New US “Gold Card” Visa Faces Uncertainty Despite Attracting High-Net-Worth Individuals
A new visa program offering a pathway to US residency for wealthy individuals, dubbed the “gold card,” is facing a slow start and potential hurdles despite important interest from around the globe. Launched in June, the program requires applicants to provide basic facts, including their name and country of residence, but registered users report not yet receiving any official notifications.
The gold card circumvents customary immigration pathways by leveraging existing EB-1 and EB-2 employment-based visa mechanisms, authorized through legal workarounds enacted by the President. The program hinges on a $1 million “unlimited donation” – categorized as such rather then a formal fee – to qualify.
While the $1 million threshold is significantly lower than previous proposals (reaching as high as $5 million), immigration lawyers anticipate a cautious approach from potential applicants. Many wealthy individuals are expected to wait and observe the initial rollout and success of the program before committing funds. One lawyer estimates most clients will adopt a “wait-and-see” approach for three to six months.
The launch coincides with a surge in demand for “safe haven” residency and citizenship globally, fueled by geopolitical instability, war, and political tensions. Reports from New World Wealth and Henley & Partners project 142,000 individuals will relocate internationally in 2025,with the United States as a prime destination,expected to attract 7,500 wealthy individuals this year – second only to the UAE. The majority of these migrants originate from Asia, the United Kingdom, and Latin America.
However, the program may present challenges for applicants from China and India. existing backlogs within the EB-1 and EB-2 programs, where the gold card draws its foundation, are heavily weighted with applications from these two countries. Granting priority to gold card applicants based on their donation could trigger legal challenges from those already waiting in the queue.An increase in EB-1 and EB-2 visa quotas would likely require Congressional approval.
Compared to other “golden visa” programs worldwide, the US gold card has some drawbacks. the $1 million donation is non-refundable, unlike many other programs where the funds are considered investments with potential returns. Additionally, the US taxes the global income of both citizens and residents, nonetheless of where that income is earned – a practice uncommon in many other countries.
Despite these potential obstacles, the gold card is expected to appeal to a specific demographic: the children of wealthy overseas families seeking to pursue education and employment opportunities in the United States. Immigration advisor Jaffry believes the program is particularly attractive to those who desire careers outside of family businesses, such as architecture, medicine, or engineering, and who wish to establish themselves professionally within the US. Consultations are already increasing, with one advisor anticipating 5,000 to 10,000 applications annually.
