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The United States has introduced a new immigration pathway aimed at attracting ultra-high-net-worth individuals: the Gold Card Program, created by Executive Order 14351 in September 2025. Because this program arises from executive action rather than an act of Congress, it operates outside the traditional statutory framework that governs the EB-5 immigrant investor program. As a result, it presents both opportunities and legal uncertainties for prospective applicants.
Below is a detailed analysis of the Gold Card program's structure, requirements, risks, and how it compares to the long-established EB-5 investor visa category.
What the Gold Card Program Is—and Why It Is Different
Unlike EB-5, Congress did not enact the Gold Card. It is an executive initiative, implemented solely through presidential authority. That distinction has significant implications:
- It may be modified, suspended, or rescinded by a future administration.
- It does not include statutory grandfathering protections. Investors who begin the process today do not have guaranteed eligibility if the program is later withdrawn or struck down by a court.
- It relies on existing immigrant categories (EB-1A and EB-2 NIW) for visa issuance, meaning adjudications may still need to satisfy the regulatory standards for extraordinary or exceptional ability in the national interest. For example, EB-1A normally requires the applicant to have "sustained national or international acclaim." Exceptional ability EB-2 normally requires the applicant to have an advanced degree and meet other criteria, in addition to meeting the requirements for a National Interest Waiver.
In effect, the Gold Card overlays a financial-contribution model onto existing immigrant visa frameworks, creating a hybrid program that blends donation-based residency incentives with employment-based visa adjudications.
Key Features of the Gold Card
Although the Gold Card uses employment-based categories, the distinguishing elements relate to its funding mechanism, processing model, and tax-related incentives.
Donation Model: Applicants must make a non-refundable "gift" to the U.S. government:
- $1 million per individual applicant, including each family member; or
- $2 million for corporate-sponsored applicants, plus $1 million per dependent; and
- $15,000 USCIS processing fee per person.
Unlike EB-5, the funds are not invested, do not carry job-creation obligations, and are not returned under any circumstances.
New Fast-Track Petition: Form I-140G
The program introduces Form I-140G, a petition similar to a premium-track I-140 but tied to visa availability. Petition processing may be completed in weeks, but immigrant visa issuance still depends on priority date movement and the applicant's country of birth.Applicants born in certain countries may still experience long wait times for the immigrant visa due to existing EB-1 and EB-2 visa backlogs.
No Adjustment of Status
Significantly, Gold Card applicants must process through a U.S. embassy or consulate abroad. The program explicitly bars Adjustment of Status, eliminating the ability to apply from within the United States. It is unclear why.
Platinum Tier
A forthcoming $5 million Platinum contribution offers extended U.S. presence (up to 270 days annually) and preferential tax treatment on foreign-source income. It does not provide permanent residency; rather, it functions as a long-term entry and tax-benefits privilege for globally mobile individuals.
Navigating Requirements and Process
Although the Gold Card avoids the rigorous EB-5 job-creation framework, it still requires detailed documentation. The current process appears as follows:
- Source and Path of Funds: Applicants must prove lawful origin of the gifted amount, consistent with employment-based immigrant standards. It appears the source and path of funds requirements is similar to EB-5 standards.
- Filing of Form I-140G with the donation documentation and fees.
- USCIS Adjudication under EB-1A or EB-2/NIW standards.
- Consular Processing and visa issuance once the priority date is current.
The reliance on EB-1 and EB-2 legal standards introduces a substantive evaluation that some high-net-worth individuals may not expect; the financial contribution does not necessarily override statutory eligibility requirements. Further clarification on this point is required from USCIS.
Comparison to the EB-5 Immigrant Investor Program
Created by Congress in 1990, EB-5 remains the only statutory investment-based pathway to a U.S. green card. It requires:
- $800,000 investment in a Targeted Employment Area (TEA) or $1,050,000 outside a TEA.
- Creation of 10 full-time U.S. jobs.
- Capital at risk throughout the investment period.
- Eligibility for Adjustment of Status and concurrent filing inside the United States.
- Access to grandfathering protections for those who apply before Sept. 30, 2026, under the Reform and Integrity Act.
EB-5's core advantages are family coverage, permanence, and legal stability. Its disadvantages are longer timelines and the need to satisfy job-creation and project-risk requirements.
Side-by-Side Analysis
| Aspect | Gold Card (EO 14351) | EB-5 Investor Visa (Statute) |
| Authority | Executive order; vulnerable to legal challenge and repeal; no grandfathering | Congressional statute; RIA provides statutory grandfathering through Sept. 30, 2026 |
| Cost | $1M per family member; $2M if company-sponsored; $5M Platinum tier; $15k per person filing fee | $800k–$1.05M investment covers entire family |
| Family Coverage | Each family member pays full gift and fee | One investment covers spouse and children under 21 |
| Refundability | None | Investment generally returnable after project exit or if petition is denied |
| Requirements | No job creation or business risk; gift treated as government donation | Must create 10 full-time jobs; capital must remain at risk |
| Timeline | Petition may be processed within weeks; visa issuance tied to EB-1/EB-2 backlogs | Four to six years typical for permanent residency |
| Green Card Outcome | Permanent residency unless program is repealed | Two-year conditional residency, then permanent upon I-829 approval |
| Preference Category | EB-1A or EB-2/NIW | EB-5 |
| Process | (1) Register on trumpcard.gov, (2) File I-140G, and (3) Consular process only | (1) File I-526E, (2) AOS or consular, and (3) File I-829 after two years |
Sample Cost Comparison: Family of Six
The contrast in total cost is stark:
Gold Card
- Donation: $1,000,000 × 6 = $6,000,000
- USCIS fees: $15,000 × 6 = $90,000
- Total: $6,090,000
EB-5
- Investment: $800,000 (TEA)
- USCIS fees: $3,675
- Total: $803,675
For large families, the Gold Card's per-person model makes it more expensive than EB-5.
Practical Considerations for Investors
While the Gold Card potentially offers speed and eliminates job-creation risk, the program presents legal and strategic uncertainties:
- Regulatory durability is weak compared to EB-5's statutory foundation.
- Visa availability remains tied to EB-1 and EB-2 demand, meaning individuals from high-demand countries may still face backlogs.
- The high per-person cost may outweigh benefits for families.
EB-5, despite its longer timeframe and job-creation obligations, aims to provide stability, family efficiency, and an established statutory framework—elements some investors value when making long-term relocation plans.
The Gold Card represents an untested pathway for those seeking rapid U.S. residency through financial contribution. EB-5 remains the more established, predictable option for investors prioritizing statutory protection, family coverage, and long-term stability. The optimal route depends on the applicant's priorities: speed and simplicity versus durability and cost efficiency.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
