Administration Announces “Gold Card” Immigrant Visa

Action: The President has issued an Executive Order directing the establishment of a “Gold Card” immigrant visa program open to those who “make an unrestricted gift” of $1 million to the Department of Commerce (DOC) on their own behalf or $2 million for entities that give on behalf of an individual. The Order directs DOC to use the funds “to promote commerce and American industry.”

Trusted Insights for What's Ahead^®

• The President previously announced his desire for a similar program in March, saying those who paid $5 million would receive a permanent residency visa and a “path to citizenship.” At the time, the President said that program participants would be exempt from paying taxes on overseas income, which would be a significant change in US tax law. However, the recent Order made no mention of the tax treatment of participants’ income. A government website now describes the higher-priced program as a “Platinum Card” that is not yet available.
• In a call with reporters, Commerce Secretary Howard Lutnick stated that the program would replace the existing employment-based EB-1 and EB-2 visa programs, which are reserved for individuals with “extraordinary ability” and those with advanced degrees. US law caps aggregate employment-based visa issuance, which includes three additional types, at 140,000 annually. Secretary Lutnick said that while 80,000 gold cards would be made available initially, the administration may make adjustments.
• However, the legal basis for the new Gold Card program and replacing the EB-1 and EB-2 programs is unclear. Secretary Lutnick also stated that the Platinum Card would require Congressional approval without explaining why the Administration believes that the new Gold Card does not.
• While the Order does not state whether the new card would confer permanent residency, an associated website, www.trumpcard.gov, states that it would give US “residency” without specifying a duration.
• The US already offers the EB-5 visa, which provides a path to legal permanent residence for those who invest approximately $1 million in a US business that creates or preserves at least 10 full-time jobs. The Executive Order asks the Commerce Department to consider expanding the new program to the EB-5 visa as well; it is unclear whether the investment requirement would still apply.