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A major federal court ruling has upended the cost structure of the EB-5 immigrant investor program, delivering immediate financial relief to foreign investors and raising fresh questions about the future of investment-based immigration in the United States. While the court's decision in Moody et al. v. Mayorkas et al., issued on November 12, 2025, offers important and immediate relief, the long-term future of EB-5, particularly in the shadow of the Trump administration's Gold Card program, remains unsettled.
According to the official USCIS alert discussing ongoing court-ordered fee adjustments, the agency is actively updating its systems and is accepting filings at either the higher or lower fee amounts until that process is complete.
A Legal Rebuke to Agency Overreach
The court found that USCIS violated both the Administrative Procedure Act and the EB-5 Reform and Integrity Act of 2022 (RIA) by raising fees without completing a statutorily required fee study. Although Congress mandated that study be finished by March 2023, USCIS did not complete it until February 2024—months after implementing the increased fees.
As a result, fees for the EB-5 program's two core filings were rolled back dramatically:
Form I-526E (initial EB-5 petition): restored from $11,160 to $3,675
Form I-829 (petition to remove conditions): reduced from $9,525 to $3,750
The ruling gives immediate relief to EB-5 investors—but not necessarily long-term certainty.
Uncertain Future: Proposed Fees Still on the Horizon
Although the earlier fee schedule is now back in effect, USCIS's newly completed fee study is already driving a replacement fee rule. The October 2024 proposed rule, which remains open for public comment until December 22, would set EB-5 fees at:
$9,625 for Form I-526E
$7,860 for Form I-829
These amounts are lower than the April 2024 increases but still significantly higher than the reinstated pre-2024 fees. A final rule is expected in mid-2026, to take effect approximately 60 days after publication.
The American Immigrant Investor Alliance has also indicated it may pursue a class action to recover excess fees paid by investors between April and November 2024.
A New Competitor: The Trump "Gold Card" Visa
The court ruling coincides with the rollout of the Trump administration's new "Gold Card" program, a government-funded alternative to EB-5 that offers permanent residency in exchange for a $1 million direct contribution to the U.S. government.
Key distinctions between EB-5 and the Gold Card include:
| EB-5 Immigrant Investor Program | Trump Gold Card Program |
| Requires investment in job-creating commercial enterprise | Requires no job creation |
| Minimum investment: $800,000–$1,050,000 | Fixed contribution: $1 million |
| Funds go to private projects | Funds flow directly to U.S. Treasury |
| Subject to USCIS oversight and RIA integrity rules | Administered by Commerce Department |
| Approximately 10,000 visas annually | Approx. 80,000 Gold Cards anticipated |
It's important to note that investors filing before September 30, 2026, are "grandfathered," meaning their petitions will still be adjudicated even if Congress fails to reauthorize the program before its September 30, 2027, sunset.
Because this program intersects with complex immigration law and involves significant financial contributions, prospective investors should consult an experienced immigration attorney prior to making any commitments or filing any applications. Every investor's situation is unique, and a qualified attorney can provide guidance on eligibility, risk, and compliance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
