Immigration lawyers say President Donald Trump’s new “gold card” visa program employs a novel definition of wealth as a job skill to help wealthy people overseas bypass immigration rules and secure citizenship.
Last week, President Trump announced the opening of applications for a new investment visa for foreigners, the Trump Gold Card. According to the program’s website, Gold Card applicants can obtain full-time residency in the United States in “record time” in exchange for $1 million plus a $15,000 fee. The website also offers a “Corporate Gold Card,” which allows companies to pay $2 million to secure a “Gold Card” for their employees, and a “Platinum Card,” which offers special tax benefits and could eventually be offered for $5 million.
Only Congress can set immigration policy, meaning the president does not have the power to create or abolish visa programs. So, to create a “gold card,” President Trump is effectively adding a new fee model to two existing programs known as EB-1 and EB-2, experts explained to CNBC.
Both the EB-1 and EB-2 programs are employment-based programs designed to attract award-winning and distinguished professionals. The EB-1 program, known as the Einstein Visa, is intended for scientists, artists, entrepreneurs, athletes, professors and others with “extraordinary ability” who have achieved “sustained international or national recognition.”
EB-2 targets researchers, scientists, and others with skills that can help solve national problems, such as leading cancer researchers developing new treatments or leading energy scientists who can help expand the electric grid.
White House officials say the $1 million payment is proof that the “gold card” holder meets the requirements of exceptional ability and is a successful businessman. They say anyone with $1 million to spend on a visa is likely to make a productive contribution to America’s economy and society. Entrepreneurs who start companies overseas can come to the United States to expand their operations or start new ones, creating more jobs. Spending by wealthy people on the Gold Card is also expected to support industries such as real estate and the service economy.
Commerce Secretary Howard Lutnick told CNBC last week, “I think we should hurry up and get people who want to actively participate to donate $1 million to the United States.” “Let’s bring in the best of the best, the best people. Why bring in people who are below average?”
But immigration lawyers argue that replacing highly skilled or prominent personnel with foreign nationals whose only qualification is to write checks for $1 million perverts the intent of the EB-1 and EB-2 programs. Not everyone paid $1 million is a high-achieving businessman or entrepreneur, they say. Some people may have borrowed money from friends, family, or lenders. Some people have inherited wealth but have poor job skills.
“Having a million dollars has nothing to do with your worth as a person of extraordinary ability,” says Emily Newman, an immigration lawyer at Lady Newman Brown PC. “That doesn’t mean you can’t provide value to the United States. These categories should have been reserved for people who can foster innovation, contribute to the economy, and create jobs. ‘Gold Card’ holders don’t have to have a track record of any of these things just because they happen to have $1 million.”
Although “gold card” applicants cannot legally skip the current waiting list of EB-1 and EB-2 holders, some lawyers are concerned that the White House will prioritize “gold card” applicants. Newman said he has an Indian customer who is a leading expert in artificial intelligence and machine learning and is working on AI applications to help doctors better diagnose patients. He received EB-1 approval but is still waiting for a green card, which could take years.
“They’re using up the limited number of green cards that are given to people who have done great things,” she says. “That’s a completely different standard.”
Using the EB-1 and EB-2 programs for a “gold card” program presents another potential hurdle. President Trump said he would sell “millions” of “gold cards” and Lutnick said sales could generate $1 trillion in revenue, but the two programs are limited to about 28,000 cards a year. The waiting list for E-1 and E-2 applications from India and China has already been growing for several years, as each country is limited to 7% of the total.
Immigration lawyers say India and China will be the biggest sources of demand for “gold cards.” However, because there is a waiting list, very few people may apply.
“If ‘gold card’ holders are allowed to jump the queue, there will likely be lawsuits from people currently on the waiting list,” said Riaz Jafri, an immigration lawyer at international law firm Wizards. “If not, who would want to pay $1 million and wait three years?”
Lawyers say unresolved questions and legal risks surrounding the Gold Card are discouraging prospective buyers from applying. Dominique Volek, head of private clients at Henley & Partners, said many clients in Taiwan, Vietnam and Singapore were interested in the Gold Card, but were waiting for evidence that the program would work.
Some fear that if they pay $1 million, their visas could be revoked by the courts or by a future Democratic administration.
“They want to see the issue resolved and see if there are any major legal issues,” Volek said.
Another concern is the fee structure. Some national investment visas are more expensive, such as Singapore’s around $8 million and New Zealand’s around $3 million, but they are structured as investments rather than non-refundable payments. Without the clear guarantee of a green card, wealthy overseas people are reluctant to pay $1 million.
“It is unclear whether the payment was made after approval, whether the payment was submitted as evidence, or whether it was held in escrow during the process,” Jafri said. “They’re not answering so many basic questions.”
Proof of funds has become a new hurdle for wealthy people overseas. To test for money laundering or criminal activity, the U.S. government typically requires proof that the $1 million fee did not originate from illegal or illicit sources. Many potential applicants from Asia, Africa and the Middle East are already daunted by this requirement because the financial documentation is not as thorough.
“The biggest hurdle for many clients is being able to document the source of their funds,” Jafri said. “In certain parts of the world, it’s not as easy to document.”
