According to a recent announcement, President Trump plans to create a Gold Card visa. This new visa would provide a pathway to U.S. residency and citizenship through the investment of $5 million. While additional details are still forthcoming, the administration has indicated that the Gold Card would provide an expedited immigration pathway, and share similarities with the longstanding EB-5 immigrant investor visa. Notably, Trump indicated that revenue from this program could be used to help reduce the national debt, distinguishing it from the job-creation focus of EB-5.
The administration’s current plan is to have the Gold Card visa replace the EB-5 immigrant investor visa, which has been the only investment-based green card option for decades. The EB-5 program requires an investment of $800,000 or $1,050,000 in a U.S. business, the creation of 10 jobs for U.S. workers, and local economic growth. The process involves proving a lawful source of investment funds and a suite of other investment requirements to be approved for and maintain their permanent residence status.
The EB-5 program was initially created in 1990 by Congress and went through a legislative overhaul with the EB-5 Reform and Integrity Act (RIA). The RIA tightened the program’s regulatory, compliance, and oversight components to enhance investor protections. It also reauthorized the regional center program through September 30, 2027. Eliminating the program early would presumably require Congressional action and raise a myriad of legal and logistical challenges.
In addition to the question of how the program could be legally eliminated and what would become of the EB-5 investors in the pipeline and the major projects relying on their funds, a better question might be: why eliminate the EB-5 program at all?
The proposed Gold Card and the EB-5 visa could very well function as complementary programs, each striving for different investor demographics and economic goals. As suggested, the Gold Card, with a higher price tag and expedited process, would attract ultra-high net worth individuals and provide significant funds directly to the U.S. government. EB-5 visa, on the other hand, involves a lower investment amount and a slower process, but is more accessible to a larger pool of potential investors and provides economic benefits directly to American workers and local economies.
The United States would not be unique in having both investment and donation immigration pathways – this model is utilized by several other countries. At least five Caribbean countries offer citizenship through government donations or real estate investments. Portugal has a legal residence program attainable through both donation and investment. Given the economic challenges of today’s world, maximizing flexibility, optionality and investment may well be an asset.
As pioneers of EB-5 immigration services, Klasko Immigration Law Partners and its large EB-5 practice area are uniquely positioned to monitor, analyze, and advise on the potential development of this new immigration option for investors. With extensive experience in navigating complex investment immigration policies, the firm remains committed to guiding investors through these evolving opportunities and ensuring they make informed decisions in an ever-changing landscape.
The material contained in this alert does not constitute direct legal advice and is for informational purposes only. An attorney-client relationship is not presumed or intended by receipt or review of this presentation. The information provided should never replace informed counsel when specific immigration-related guidance is needed.
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