President Trump recently announced plans to offer a ‘gold card’ visa and citizenship path for the cost of $5 million. The move replaces the thirty-five-year-old EB-5 visa. Additionally, the ‘gold card’ would serve as a green card, or lawful permanent residency.
The EB-5 program was created in 1990 as a means of generating foreign investment in the United States. The program was created to offer lawfully permanent resident status to qualifying groups investing in projects that create jobs and fulfill development priorities in the United States. An estimated fourteen thousand people received EB-5 visas during the 2024 fiscal year.
In 2021, the Congressional Research Service reported that the EB-5 program poses fraud risks. This includes false verification that funds were obtained legally. This is the main justification the Trump administration gave to replacing the EB-5 with the ‘gold card’ program.
Despite the EB-5 visa being tied to job creation, the ‘gold card’ doesn’t seem to be subject to the same criteria. Both President Trump and Commerce Secretary Howard Lutnick clarified that the ‘gold card, will provide lawfully permanent resident status. Trump also stated that the ‘gold cards’ wouldn’t require congressional approval, although all U.S. immigration policies such as creating a new visa type, requires Congressional approval.
As always, ILBSG actively monitors ongoing U.S. immigration news. If you have questions about any U.S. immigration related issue, contact us. Working with an experienced attorney ensures you get the right advice based on the most recent laws. In an ever-evolving immigration policy landscape, it’s particularly critical.
