.jpg){kind=icon}
Comparison with the EB-5 Visa Program
It is felt that the Gold Card visa is set to replace the existing EB-5 Immigrant Investor Program, which required a minimum investment of $800,000, if the investment is made in targeted employment areas (TEAs) or $1.05 million for other investments, together with the creation of at least ten full-time jobs for U.S. workers. Many of these investments are made through Regional Centers, which pool funds for larger development projects.
It is unclear whether or not applicants under Trumps new Gold Card Visa program will need to meet a similar job-creation requirement. If this does not become a requirement, then it could be viewed as a much more straightforward process compared to EB-5. Furthermore, in contrast to EB-5, the Gold Card Visa application process would require applicants to invest a minimum of $5 million which makes it significantly more exclusive and limiting in its accessibility.
The EB-5 program initially gives investors access to a conditional green card, requiring then to maintain their investment for two years after they become eligible for permanent residency. After maintaining residence as a green card holder for five years, EB-5 investors can then apply for U.S. citizenship, assuming they meet all the necessary residency requirements. On the other hand, while the detail around this is still very unclear, it would seem that this new Gold Card Visa scheme could potentially offer a speedier and more direct path to citizenship for investors looking to ultimately secure U.S. citizenship, compared to those who pursue the EB-5 route.
Comparison with Global Programs
Investment-based residency programs are not unique to the United States. Several countries offer similar schemes, often referred to as "golden visas," allowing investors to obtain residency or citizenship in exchange for substantial financial investments. These programs vary in investment thresholds and benefits, with some nations recently scaling back such initiatives due to security and corruption concerns – Ireland being a prime example of where this has happened.
Conclusion
The Gold Card visa represents a significant shift in U.S. immigration policy, prioritizing financial investment as a criterion for residency and citizenship. While it promises economic benefits, other possible implications continue to fuel a heated debate. As more details emerge around the program, it is important to see the right advice from the right advisers. Consulting a tax expert will be crucial in understanding the international tax commitments and implications that may result from participation in the program. Legal advice from a U.S. immigration attorney will also prove beneficial in exploring all pathways open to investors, including EB-5 and the E-2 investor visa scheme.
Louise Corrigan Law is a specialist U.S. Immigration law firm, with expertise in advising investors and high-net-worth individuals on their U.S. visa and citizenship options. Please feel free to contact us if you wish to discuss any of the above, or alternative routes, to securing long-term status in the U.S.
.svg)
