High-net-worth individuals in the UAE and across the Gulf Cooperation Council are confronting a narrowing window of opportunity to secure permanent U.S. residency. This development follows U.S. President Donald Trump’s announcement of a new “Gold Card” visa program, set to replace the existing EB-5 Immigrant Investor Program.
The proposed “Gold Card” visa requires a $5 million investment, significantly higher than the current EB-5 program’s minimum of $1 million. This substantial increase has prompted affluent investors in the UAE and GCC to expedite their applications under the existing EB-5 terms before the new policy takes effect.
President Trump unveiled the “Gold Card” initiative during a recent press briefing, emphasizing its potential to attract elite global investors and reduce the national deficit. He stated, “We’re going to be selling a gold card that will give green card privileges and a route to citizenship.” Commerce Secretary Howard Lutnick, present at the briefing, criticized the EB-5 program as “riddled with fraud” and described it as “low priced.” He confirmed that the “Gold Card” would replace the EB-5 program, with implementation expected within two weeks.
The EB-5 Immigrant Investor Program, established by Congress in 1990, has been a popular avenue for foreign investors seeking U.S. residency. It grants green cards to those who invest a minimum of $1 million in a U.S. business that creates at least ten jobs. In targeted employment areas, the investment threshold is reduced to $800,000. The program has faced criticism over the years for instances of fraud and mismanagement, leading to calls for reform.
The introduction of the “Gold Card” visa aims to overhaul the existing system by significantly increasing the investment requirement to $5 million. This move is intended to attract high-net-worth individuals capable of making substantial contributions to the U.S. economy. However, the abrupt policy shift has raised concerns among potential investors in the UAE and GCC who were in the process of applying under the EB-5 program.
Legal experts have pointed out that while the President can propose changes to immigration programs, the EB-5 program was established by Congress, and any fundamental alterations would require legislative action. The National Law Review notes that “any fundamental changes to the program would require an amendment to the Immigration and Nationality Act, which only Congress can enact.” This raises questions about the feasibility of implementing the “Gold Card” program solely through executive action.
In the UAE and GCC, the EB-5 program has been a favored route for investors seeking U.S. residency, offering opportunities for business expansion and educational prospects for their families. The sudden announcement of the “Gold Card” visa has led to a surge in inquiries and applications as investors aim to secure their positions under the current EB-5 terms before the new policy is enacted.
Financial advisors and immigration consultants in the region are urging clients to act swiftly. One consultant noted, “The proposed increase in investment amount is substantial. For those considering U.S. residency through investment, it’s imperative to proceed immediately under the existing EB-5 program before the changes take effect.”
The “Gold Card” visa proposal has also sparked debate regarding its potential impact on the U.S. economy and immigration landscape. Proponents argue that the increased investment requirement will attract elite investors, leading to significant economic benefits. Critics, however, contend that the higher threshold may deter genuine entrepreneurs and limit opportunities to a select few.
