In a big shift in immigration policy, President Donald Trump has launched a new scheme offering fast-tracked U.S. green cards to wealthy foreigners. Dubbed the Trump Gold Card, this new program promises a direct path to residency, and potentially citizenship, for individuals willing to pay a fee of at least $1 million. The move comes as Washington as the Administration also intensifies its crackdown on undocumented migration, creating a stark contrast in the administration’s approach to different classes of immigrants.
What Is the Trump Gold Card?
Simply said, the Gold card is a green card that is obtained by gifting the U.S. Government $1,000,000. After someone has the green card for 5 years, they can apply for citizenship. The Government just published the forms for this (I-140G) and in theory applicants can apply online for the program now.
The application fee is $15,000 (non-refundable) and once the application has been submitted, the applicant must demonstrate that they obtained the funds through lawful means. Once this has been accomplished, the applicant would be required to made the donation to the U.S. Government.
It is important to note that this is a gift to the U.S. Government so the money will not be returned. Also, both the application and the $1,000,000 donation are per person. As such, a family of four would pay the U.S. Government $4,000,000 for the donation/gift and $$60,000 for filing fees. The program promises residency in “record time” but specific timeframes have not been specified.
The scheme also includes tiers for businesses and even higher-net-worth individuals. Businesses sponsoring employees under this program are required to pay $2 million, along with additional fees.
Will this Eliminate the EB-5 Program?
No. The suggested changes do not change or alter the existing EB-5 program. In fact, the green cards for the Gold Card would be taken from the EB-1 and EB-2 categories. A change to the EB-5 program would require a change in the law by Congress.
Criticism and Possible Legal Challenges
The Gold Card scheme has faced criticism since its initial announcement. Opponents, argue that it unfairly favors wealthy individuals, essentially allowing them to buy their way into the country while others face increasingly high hurdles.
In addition, it is almost certain that the program will face legal challenges. As such, those who apply, may be in limbo until these legal challenges have been resolved.
If you have questions about how new immigration policies might affect you or your business, or if you are interested in investment-based visa options like the E-2 or EB-5, schedule a consultation with us today to discuss your strategy.
