The U.S. Golden Visa: Program Overview

In today’s world, investment immigration is becoming an increasingly popular way to obtain legal residency abroad. One such tool is the so-called “Golden Visa” — a program that grants residency or even permanent residency in exchange for significant capital investments into a country’s economy. Although the term is more often associated with European countries, the United States also has its own form of investment-based immigration: the EB-5 visa. Let’s take a closer look at the U.S. version of the Golden Visa.

What a "Golden Visa" Means Internationally

Internationally, the term Golden Visa refers to a government-backed immigration program that offers foreign nationals a residence permit — and sometimes citizenship — in exchange for substantial investments in the host country’s economy. These programs are designed to attract capital, stimulate economic growth, and support specific sectors such as real estate, tourism, science, and innovation.

Common types of qualifying investments under Golden Visa programs include:

• Purchasing real estate with a minimum value (though this option is being phased out in many countries).
• Investing in local businesses or starting a company that creates jobs.
• Contributing to government bonds or approved investment funds, including venture capital and infrastructure projects.
• Making charitable donations to social, cultural, or research initiatives.

Many countries have operated — or still operate — Golden Visa programs. Some of the most notable include:

• Portugal. The Autorização de Residência para Atividade de Investimento (ARI), known as the Golden Visa, has been active since 2012. As of October 2023, real estate investments were removed from the list of eligible options. The program now offers residency through fund investments, scientific research, cultural initiatives, and job creation.
• Greece. The Golden Visa Greece program remains active, offering residency through real estate investments. However, from September 2024, the minimum investment threshold will increase, and restrictions will be imposed on renting out purchased properties.
• Malta. The Malta Permanent Residence Programme (MPRP) offers permanent residency through real estate investment (purchase or lease), administrative fees, and charitable donations. Starting in 2025, stricter financial requirements apply: applicants must hold assets worth between €500,000 and €650,000, depending on the property type and donation amount.
• Cyprus. The Cyprus Investment Programme (CIP), which granted citizenship via investment, was terminated in November 2020. A new program remains in place offering permanent residency through real estate investments starting at €300,000.
• Spain: The Residencia por Inversión program, which offered residency in exchange for €500,000+ real estate investments, was officially terminated on April 3, 2025, due to concerns over housing availability in major cities.
• Ireland. The Immigrant Investor Programme (IIP) stopped accepting new applications on February 15, 2023. Since its launch in 2012, it attracted over €1.17 billion in investments, mainly from Chinese citizens.
• Latvia. The Latvia Golden Visa remains active, offering residency through investments in real estate, business, bank deposits, or government bonds. Minimum investment amounts range from €50,000 (business) to €280,000 (bank deposits).

These programs allow investors and their families to legally reside in the country, access healthcare and education, and often travel freely within the Schengen Area. However, many countries have tightened eligibility or discontinued these programs due to concerns about housing markets, money laundering, and social inequality.

Applying the "Golden Visa" Concept to the United States: Official vs. Unofficial Use

In the United States, the term Golden Visa is not used in official immigration terminology. However, internationally, it is commonly used to describe the EB-5 Immigrant Investor Program — the only U.S. program that offers permanent residency (Green Card) through investment.

The EB-5 program was created by the U.S. Congress in 1990 to stimulate economic growth and create jobs through foreign investment. While it doesn’t officially carry the Golden Visa label, the program aligns closely with the global definition: it offers investors and their families the right to live, work, and study in the U.S., with a path to naturalization.

Key Features of the EB-5 Program

• Minimum Investment: $1,050,000, or $800,000 for investments in Targeted Employment Areas (TEAs) — rural areas or those with unemployment at least 150% above the national average.
• Job Creation Requirement: The investment must lead to the creation of at least 10 full-time jobs for qualified U.S. workers.
• Path to Citizenship: Investors receive a conditional Green Card for two years. After that, they can apply to remove conditions and later for U.S. citizenship, provided standard naturalization criteria are met.

In 2022, the EB-5 Reform and Integrity Act introduced major changes, including increased minimum investments and stronger oversight. One significant update was the creation of the Integrity Fund, dedicated to auditing and monitoring program compliance. Regional Centers are now subject to audits every five years, and enhanced transparency and reporting requirements have been implemented to build trust among investors and regulators.

Who Might Be Interested in the U.S. Golden Visa?

The EB-5 program is ideal for high-net-worth individuals who want to:

• Secure permanent residency in the U.S.
• Provide access to American education for their children.
• Diversify their investment portfolios.
• Launch or expand a business in the world’s largest economy.

It is especially relevant for nationals of countries with limited visa access to the U.S.

How to Obtain an EB-5 Visa

There are two main pathways:

1. Direct Investment: The investor starts and actively manages a business, creating at least 10 jobs directly. This option requires hands-on involvement and job creation verification.
2. Regional Centers: Certified by USCIS, these entities manage large-scale projects (e.g., residential complexes, hotels, infrastructure). Investors participate passively, and job creation can be indirect (e.g., through construction and services). This is the more accessible option for passive investors.

Process Overview:

• Project Selection and Fund Transfer. The investor chooses a project, transfers funds (usually to an escrow account), and files Form I-526 or I-526E (for Regional Center investments).
• Application Review. USCIS reviews the investment source, project structure, and program compliance. Processing time ranges from 12 to 36 months.
• Conditional Green Card. If approved, the investor receives a two-year conditional permanent resident status.
• Condition Removal. After two years, the investor files Form I-829 to confirm that funds were maintained and jobs created. A permanent Green Card is then issued.
• Optional Naturalization. After five years of permanent residency, the investor can apply for U.S. citizenship, assuming standard requirements (residency, language, clean record) are met.

Benefits of the EB-5 Program

• No employer or family sponsor is required.
• Freedom to live and work in any U.S. state.
• Equal access to public education for children.
• Path to citizenship after five years.
• Passive investment option via Regional Centers.

The "Trump Gold Card": What Is It and How It Differs from EB-5

In 2025, U.S. President Donald Trump proposed a new immigration-by-investment initiative, unofficially dubbed the Trump Golden Visa or Trump Gold Card by the media. It promises a faster, simplified path to U.S. immigration, with a focus on supporting national interests.

According to Commerce Secretary Howard Lutnick, approximately 1,000 Gold Cards have already been sold — although this claim remains unverified. Key differences from EB-5 include:

• A streamlined process.
• A much higher investment threshold of $5,000,000.

Conclusion

The EB-5 program remains one of the few legal avenues for obtaining permanent residency in the United States through investment. Despite its high financial barrier and complex application process, it provides a genuine opportunity to live and work in the U.S., with the prospect of citizenship. While new proposals like the Trump Gold Card may reshape the landscape of investment immigration, for now, EB-5 remains the U.S.'s only functioning equivalent of a “Golden Visa.”