates over the years. India’s approval rate rose from 59% in FY2022 to 82% in FY2024,” said Ravneit Kaur Brar, Attorney-at-law in California.
While rural area projects take roughly 8–24 months to process, high-unemployment area projects can take 12–30 months.
Mastroianni noted a sharp rise in EB-5 interest post-Gold Card announcement: “We are witnessing one of the most promising surges in EB-5 interest from Indian families in recent history. The uncertainty surrounding future visa programmes like the proposed Gold Card, combined with heightened scrutiny of traditional student and work visa routes, has pushed many investors to act now — not later. What’s changed is not just demand, but decisiveness,” he said.
“With the spectre of visa retrogression looming and the current ability to file concurrently from within the US, families are prioritising stability, permanence, and long-term security. EB-5 is no longer seen as an alternative — it’s become the preferred strategy,” Mastroianni added.