In a recent White House announcement, President Trump floated plans for a new “gold card” visa program that could offer affluent foreign nationals a pathway to U.S. residency for $5 million. This proposal has generated significant interest among potential investors and raised important legal questions about presidential authority in immigration matters.
What Is the Proposed "Gold Card" Program?
According to President Trump and Commerce Secretary Howard Lutnick, the administration plans to offer a "gold card" that would:
• Cost approximately $5 million
• Confer legal residency (similar to a green card) with a pathway to citizenship
• Target wealthy individuals who would create jobs and invest in the U.S. economy
• Potentially replace the existing EB-5 Immigrant Investor Program
The president suggested the cards could be available for sale as soon as two weeks after the announcement, with Secretary Lutnick claiming the program could raise up to $1 trillion to help pay down the national debt.
Can President Trump Implement This Program Without Congressional Approval?
The short answer: Likely not.
The Immigration and Nationality Act (INA) suggests that the president lacks the authority to unilaterally create new visa categories or pathways to citizenship. Section 203 of the INA establishes the categories of employment-based immigrant visas, including the EB-5 investor visa program. Creating a new visa category or significantly altering existing ones would likely require congressional action.
The existing EB-5 program was created by Congress in 1990 and has been regularly reauthorized, most recently through the EB-5 Reform and Integrity Act of 2022. Any replacement or significant modification would likely require similar legislative action.
While presidents have some discretion in immigration matters through executive actions (as seen with DACA under President Obama and the CHNV program under President Biden), these programs did not create new visa categories or pathways to citizenship and instead provided temporary protection from deportation.
Comparison to Existing Investment-Based Immigration Programs
The EB-5 Immigrant Investor Program
The current EB-5 program could offer permanent residency to foreign investors who:
• Invest $1,050,000 in a new commercial enterprise (or $800,000 in targeted employment areas)
• Create at least 10 full-time jobs for qualifying U.S. workers
• Demonstrate the capital came from lawful sources
The above are just some of the requirements for the EB5 program, and there may be many more requirements. The proposed "gold card" would significantly increase the investment threshold to $5 million but might streamline the process compared to the EB-5 program, which often involves lengthy processing times and complex documentation requirements.
The E-2 Treaty Investor Visa
Another alternative for foreign investors is the E-2 Treaty Investor visa, which provides nonimmigrant status (temporary visa rather than permanent residency) to qualifying individuals. To qualify, applicants must, in addition to other requirements generally:
• Be a national of a country with which the U.S. maintains a qualifying treaty of commerce
• Invest a "substantial amount" of capital in relation to the total cost of the enterprise
• Develop and direct the operations of an enterprise
Unlike the EB-5 or the proposed "gold card," the E-2 visa does not make the holder a lawful permanent resident (green card holder), which may have different tax implications. E-2 holders are generally only taxed on their U.S.-source income, while permanent residents are subject to worldwide income taxation.
Disclaimer: Nothing in this article is legal advice, including but not limited to, tax advice. We are not tax attorneys and recommend consulting with a qualified tax professional for specific tax advice related to your immigration status.
What This Means for Potential Investors
If you're considering investing in the United States through immigration channels:
1. Exercise caution with the proposed "gold card." Until legislation is passed or clear regulatory frameworks are established, be wary of making investment decisions based solely on the announcement.
2. Consider existing pathways. The EB-5 and E-2 programs offer established, legally sound methods for investment-based immigration.
3. Prepare for potential changes. Stay informed about developments in immigration policy that could affect investment opportunities.
4. Seek professional guidance. Work with qualified immigration attorneys who can navigate the complexities of investment-based visa options.
How The Modi Law Firm, PLLC Can Help
At The Modi Law Firm, PLLC, we focus on providing investment-based immigration solutions tailored for high-net-worth individuals. Our experienced attorneys can:
• Evaluate which investment visa option best suits your specific circumstances
• Guide you through the complexities of the EB-5 or E-2 visa application process
• Monitor developments regarding the proposed "gold card" program
• Provide strategic advice if this new option becomes legally available
• Help you understand the immigration and residency implications of your investment
While the proposed "gold card" program raises interesting possibilities for wealthy investors, its implementation faces significant legal challenges. Until legislation or regulations are established, we recommend working with experienced immigration counsel to explore the existing legal pathways for investment-based immigration to the United States.
If you would like to contact our law firm, you may schedule a legal consultation by calling (832)422-7789.
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