The U.S. government is introducing a new residency program aimed at attracting high-net-worth individuals by offering an exclusive immigration pathway. The initiative, set to launch within weeks, will grant foreign investors the right to live and work in the United States through the purchase of a premium residency card for $5 million, with an eventual path to citizenship.
This new program is designed to replace the existing EB-5 immigrant investor visa, which has allowed foreign nationals to obtain green cards by investing in U.S. job-creating enterprises. Under the EB-5 system, investors were required to contribute a minimum of $1.05 million, or $800,000 in designated economically distressed areas, to qualify for legal residency. However, the upcoming initiative will streamline the process by offering direct access to residency privileges for those who meet the financial criteria.
The administration expects high demand for the new premium residency card, estimating that millions of applicants could take advantage of the opportunity. Officials have indicated that all applicants will be subject to a rigorous vetting process to ensure they meet the program’s standards.
The previous EB-5 program, which has been in place since 1992, has drawn both support and criticism. While it has facilitated foreign investment in U.S. projects, including developments linked to high-profile business figures, concerns have been raised about its oversight and effectiveness. Lawmakers from both parties have called for reforms, citing instances where the program strayed from its intended purpose of fostering economic growth in struggling areas.
Changes to the EB-5 program were attempted in prior years, including a proposal to increase the minimum investment thresholds. A rule introduced in 2019 sought to raise the required investment for targeted economic areas to $900,000 and for other locations to $1.8 million. However, in 2021, a federal judge invalidated these changes, citing procedural issues in the way the policy was enacted.
The program was ultimately renewed in 2022 with adjusted investment thresholds under the current administration. With the introduction of this new premium residency card, the U.S. is aiming to attract a fresh wave of wealthy investors while revamping its approach to investment-based immigration.
