EB-5 Update: President Trump Teases New “Gold Card Visa” for $5 Million

While signing executive orders in the Oval Office on Tuesday, the President dropped a bombshell informing reporters of his new plan to rollout a new “Gold Card” visa program, which would provide permanent residency to foreign nationals and U.S. employers willing to pay a fee of $5 million.

President Trump said the “Gold Card,” program could be implemented by executive order as soon as the next two weeks.

Joining him in the discussion was the newly appointed Secretary of Commerce Howard Lutnick who shared that the “Gold Card” will eventually replace the EB-5 Immigrant Investor Program.

Created by Congress, the EB-5 program currently gives foreign immigrant investors the opportunity to make a minimum investment of $800,000 in underserved areas of the country in exchange for a conditional 2-year green card. Lutnick criticized the program saying it was “riddled with fraud.”

If the Trump administration has it their way, the EB-5 program may soon be replaced with the more glamorous “Gold Card” which will require enhanced screening and vetting of applications for visas.

When asked by reporters, the President denied the need for Congressional approval to make his plan a reality and said those eligible would not need to pay taxes on income earned outside of the United States.

Specific details about the program still remain unclear.

Current and prospective EB-5 immigrant investors can rest assured that any changes to the program will take time to be implemented. For now, EB-5 applications are still being processed and accepted by the U.S. Citizenship and Immigration Services (USCIS).

The rollout of the “Gold Card” by an executive action instead of Congressional approval may also lead to challenges in federal court.

The Law Offices of Jacob J. Sapochnick will provide more details as soon as they are released by the White House.

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