Washington, D.C., April 4, 2025: My friend Peter Mustafa, from Residency First, asked
me to write a short blog note – almost like a public service announcement.
So, here goes:
THERE IS NO GOLD CARD PROGRAM AT PRESENT.
Regardless of Secretary Lutnick’s recent statement that he “sold” 1,000 Gold Card visas
in one day… (Seriously…he really said that, on March 20, 2025, in front of an audience
on a podcast).
It’s not true.
I do not know why Secretary Lutnick would make that statement. Nevertheless, neither
the Secretary of Commerce nor the President has sole authority to create a new
residency visa to the U.S. It requires legislation, passed by both Houses of Congress,
and signed by the President into law, and then DHS and USCIS has to issue forms, set
fees and create a processing for actually granting visa status.
If the Secretary’s statements were true, there would be all kinds of legal problems for
everyone involved.
Comparing EB5 versus the Gold Card initiative is like comparing a real car to the
idea of a car that will be available next year. One is real; one is not – at least, not
yet.
The Gold Card may happen. It may not. It may replace EB-5. It may not.
We just don’t know at present. Stay tuned to this channel!
So, for investors considering the EB-5 program, I will relay my usual advice: take
advantage of the door while it is still open.
And, for investors considering the Gold Card program, I am going to give some
cheeky but honest advice: y’all can afford to both, so just give me a call and we’ll
get you started!
Hopefully, the Gold Card initiative will pivot from being news item to becoming a helpful
tool in the U.S. visa system.