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 The Jobs Act is intended to make it easier for smaller companies to raise public and private capital in the U.S. financial markets. Among the most significant provisions in the Jobs Act are the repeal of the prohibition on general solicitation for certain private offerings, the creation of a new category of issuers called “emerging growth companies” that would be exempt from, or subjected to reduced, regulatory requirements for a limited period of time, and the legalization of ‘crowdfunding’ through registered funding portals. The Jobs Act also includes other measures intended to make it easier for private issuers to raise capital and liberalizes provisions requiring private companies to become SEC public reporting companies based on the number of shareholders. Several provisions of the Jobs Act become effective immediately, while others will be implemented through future SEC rule making.

We invite our readers to read the attached GT Alert — The Jobs Act: Improving Access to Capital Markets for Emerging Growth Companies prepared by Stephen T. Adams and Robert E. Puopolo in our Boston office.

 

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  • It may be modified, suspended, or rescinded by a future administration.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 Investors who begin the process today do not have guaranteed eligibility if the program is later withdrawn or struck down by a court.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:

  1. 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.
  2. Filing of Form I-140G with the donation documentation and fees.
  3. USCIS Adjudication under EB-1A or EB-2/NIW standards.
  4. 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

AspectGold Card (EO 14351)EB-5 Investor Visa (Statute)
AuthorityExecutive order; vulnerable to legal challenge and repeal; no grandfatheringCongressional 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 CoverageEach family member pays full gift and feeOne investment covers spouse and children under 21
RefundabilityNoneInvestment generally returnable after project exit or if petition is denied
RequirementsNo job creation or business risk; gift treated as government donationMust create 10 full-time jobs; capital must remain at risk
TimelinePetition may be processed within weeks; visa issuance tied to EB-1/EB-2 backlogsFour to six years typical for permanent residency
Green Card OutcomePermanent residency unless program is repealedTwo-year conditional residency, then permanent upon I-829 approval
Preference CategoryEB-1A or EB-2/NIWEB-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.

U.S. Citizenship and Immigration Services (USCIS) continues to issue formal notifications initiating audits of EB-5 Regional Centers under the EB-5 Reform and Integrity Act of 2022 (RIA)’s authority.

The RIA requires USCIS to audit each approved Regional Center at least once every five years to ensure continued compliance with EB-5 program requirements. The audit process is designed to assess whether a Regional Center is operating according to EB-5 statutory and regulatory standards — including job creation, investor activity, and proper recordkeeping.

According to the notification letters, the USCIS Immigrant Investor Program Office (IPO) Audit Branch will conduct audits primarily on a remote basis but may also perform on-site inspections at the Regional Center, associated new commercial enterprises (NCEs), or job-creating entities (JCEs) if warranted.

The audits include a comprehensive review of:

  • Books, ledgers, and records for the preceding five years,
  • Evidence submitted with prior filings and certifications,
  • Government, commercial, and public records, and
  • Questionnaires and potential interviews with Regional Center representatives.

Regional Centers receiving audit notifications are required to confirm receipt and identify a point of contact within seven days. USCIS may schedule an audit entrance conference following that confirmation. Failure to cooperate or respond may lead to recommendations for termination of the Regional Center’s designation. Document request responses are typically due within a few weeks of the audit notification.

Regional Centers and their associated NCEs should consider:

  1. Reviewing their recordkeeping systems for the past five years,
  2. Confirming that all job creation and investor tracking documentation is organized and accessible,
  3. Designating an internal audit contact and preparing for potential remote or in-person review, and
  4. Working with counsel to prepare for an in-person review.

Key Takeaway

EB-5 Regional Center audits are continuing under the RIA. Entities should ensure they maintain full compliance documentation and be prepared for outreach from the IPO Audit Branch. Early preparation and legal guidance may help mitigate the risk of adverse findings or program termination.

Why These Documents Matter for Individual Investors

Individual investors from affected countries have sought clarity about how the June 4, 2025, Presidential Proclamation would impact their ability to travel to the United States for investment activities, property management, or immigration through investment programs. Unlike corporate entities with legal departments and immigration counsel, individual investors may require additional support to navigate complex policy changes effectively. Recent State Department guidance cables, distributed to all U.S. diplomatic and consular posts worldwide, contain detailed implementation instructions that provide insight into how these restrictions operate in practice. (See DOS Cables, “Demarche Points: Presidential Proclamation On Restricting,” June 8, 2025, AILA Doc. No. 25090200 (posted Sept. 2, 2025)). These guidance documents offer individual investors information about exception criteria and processing priorities. The cables are particularly valuable for individual investors because they clarify which investment-related activities might qualify for National Interest Exceptions (NIE) and provide specific guidance on various categories. They outline the approval processes, documentation requirements, and government priorities that determine visa eligibility. The guidance eliminates uncertainty about whether routine investment activities, property management, or business development might qualify for exceptions. For individual investors, this guidance may provide clarity about available pathways and helps establish realistic expectations about visa approval prospects for various investment-related purposes.

Countries and Visa Categories Affected

On June 4, 2025, President Donald Trump issued Presidential Proclamation 10949, which suspends the entry of nationals from 19 countries under Section 212(f) of the Immigration and Nationality Act. The restrictions took effect on June 9, 2025, and created new considerations for individual investors’ ability to travel to the United States for business purposes or pursue investment-based immigration pathways.

The proclamation establishes entry restrictions for nationals of 19 countries, with full suspension applying to 12 countries—Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen—and partial suspension for seven additional countries: Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela. For investors from the 12 fully suspended countries, all nonimmigrant and immigrant visa classifications are suspended, including all investment-related visas such as EB-5 immigrant investor visas, E-2 treaty investor visas, B-1/B-2 business visitor visas, and any other visa categories. The guidance states that “the entry of foreign nationals traveling on passports from those countries is suspended for all nonimmigrant and immigrant classifications, subject to limited exceptions.”

For investors from the seven partial suspension countries, the restrictions specifically target B-1/B-2 business visitor visas commonly used for investment-related travel, property management, and business development activities, along with F, M, and J student and exchange visitor classifications. Other visa categories, including E-2 treaty investor visas and immigrant visas, may remain available for partial suspension countries. The guidance confirms that the suspension applies only to foreign nationals who are outside the United States and do not hold a valid visa on the effective date. Importantly, no visas issued before June 9, 2025, were revoked, providing continuity for investors who obtained visas prior to the proclamation’s implementation.

Complete Suspension of Investment-Based Immigration Programs for Fully Restricted Countries

EB-5 Investor Program

For investors from the 12 countries under full suspension, the EB-5 immigrant investor program is completely suspended unless they qualify for specific exceptions. This represents a change for investors who may have been in various stages of the EB-5 process, from initial consideration to pending applications. The comprehensive nature of the suspension means that investment amount, job creation potential, or project significance do not automatically provide pathways for visa issuance. The guidance indicates that routine investment activities have limited qualification potential for NIE, meaning that most EB-5 applicants may need to explore alternative pathways, timing strategies, or exception categories to proceed with their immigration plans.

E-2 Treaty Investor Visas

E-2 treaty investor visas are completely suspended for nationals of the 12 fully restricted countries, as the proclamation encompasses all nonimmigrant classifications. This affects investors who might have been developing substantial U.S. businesses or managing existing E-2 enterprises. For the seven countries under partial suspension, E-2 visas may remain available since they are not specifically mentioned in the restricted categories for those countries.

L-1 and Other Business Visas

All other nonimmigrant business visa categories, including L-1 intracompany transfer visas, O-1 extraordinary ability visas, and other classifications that might be relevant to investors or business owners, are suspended for the 12 fully restricted countries. This suspension affects investors who might have used multiple visa strategies or had family members in various visa categories.

NIE: Understanding the Framework for Individual Investors

The guidance documents reveal that NIE processing follows a structured framework that requires meeting specific criteria. The State Department’s guidance instructs consular officers that NIEs should meet high standards and emphasizes decision-making “from an America First perspective.” The guidance states that “routine purposes of travel, including visiting family members in the United States, routine business travel, employment, or study in the United States, will typically not be considered to be advancing a U.S. national interest.” This criterion is particularly relevant for investors whose travel and activities would typically be characterized as business-related.

The NIE Process for Individual Applicants

Individual investors navigate a structured NIE workflow that involves multiple review levels. An applicant must first qualify for the underlying visa and complete standard processing before being considered under Section 212(f). The interviewing consular officer prepares a detailed action memorandum that the chief of mission reviews and forwards to Washington, D.C. for final approval by the assistant secretary for consular affairs or senior bureau official. The guidance notes that by requesting an NIE, the chief of mission is attesting that the visa applicant’s identity is established and that the applicant does not represent a security concern. This attestation requirement ensures that NIE cases receive senior-level review and thorough evaluation.

Investment Activities That May Qualify for NIEs

The guidance provides examples that may potentially qualify for NIE approval, though direct routine investment activities have limited qualifying potential. Travel for or on behalf of the U.S. government might apply to investors involved in government contracts, defense projects, or public-private partnerships with clear government interest. International organizations designated under the International Organizations Immunities Act might encompass certain multilateral investment vehicles or development finance institutions, though this applies to relatively few individual investors. The guidance mentions “critical missions or Department priorities endorsed by a Chief of Mission,” which might include major investment projects deemed strategically important to U.S. interests, such as critical infrastructure, advanced technology, or national security-related investments. However, specific frameworks for such determinations are not detailed in the guidance.

Investment Activities with Limited NIE Potential

The guidance specifies activities that typically do not qualify for NIE approval, and these specifications significantly affect individual investors. Travel “for routine commercial or business purposes” generally does not receive approval, which encompasses most standard investment-related activities, including property management, business meetings, due diligence activities, project oversight, and general business development. Travel necessitated by financial considerations, personal circumstances, or educational needs also has limited qualification potential. This criterion may apply to investors who might face financial challenges from their inability to travel to manage existing investments or complete pending transactions. The guidance notes that travel to “provide assistance to a U.S. citizen family member” typically does not qualify, which may affect investor families where some members are U.S. citizens or permanent residents seeking business assistance or family-related investment activities.

Protected Categories and Available Exceptions

Existing Visa Holders

Investors who obtained any type of visa before June 9, 2025, may continue to use them for travel, providing continuity for ongoing investment activities and business operations. However, the guidance indicates that obtaining renewal or replacement visas will require meeting current policy standards, which may present challenges for long-term planning.

Dual Nationality Options

The guidance confirms that dual nationals can travel on passports from non-designated countries, provided they hold valid citizenship documentation. This may present opportunities for investors with dual nationality, though the guidance requires travel “on a passport of a country not designated for suspension.” This exception may be particularly valuable for investors from restricted countries who also hold citizenship from non-restricted nations.

Diplomatic and Official Travel

The guidance specifies that foreign nationals traveling with valid nonimmigrant visas in diplomatic classifications (A-1, A-2, C-2, C-3, G-1, G-2, G-3, G-4, NATO-1, NATO-2, NATO-3, NATO-4, NATO-5, or NATO-6) are excepted from the restrictions. While this primarily affects official government travel, it may apply to investors involved in official international organizations or diplomatic missions.

Sports Exception

Athletes, coaches or persons performing necessary support roles, and immediate relatives traveling for the FIFA World Cup, Olympics, or other major sporting events, as determined by the secretary of state, are excepted from the restrictions. While this has limited applicability for most investors, it may be relevant for those involved in sports-related investments or the entertainment industry.

Family-Based Exceptions

For investors pursuing family-based immigration alongside business interests, several exceptions remain available. Immediate family immigrant visas (IR-1/CR-1, IR-2/CR-2, IR-5) are excepted with specific evidentiary requirements, including clear and convincing evidence of identity and family relationship. Adoption-based family visas (IR-3, IR-4, IH-3, IH-4) are also excepted from the restrictions.

Special Immigrant Visa Categories

Foreign nationals traveling with valid Afghan Special Immigrant Visas and those with valid Special Immigrant Visas for U.S. government employees are excepted from the restrictions. These categories may apply to investors who have previous government service or qualifying relationships.

Iranian Religious and Ethnic Minorities

Iranian investors who are members of specific ethnic and religious minorities may qualify for immigrant visa exceptions. The guidance identifies qualifying groups, including Ahwazi Arabs, Azerbaijani Turks, Baha’i, Balouch, Christians, Jews, Kurds, Sabean-Mandaeans, Sufi Muslims, Sunni Muslims, Yarsans, and Zoroastrians. The guidance notes that individual persecution experience is not required, broadening the potential applicability. This exception applies to immigrant visas and may provide a pathway for qualifying Iranian investors to pursue permanent residence.

Practical Considerations for Individual Investors

Comprehensive Impact on Investment Portfolios

Investors from the 12 fully suspended countries face restrictions affecting some aspects of their U.S. investment activities. This may include the inability to travel for property management, business development, partnership meetings, due diligence activities, or any other investment-related purposes unless they qualify for narrow exceptions. The scope of these restrictions might require a reassessment of investment strategies and management approaches. The complete suspension of all visa categories means that investors may not utilize alternative visa types that might have previously provided flexibility for different aspects of their business activities. This approach may require investors to either qualify for exceptions or develop new management structures for their U.S. investments.

Alternative Management Structures

The suspension of all visa categories for fully restricted countries necessitates the development of alternative investment management approaches. Investors may need to engage U.S.-based representatives, establish management companies, or create power-of-attorney arrangements to handle ongoing investment activities. While these alternatives might provide operational continuity, they would require careful legal structuring and may affect the personal involvement requirements of certain investment programs. For EB-5 investors, the requirement for personal management and involvement in investment activities may require creative structuring to maintain program compliance while accommodating travel restrictions. Investors should consult with qualified counsel to ensure that alternative management approaches satisfy both practical needs and legal requirements.

Family and Educational Considerations

The comprehensive nature of the full suspension affects investor families across all visa categories. Children’s educational visas, family visitor arrangements, and other family-related travel are all suspended for the 12 fully restricted countries. The guidance indicates that “continuing students” have limited NIE qualification potential, which may require families to consider alternative educational arrangements or qualification for exception categories. For partial suspension countries, the specific restrictions on F, M, and J visas may affect investor families whose children study in the United States, though other family visa categories may remain available.

Documentation and Process Management

The guidance reveals that NIE cases require comprehensive documentation, specific visa annotations, and detailed processing procedures. Given the comprehensive suspension of all visa types for fully restricted countries, proper documentation becomes even more critical for any exception applications. Individual investors may benefit from professional guidance to navigate these requirements effectively, particularly given the high approval standards and senior-level review processes.

Strategic Planning for Individual Investors

Assessment and Planning

Investors from fully suspended countries should consider assessing their current visa status, ongoing investment obligations, and future planning requirements. Those with valid visas should consider travel timing and renewal needs. Investors without current visas should evaluate whether their circumstances might qualify for any available exceptions. The comprehensive nature of the restrictions for fully suspended countries means that traditional visa strategy approaches may not be available, requiring the development of new approaches to U.S. investment activities.

Alternative Investment Structures and Timing

Investors may need to explore alternative investment structures that accommodate current travel restrictions while positioning for potential future policy changes. This might involve restructuring investments through U.S.-based entities, establishing different management approaches, or adjusting timing for major investment decisions based on policy review cycles. For investors from partially suspended countries, E-2 and other visa categories may remain available, providing more flexibility for ongoing investment activities and strategic planning.

Professional Representation and Exception Analysis

Given the structured nature of NIE processes and high approval standards, individual investors who believe they might qualify for exceptions should engage experienced immigration counsel early in the process. The comprehensive suspension of all visa types for fully restricted countries makes proper exception analysis and case presentation particularly important. Investors should work with counsel to evaluate whether their investment activities might qualify under government interest criteria, international organization involvement, or other potential exception categories outlined in the guidance.

Policy Review Timeline and Future Considerations

The guidance specifies review periods of 90 days initially, then every 180 days thereafter. The proclamation states that the president may, at his discretion, consider removing countries from the full or partial suspension list when they establish the sufficiency of their screening and vetting information. The structured review process provides a framework for potential policy evolution, though the guidance makes clear that such changes are discretionary rather than automatic. The “America First” framework suggests a structured, long-term policy approach that prioritizes U.S. interests in exception determinations. Understanding this framework may help investors assess whether their activities might align with criteria that may qualify for exception consideration.

Navigating the Current Framework

The State Department guidance reveals a policy framework that affects investment-related travel and immigration for nationals of restricted countries. The complete suspension of all visa types for 12 countries represents a substantial change in the investment landscape, requiring new approaches to U.S. investment activities. Individual investors should consider strategies that account for current restrictions while exploring the available exception pathways and preparing for potential policy evolution. This may involve restructuring existing investments, establishing alternative management arrangements, or adjusting timing for investment activities based on policy review cycles and qualification for exception categories. The structured review process built into the proclamation provides a framework for potential policy changes over time, though such modifications remain at the president’s discretion. Understanding current restrictions and exception criteria allows investors to make informed decisions about their U.S. investment strategies and establish appropriate expectations for the present policy environment. The availability of detailed implementation guidance provides individual investors with the information needed for informed planning and decision-making. Rather than operating under uncertainty about available options, investors may assess their circumstances against established criteria and develop appropriate strategies for their specific situations.

In the world of U.S. immigration policy, most changes require significant debate in Congress—especially when it comes to reforming the Immigration and Nationality Act (INA). But what if the president wanted to create a streamlined immigration path for high-net-worth individuals to boost investment, innovation, and job creation?

There is a tool available for the proposed Gold Card program: private immigration bills. With the recent announcement of a website for interested Gold Card applicants to register, the Trump administration may be considering using private immigration bills to implement this new program.

What Is a Private Immigration Bill?

A private immigration bill is a law passed by Congress that applies only to a specific individual or group, providing them with immigration relief—such as permanent residency or even citizenship—outside the normal channels. Unlike public laws that apply broadly (like the EB-5 investor visa program), private bills bypass existing immigration categories and eligibility restrictions. They’re tailored, targeted, and flexible.

How Does the Private Immigration Bill Process Work?

  1. Candidate Identified – A high-net-worth individual seeking permanent status in the United States, but who doesn’t qualify or want to process through the standard EB-5 immigrant investor visa program, seeks congressional sponsorship for a private bill.
  2. Bill Introduction – A member of Congress introduces the private bill on their behalf. This bill can grant lawful permanent residency or citizenship directly.
  3. Committee Referral – The bill is referred to the House or Senate Judiciary Committee, typically to the Subcommittee on Immigration. Supporting documentation (including economic impact, business contributions, investment plans) is submitted.
  4. Congressional Deliberation – Congress discusses the bill and brings it to a vote if the bill gains enough support. If the bill passes in both the House and Senate, it goes to the president.
  5. Presidential Signature – The president signs the bill, and it becomes law. The individual receives the immigration status authorized in the bill.

How Could the President Fast-Track Investment Immigration Through the Gold Card Program?

The president cannot unilaterally change immigration law or create a new visa category for investors without Congress. But by working within the framework of private bills, the president could do the following:

  • Publicly promote a “High-Impact Immigrant Investor Initiative” aimed at attracting global wealth and talent to reduce the federal deficit.
  • Partner with congressional allies to introduce private bills for selected high-net-worth individuals who invest $5 million in the United States. The Trump administration would need to define how the investment would be used and what would qualify.
  • Coordinate through federal agencies like the Department of Commerce and Department of State to identify eligible candidates and build bipartisan support.
  • Signal executive support to Congress and leverage the White House platform to prioritize and fast-track these bills through the legislative process.

This approach would not require amending the INA but would achieve the same outcome: granting permanent status or citizenship to individuals selected on the basis of their economic contributions.

Why Use Private Bills for Investment Immigration?

  • Customization – Private bills can be tailored to individuals who fall outside existing visa categories but still offer high value to the United States.
  • Speed – While not automatic, private bills can be prioritized politically in ways traditional visa processing cannot. The Trump administration has said the Gold Card would offer a “fast track” for investors.
  • No need for legislative overhaul – Private bills sidestep partisan gridlock over immigration reform.

Caveats

  • Not scalable – Each private bill must pass Congress individually.
  • Requires political capital – Lawmakers would need to be willing to sponsor and support such legislation.
  • Unusual, but legal – Private bills are rarely used, so this strategy would be unconventional—but it is fully within the constitutional powers of Congress and the president.

The Trump administration seeks to make immigration more responsive to economic strategy, especially in attracting global investors, entrepreneurs, and wealth creators, and private immigration bills offer a potential, legal, creative workaround. While they don’t rewrite the rules for everyone, they allow the United States to open the door to selective, high-impact immigration without needing to amend legislation.

In recent months, U.S. Citizenship and Immigration Services (USCIS) has sent notices of intent to terminate (NOITs) to EB-5 regional centers that have not paid the “Integrity Fees” implemented by the 2022 EB-5 Reform and Integrity Act (RIA).

Congress introduced these annual Integrity Fees to help pay for many of the new integrity measures, such as USCIS site visits, audits, and overseas investigations. Depending on the number of EB-5 investors that the regional center sponsors, the Integrity Fee is either $20,000 per year or $10,000 per year.

The USCIS roll-out of the RIA has been confusing for some stakeholders. USCIS announced on March 2, 2023, almost a year after the RIA’s passage, that the first Integrity Fee payment must be paid between March 2, 2023 (the same day as the announcement) and April 3, 2023. However, given the short notice and confusion that arose over how the fees should be calculated, USCIS kept the Integrity Fee payment portal open beyond the April 3 due date. Due to a continued lack of clarity, USCIS eventually announced an Oct. 1, 2023, due date for both the FY 2023 and FY 2024 Integrity Fees. USCIS also confirmed on its website that it would take steps to terminate any regional center that, on or before Dec. 30, 2023, had not paid the required Integrity Fees for FY 2023 and FY 2024. USCIS only published these announcements on its website; it did not send the regional centers notices about these deadlines.

Now approximately seven months later, regional centers are receiving NOITs for failure to pay the Integrity Fees. Some regional centers have made a deliberate decision not to pay the Integrity Fees as a “wind down” measure; USCIS clarified on its website that if a regional center did not pay the Integrity Fees and the regional center’s designation was terminated as a result, sponsored EB-5 investors who filed I-526 petitions prior to the March 2022 passage of the RIA (Pre-RIA Investors) could still have their I-526 and I-829 petitions approved on the merits if all other eligibility criteria were met, e.g., job creation.

However, other regional centers may have wanted to remain designated under the RIA but were not aware of the Integrity Fee due date before receiving a NOIT. Moreover, the NOIT states that USCIS will not accept any late payments, so these regional centers cannot cure the payment issue in response to the NOIT, even if they wish to remain designated.

New investors who filed I-526E petitions with a designated regional center after the passage of the RIA (RIA Investors) may face denial of their I-526E petitions if the regional center’s designation is terminated. Such investors must follow the “amendment” process provided in the RIA and associate with a new regional center in good standing. However, USCIS has not promulgated any regulations about this process, and investors could face thousands of dollars in fees to associate with a new regional center despite the issue arising on behalf of regional centers, not investors.

The RIA states that USCIS must impose a reasonable penalty on regional centers that fail to pay the Integrity Fees within 30 days of the due date and must terminate a regional center’s designation if it does not pay within 90 days after the due date. USCIS only started mailing NOITs to regional centers who did not pay the Integrity Fees in July 2024, seven months after the fees were due. It does not appear that USCIS informed regional centers about any penalties as was required prior to sending the NOITs. Had they done so, regional centers would have known that the fee was due and that they could be terminated if they did not pay by the Dec. 30, 2023, deadline.

As a result, some regional centers that wish to remain designated now face termination with no way to cure the nonpayment. A lawsuit seeking a preliminary injunction was filed in federal court in Montana that challenged USCIS’s action to terminate a regional center without mailing any notice or imposing a reasonable penalty prior to initiating a termination proceeding. The judge in that case held that USCIS appeared to act arbitrarily when it determined multiple times that it had the discretion to change the deadline for the Integrity Fee payment and not impose late fees, but could not be flexible on its decision to terminate the centers. It is not yet clear whether USCIS will appeal the decision or change its position and exercise its discretion to allow late Integrity Fee payments.

Many EB-5 stakeholders, including industry groups and bar associations, are petitioning USCIS to allow such late payments by those regional centers that wish to remain designated. Allowing late Integrity Fee payments would bring in more fees to the Integrity Fund to allow for additional investigations and audits. Moreover, if these regional centers maintain their designation, they must participate in the annual compliance process with USCIS, whereby the regional center will report to the government on the progress of its projects, which would likely contribute to the overall integrity of the EB-5 program.

On July 16, 2024, U.S. Citizenship and Immigration Services (USCIS) issued new guidance for the EB-5 Regional Center Program, detailing sanctions for noncompliance, adverse actions on EB-5 petitions, and special rules for good faith investors to maintain eligibility if their regional center or project is terminated or debarred.

On March 15, 2022, President Biden signed the EB-5 Reform and Integrity Act (RIA) into law, substantially reforming the EB-5 program. The RIA also added significant new integrity provisions, including protection for good faith investors. Now, more than two years after its passage, USCIS has updated its policy manual to include guidance addressing new provisions the RIA added to the Immigration and Nationality Act (INA), clarifying the consequences of noncompliance for regional centers, new commercial enterprises (NCEs), job creating entities (JCEs), and EB-5 investors. The new provisions update Part G, Investors, in Volume 6 of the policy manual to add provisions relating to “good faith investors” and add new authority for USCIS to sanction regional centers, new commercial enterprises, and job-creating entities at various levels for noncompliance with statutory requirements.

In particular, the new guidance clarifies the impact of USCIS terminating, debarring, or suspending noncompliant regional centers, NCEs, and JCEs, and it explains how good faith investors, including those who filed petitions prior to the RIA, may remain eligible for approval of the I-526 or I-829 petition in these scenarios. The guidance also sets forth factors and processes USCIS uses to assess sanctions and explains what constitutes fraud and material misrepresentation, deceit, criminal misuse, and threats to the national interest. The guidance further clarifies that USCIS does not sanction individuals or entities for pre-RIA actions but may still consider violations that occurred pre-RIA in determining proper sanctions for post-RIA violations.

In its Policy Manual Volume 6, Part G, Chapter 3, Section E, titled “Good Faith Investors Following Program Noncompliance by a Regional Center, New Commercial Enterprise, or Job-Creating Entity,” USCIS clarifies the actions USCIS will take if an EB-5 entity is no longer allowed to participate in the EB-5 program, such as after a regional center is terminated or an NCE or JCE is debarred. The guidance clarifies that USCIS debars individuals or entities based on noncompliance with or prohibited conduct under the RIA and does not debar individuals or entities for merely failing to establish investor eligibility for visa classification or removal of conditions, such as not creating sufficient employment, or upon receipt of requests for debarment. This means that investors cannot request a debarment to trigger the “good faith” investor protections simply where job creation is not met or where the project has failed under normal business scenarios. 

Pre-RIA Investors

Consistent with its prior guidance, USCIS confirms that if a regional center is terminated, investors who filed I-526 petitions before the RIA’s March 2022 enactment can have an I-526 petition or I-829 petition approved even if the regional center’s designation is terminated, assuming the investor otherwise meets the eligibility requirements, including sustaining the at-risk investment and creating at least 10 jobs. USCIS again confirms that direct and indirect job creation can be used to meet the requirements, even when the regional center is terminated. The policy manual explains that USCIS officers will have the discretion to make a good faith determination on a case-by-case basis to continue to approve petitions.

Where a pre-RIA investor has invested into an NCE and/or a JCE that is debarred from the EB-5 program, USCIS clarifies that the investor may seek to retain eligibility by making an investment in another new commercial enterprise. In the policy manual update, USCIS states that if a pre-RIA investor chooses to make a qualifying investment in another NCE following regional center termination, the investment amount required is the amount required by statute at the time the investor initially filed the Form I-526. As of the date of this blog, it is not clear if any “good faith” pre-RIA investors have successfully filed a new I-526 petition on this basis, or made a new $500,000 investment into a new NCE to continue to qualify for permanent residence after a regional center is terminated or after an NCE or JCE debarment, even though the required investment amount has increased under the RIA. Further engagement and clarification are required by USCIS on this point.

RIA Investors

The policy manual update confirms that when USCIS terminates a regional center that is sponsoring RIA investors who filed Form I-526E after March 2022, the investor’s NCE may associate with a new regional center that is maintaining its designation in order to continue to qualify for permanent residence. That new regional center need not cover the geographic area of the EB-5 project. EB-5 stakeholders have been seeking this change for years, believing that a change of a regional center should not be considered a “material change” to the investor’s petition. 

If an NCE or JCE is debarred for an RIA investor, the investor may retain eligibility if they associate with an NCE in good standing and, pursuant to the RIA, invest additional capital “solely to the extent necessary to satisfy remaining job creation requirements.” Practically, it may be difficult for new EB-5 projects to take additional capital from these “good faith” investors where new NCEs are seeking to subscribe investors at the new investment amounts of $1,050,000 or $800,000 but where the good faith investor seeks to invest some lesser amount only to continue to qualify for the green card. Projects should consider if they wish to create different classes of investments for varying investment amounts to accommodate these types of investors.

Additionally, USCIS states that the investor must generally file an amendment to their petition or otherwise notify USCIS that they continue to meet applicable eligibility requirements notwithstanding termination or debarment, as applicable, no later than 180 days after notification of termination or debarment. Filing an amendment to an I-526E would be costly to an investor following the April 2024 filing fee increases, but USCIS may accept additional evidence in response to a debarment notification that would not require the investor to file an amendment or pay the fee. Until USCIS promulgates a new Form I-526E, the exact procedures to be followed in this scenario remain unclear.

Terminations, Suspensions, and Sanctions

USCIS also updated Volume 6, Part G, Chapter 4, Section H, “Terminations, Suspensions, and Other Sanctions,” which specifies violations permitting various sanctions for bad faith actions by regional centers, ranging from fines to suspension or termination in more serious cases. This update exemplifies USCIS’s continued efforts to crack down on regional centers engaging in activities that may undermine the integrity of the EB-5 program. USCIS may sanction regional centers not only for bad faith actions but also for possessing knowledge of bad faith or fraudulent actions. Given this threshold, the sanctions set forth in the policy manual encourage regional centers to conduct thorough due diligence and enforce close oversight of project operations to minimize the likelihood and severity of penalty for violations.

The policy manual further provides examples of sanctionable violations as an added warning and clarification to EB-5 participants. The policy update emphasizes that regional centers have a responsibility to take reasonable action to avoid violation of law, even if a regional center, commercial enterprise, or JCE is new. Inexperience in the EB-5 domain does not excuse actions that violate the law, nor does it excuse partnering with entities whose activities could be considered bad faith. This further confirms USCIS’s emphasis on the need for EB-5 program participants to perform necessary due diligence and maintenance activities to ensure compliance at all times.

The policy manual reiterates USCIS authority to levy sanctions for noncompliance by various EB-5 program participants, including measures like suspension, debarment, and termination. The new chapter provides a thorough breakdown of USCIS’s general process when it determines that a violation has occurred warranting suspension, debarment, or termination. This not only allows EB-5 participants to hold USCIS accountable to the process it has laid out in the future but also provides EB-5 participants with improved insight into next steps once a notice of intent to sanction is issued.

The policy manual is instructive of the types of actions that may be sanctioned as involving fraud, deceit, material misrepresentation, or criminal misuse, providing specific examples of actions falling under these categories. These examples intend to clearly outline actions that are sanctionable to discourage bad faith actions on the part of EB-5 participants as well as to educate individuals or entities who may be unfamiliar with the EB-5 program. USCIS’s policy update emphasizes the seriousness of intentional bad acts and warns of the ramifications for such actions. Regional centers, commercial enterprises, job creating entities, and investors should oversee their operations carefully to ensure compliance with USCIS’s updated policies and be mindful of who they are partnering with throughout the EB-5 process to avoid penalty.

U.S. Citizenship and Immigration Services (USCIS) released new information on its website about the International Entrepreneur Rule’s (IER) eligibility criteria and acceptable evidence. It also announced updates to investment and revenue requirements for entrepreneurs to qualify for an authorized stay, known as parole, under the IER. Based on the public benefit their startup entities provide, the IER allows foreign entrepreneurs of U.S. startups formed in the last five years to remain in the United States for up to five years to work at their startup if the startup meets specific criteria such as funding milestones or job creation. When submitting the initial application, an entrepreneur can be in the United States or abroad but must have at least 10% ownership in the startup.

On Oct. 1, 2024, USCIS’s revised investment and revenue thresholds take effect to align with economic inflation rates. The initial application will require entrepreneurs to show the startup received qualified investments of at least $311,071 (up from $264,147) or government grants of at least $124,429 (up from $105,659) to substantiate the startup’s potential for growth and job creation. In instances where the startup partially meets the investment or award criteria, applicants may present alternative evidence to demonstrate their startup’s growth potential. Depending on the nature of the startup and its industry, alternative evidence can include the number of customers; investments or fundraising success using alternative funding platforms including crowdfunding platforms; social impact and national scope of the startup; positive effects on the startup’s locality or region; the applicant’s academic degrees; the applicant’s prior success in operating startups as shown by patented innovations, annual revenue, job creation, or other factors; or selection of the startup to participate in one or more established reputable startup accelerators or incubators.

For entrepreneurs seeking an extension and second period of authorized stay, USCIS will require the startup to have at least $622,142 (up from $528,293) in qualified investments or government funds; creation of a minimum of five new qualified jobs within the startup; or annual revenues of $622,142 (up from $528,293) or greater within the United States with an average annual revenue growth of at least 20%.

Further, USCIS updated the criteria for qualified investors to require a history of substantial investment in successful startups. The investor must have invested at least $746,571 (up from $633,952) in startups within the last five years for equity or similar stakes; and after such investment, at least two startups must have each created at least five jobs or generated $622,142 (up from $528,293) in revenue with an average annual growth of at least 20%. Only an investor that meets the definition of qualified investor can make a qualified investment, and no alternative evidence is accepted.

Although investment and revenue thresholds will increase effective Oct. 1, 2024, the USCIS application fee for entrepreneur applicants will remain the same. USCIS’s recent updated guidance on the IER website intends to clarify the IER’s requirements and to encourage eligible entrepreneurs to apply.

In February 2023, Portugal proposed a “Mais Habitação” or “More Housing” bill that would, in part, suspend the entire Golden Visa immigrant investor program in an effort to address housing availability in the country, as discussed in an earlier blog post. Since that writing, there have been significant updates.

Legislative Progress

In July 2023, Portugal’s Assembly of the Republic approved a version of the bill that ended the Golden Visa program’s real estate-based investment options. This marked a substantial restructuring, mitigating the possibility of a complete program shutdown. The restructured bill was then sent to Portuguese President Marcelo Rebelo.

On Aug. 21, 2023, President Rebelo vetoed the bill, deeming it inefficient and sending it back to the Assembly for further deliberation. Nevertheless, the Assembly proceeded to pass the bill without changes in September 2023. Unless the president requests the Constitutional Court to revise the bill – which is improbable since his veto was based on economic reasons rather than legality concerns – the new law will take effect the day after its publication in the Official Gazette, expected to occur within the next 60 days.

Anticipated Changes

Under the new law, no new residence visa applications would be considered for real estate investments. The law also would eliminate the option of making a capital transfer of at least €1 million into a Portuguese bank account as a basis for receiving the Golden Visa. Currently, those who have previously received authorization under this program will be able to renew the authorization.

Continuation of Other Investment Options

The Golden Visa program’s other investment options will continue, including:

  • Investment in non-real estate collective investment structures, such as funds.
  • Investment in preexisting companies, fostering job creation and contributing to their share capital.
  • Investment donations to support artistic or scientific endeavors.

On March 10, U.S. Citizenship and Immigration Service (USCIS) issued an announcement with comprehensive guidance on parole for international entrepreneurs. This program provides an opportunity for some foreign nationals who may not meet the more rigorous requirements of legacy U.S. investor visa programs.

USCIS will now use its discretionary parole authority to issue, on a case-by-case basis, a period of authorized stay to foreign national entrepreneurs who hold a substantial financial interest in a start-up entity and can demonstrate that their presence in the United States would provide a significant public benefit via the start-up’s potential job creation and growth.

The recently issued guidance includes the U.S. Department of Homeland Security’s criteria for evaluating these parole applications and establishes application requirements specifically tailored to capture information necessary for USCIS to complete its adjudication.

Applicant Requirements

Applicants must demonstrate key elements to qualify for this type of parole. They must have central and active roles in the operations of start-ups and they must also have a substantial ownership interest, defined by USCIS as at least a 10% ownership stake. Ownership interest can be reduced after the granting of the initial parole, but cannot be reduced below 5%.

Start-Up Entity Requirements

Qualified start-ups must:

  • Be a corporation, limited liability company, partnership, or other entity organized under federal law or the laws of any state, that conducts business in the United States;
  • Not be primarily engaged in the offer, purchase, sale, or trading of securities, futures contracts, derivatives, or similar instruments;
  • Have formed within the five years immediately preceding the date the applicant filed the initial parole application and lawfully doing business during any period of operation since its date of formation; and
  • Be an entity with substantial potential for rapid growth and job creation.

Requisite Amount of Investment for the Program

Demonstration of potential for rapid growth and job creation means that within 18 months prior to filing Form I-941, the investor(s) made necessary qualified investments. The necessary investment amount automatically adjusts every three years per the Consumer Price Index for All Urban Consumers. The most recent amounts are $250,000 if filing before Oct. 1, 2021 and $264,147 if filed on or after Oct. 1, 2021.

To be considered a qualified investment, applicants must submit evidence that the investment was made in good faith. Evidence must include records that show the trail of lawfully derived capital from a qualified investor into the start-up.

What Defines a Qualified Investor?

A qualified investor may be a U.S. citizen or legal permanent resident, or an organization in the United States and operated through a legal entity organized under the laws of the United States or any state, that is majority owned and controlled, directly or indirectly, by U.S. citizens or legal permanent residents of the United States.

Qualified investment may not come directly or indirectly from:

  • The entrepreneur;
  • The entrepreneur’s parents, spouse, brother, sister, son, or daughter;
  • Any corporation, limited liability company, partnership, or other entity in which the entrepreneur or their parents, spouse, brother, sister, son, or daughter directly or indirectly has any ownership interest.

Applicants must be able to demonstrate an external investment in the start-up. While applicants may invest in the company, those investments cannot be used to meet requirements for the program.

The program also has requirements of investors. Applicants must show regular investments from investors into start-up entities. Proof of investment means that in the five years prior to application:

  • The qualified investor made investments in start-up entities in exchange for equity, convertible debt, or other security convertible into equity commonly used in financing transactions within their respective industries comprising a total in such five-year period of no less than the investment amount in the chart below
  • at least two such entities each either created five or more qualified jobs or generated revenue of at least the amount in the chart below, with average annualized revenue growth of 20% minimum prior to any investment by individuals or organizations.
  • The following table outlines the required amount of investment and revenue for qualified investors’ prior investments, which varies based on the date the applicant filed the Form I-941.

Required Investment and Revenue Amounts for Qualified Investors’ Prior Investments

Filing DateInvestment AmountRevenue Amount
Before October 1, 2021$600,000$500,000
On or after October 1, 2021$633,952$528,293

USCIS may initially approve an applicant for a parole period of up to 30 months. USCIS also may approve a single request for re-parole at its discretion for an additional period of up to 30 months. An entrepreneur’s spouse and children seeking parole as derivatives must apply individually by filing Form I-131, Application for Travel Document. Spouses of entrepreneur parolees, after being paroled into the United States, may be eligible for work authorization by filing Form I-765, Application for Employment Authorization with USCIS. Children of the entrepreneur are not eligible for work authorization.

Though the International Entrepreneur Parole Program provides an alternative option for entrepreneurs in start-ups, it does not provide a path to permanent residency.

The guidance on the International Entrepreneur Parole Program, contained in Vol. 3 of the Policy Manual, is effective immediately and applies prospectively to applications filed on or after March 10, 2023. The policy change addresses:

  • Criteria for consideration and definitions for the applicant, start-up entity and the qualified investment/grant/award, and guidance on relevant evidence for the application
  • Guidance on the application process for the entrepreneur applicant and their family
  • The discretionary nature of the adjudication
  • Conditions on the initial grant of the parole, additional parole period, and termination of parole

Those with questions on the International Entrepreneur Parole Program should consult with experienced immigration counsel.