There’s potentially a new option for those looking to live in the United States long-term: A gold card. This is similar to a green card, but it may be easier to get. According to early reports about this gold card, it’s just going to be a financial transaction. If someone is willing to pay $5 million to the United States government, they can obtain a gold card that allows them to enjoy permanent resident status.
This is an effort that is clearly aimed at wealthy individuals, who are likely business owners. But the U.S. already has an EB-5 visa program for business owners who want to invest in the United States. Typically, the investment is between $800,000 and $1 million, depending on exactly where the new business is going to open in the U.S. and how many jobs it will provide for U.S. citizens. Business owners who make this investment are then given the visa they need to live and work in the United States, and they hope to see a return on that investment as their business grows.
The gold card is just a one-time payment
The big difference with a gold card is that it’s not an investment in a U.S.-based business. This means there won’t be any return. Instead, it’s just a one-time payment made to the government. That money will never be returned to the person who purchased the gold card.
For some—such as exceptionally wealthy individuals for whom $5 million is a small fee—this may not matter. But some who are involved in the process say that they also have clients who aren’t interested in a gold card specifically because it just represents a financial loss. Even investing $1 million under an EB-5 visa could create potential returns in the future, but a gold card will not do so.
Even so, it is important for people to understand what legal immigration options they have, especially as the laws and regulations change.