The election of President Donald Trump was not seen as a positive event by most foreign immigrants seeking to come to the United States. Given his “anti-immigration” views, it was not expected that President Trump would support any new policies that would provide for the issuance of green cards (granting permanent residency and the right to work in the United States) for foreign immigrants.

However, on February 25, 2025, President Trump announced a new immigration proposal – what he referred to as a “gold card”. This article discusses President Trump’s “gold card” immigration proposal and examines whether it can provide a viable path to obtain a green card.

“Gold Card” Green Card

As announced by President Trump, and as further explained by President Trump and other officials in the Trump administration (including United States Commerce Secretary Howard Lutnick), the following are the key elements of President Trump’s “gold card” immigration proposal:

• To obtain a green card, the foreign immigrant would pay $5,000,000 to the United States;
• This $5,000,000 apparently would not be an investment that would entitle the investor to be repaid the $5,000,000 or receive any rate of return on the $5,000,000. Instead, the $5,000,000 apparently would be used by the United States government to reduce the country’s debt and deficit;
• While individuals could purchase these “gold card” green cards, companies also could purchase these “gold card” green cards and use them to hire new employees;
• Holders of the “gold card” green cards (unlike other green card holders) would not be subject to United States taxation of their foreign income;
• The “gold card” green card may offer purchasers a potential pathway to United States citizenship (although the specific terms of this element are not clear);
• The “gold card” green card program would replace the existing EB-5 immigration program (discussed below); and
• President Trump claimed authority to commence the “gold card” green card program and terminate the existing EB-5 immigration program, without the need for Congressional approval. It was stated that a “gold card” green card program would commence in March, 2025.

The concept of “buying” immigration benefits is not new. It has been estimated that over 100 countries around the world have immigration programs that enable wealthy individuals to “purchase” immigration benefits.

EB-5 Green Card

In the United States, the EB-5 immigration program, known more commonly as the “EB-5 investment program” (originally established by Congress in 1990) has been the key vehicle for foreign individuals to “buy” a green card.

The following are the current key elements of the EB-5 investment program:

• To obtain a green card, the foreign immigrant generally must invest $1,050,000 in a United States business; however,
  • if the United States business is located in a “targeted employment area” (either a “rural area” (any area other than an area within a metropolitan statistical area (as designated by the Office of Management and Budget) or within the outer boundary of any city or town having a population of 20,000 or more according to the most recent decennial census of the United States) or an area that has experienced “high unemployment” (defined as at least 150% of the national average unemployment rate)) or is an “infrastructure project” (generally a capital investment project in a filed or approved business plan, which is administered by a governmental entity (such as a Federal, state, or local agency or authority), and receives financing for maintaining, improving, or constructing a public works project), the investment amount is reduced to $800,000;
• The investment must be used to create full-time jobs for at least 10 employees;
• The investment usually provides the foreign immigrant with certain rights to be repaid and receive some rate of return on the investment; and
• Once the EB-5 green card is obtained, it is possible to meet various independent requirements and subsequently obtain United States citizenship.

Given the existing EB-5 investment program, is there a need for a “gold card” green card? On one hand, the requirements of the EB-5 investment program appear far less onerous than under the “gold card” green card proposal. First, the amount that needs to be paid is much less – $1,050,000 or $800,000 under the EB-5 investment program as compared with $5,000,000 under the “gold card” green card proposal. Second, the EB-5 investment program provides the foreign investor with an investment that offers certain rights to be repaid and receive some rate of return; there are apparently no such “repayment” and “rate of return” rights under the “gold card” green card proposal. These facts would suggest that the EB-5 investment program may be more marketable to foreign immigrants than anything offered by the “gold card” green card proposal. On the other hand, without a job creation requirement as a condition of the “gold card” green card proposal, without United States taxation of the foreign income of “gold card” green card holders, and with perhaps (as the specific terms are not clear) an easier pathway to United States citizenship under the “gold card” green card proposal, there could be aspects of the “gold card” green card proposal that make it more marketable to foreign immigrants than the EB-5 investment program.

In supporting the termination of the EB-5 investment program, the Trump administration generally cited fraud and inefficiencies that have adversely affected the EB-5 investment program. There is certainly no doubt that the administration of the EB-5 investment program could be improved, and superior administration under a “gold card” green card program could make it more marketable to foreign immigrants than the EB-5 investment program. However, it is unclear if the best way to address this “poor administration” issue is by improving the administration of the EB-5 investment program, rather than creating an entirely new immigration program pursuant to the “gold card” green card proposal.

Despite the prior statement that a “gold card” green card program would commence in March, 2025, the “gold card” green card program has yet to actually begin. In fact, regulations concerning the specific details of any “gold card” green card program have not yet even been issued. Part of the delay may be attributable to the recognition by the Trump administration that the terms of the “gold card” green card proposal need to be revised to make it more marketable for foreign immigrants. It has been reported that the Trump administration may be considering combining the “gold card” green card proposal with the EB-5 investment program in some manner. In addition, part of the delay may be attributable to the recognition by the Trump administration that any commencement of a “gold card” green card program and/or termination of the EB-5 investment program may require Congressional authorization and cannot just proceed by executive action.

It will be interesting to see if, how, and on what terms the “gold card” green card proposal in fact becomes a viable “gold card” green card program in the future.

If you have any questions concerning President Trump’s “gold card” green card proposal, the EB-5 investment program, or any other “green card” issue, please discuss them with your advisers.

Note – FinCEN Interim Final Rule Concerning BOIR Filings

On March 21, 2025, the United States Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an interim final rule concerning the requirement authorized by the Corporate Transparency Act (“CTA”) that certain entities are required to file a “Beneficial Ownership Information Report” (“BOIR”) with FinCEN. This interim final rule has three major consequences. First, United States domestic companies are no longer required to file a BOIR with FinCEN. Second, United States persons who are beneficial owners of foreign companies registered to do business in the United States are no longer subject to any “BOIR filing with FinCEN” requirement. Third, foreign companies (not otherwise exempt) that have registered to do business in the United States are still required to file a BOIR with FinCEN. Specifically, these foreign companies are required to file a BOIR with FinCEN (i) 30 days after the date of publication of the interim final rule in the “Federal Register”, or (ii) 30 days after the foreign company’s registration to do business in the United States, whichever comes later. Besides the continued need for foreign companies (not otherwise exempt) that have registered to do business in the United States to file a BOIR with FinCEN, the most noteworthy aspect of FinCEN’s interim final rule is the exclusion of United States domestic companies and United States persons from the need to make BOIR filings with FinCEN.

While the situation could change in the future (for example, FinCEN’s interim final rule could be challenged in litigation or a subsequent administration could take a different view and apply the CTA (which remains law) in a different manner), for the time being, there is no need for United States domestic companies or United States persons to make BOIR filings with FinCEN.

If you have any questions concerning the March 21, 2025 FinCEN interim final rule about BOIR filings with FinCEN, please discuss them with your advisers.

If you wish to discuss any of the above, find Pen Pal Gary’s contact info here.

Disclaimer: please note that nothing in this article is intended to be, or should be relied on as, legal advice of any kind. Neither LHBR Consulting, LLC nor Gary Stern provides legal services of any kind.