There is a new path that people can use to become residents of the United States, known as a gold card. This was recently announced, and the details are not yet clear. But the basis of the card is that someone from another country can pay $5 million to the United States and receive a gold card that essentially acts as an advanced green card.
Reports indicate that many wealthy foreign individuals are interested in gold cards as a way to permanently reside in the United States. After all, as some immigration attorneys point out, $5 million isn’t that much for many wealthy foreign nationals. They may see it as an easy way to avoid red tape and quickly enter the United States. But it’s important for them to remember that this is different from using an EB-5 visa.
A donation versus an investment
With an EB-5 visa, people who are coming to the United States have to show that they’re going to invest between $800,000 and $1 million in businesses within the U.S. The exact total depends on whether or not it is a targeted employment area. They also have to show that the business is going to create jobs for Americans.
In other words, the person is investing in their business, and they’re also hoping to see a return. The United States grants them the EB-5 visa because this is also an investment in the U.S. economy and creates jobs for people already living here.
With the gold card, however, there is no possibility for any return. The $5 million is not an investment. It may be better to think of it as a donation to the government. Someone would be granted the ability to live in the United States, where they may explore business opportunities, but they’re never going to get the $5 million back.
If you are considering your immigration options as a business owner this year, be sure you fully understand all of the legal options at your disposal.