A green card holder is a lawful permanent resident of the US who does not have any expiration date or conditions attached to his or her permanent residency. An EB-5 investor applicant becomes a green card holder after his I-829 petition to remove conditions is approved. A green card is the card given to lawful permanent residents. Today it is not green in color; however, during the time immediately after World War II, immigrants who were approved for residency were sent a green slip in the mail. This is how it became known as a green card.