The United States recently made the headline-grabbing proclamation from President Donald Trump; it has brought a big shock into the immigration landscape from which UAE-based high-net-worth individuals would seek U.S. Green Card through investment. Trump revealed plans to replace the existing EB-5 Immigrant Investor Programme with a costlier alternative, the “golden visa.”
Under this scheme, an investor could get a U.S. Green Card by paying $5 million (Dh18.35 million), thereby drastically hiking up the cost from the current package of $800,000 offered under the EB-5 programme. Unlike EB-5, which mandates investment into job-creating projects in the U.S., the new “golden visa” would necessitate a direct non-refundable payment, without any kind of return on investment or obligations of democratization.
This would pose a challenge that would make pathways toward U.S. citizenship less feasible for a lot of potential investors, especially those from the UAE and the greater Middle East, who have traditionally relied on the EB-5 programme for residency opportunities. According to U.S. legal expert Shai Zamanian, this policy change unequivocally represents an alteration in U.S. immigration laws.
According to him, the cost required for obtaining a Green Card would be raised by as much as 525%, deterring many prospective investors. Furthermore, he said, the new scheme would deprive the investors of recovery of their funds, unlike the EB-5 program, through which investments are made with the possibility of realizing economic returns.
Given the uncertainty prevailing as to whether the elimination of the EB-5 will be effectuated, Zamanian advised investors to hurry up with filing petitions under the current rules before any changes come into effect. Those applying now will still be able to convert their investment into a Green Card even under the existing $800,000 investment threshold.
According to experts, however, Trump’s proposal, if passed, would have to be approved by the U.S. Congress to become effective, and some hold that legal obstacles might prevent such change from taking place. Commented Rayad Kamal Ayub, a UAE-based immigration expert: This proposal is not law yet and the EB-5 remains until Congress has new legislation on it. Inquiries about immigration programs, EB-5, and other citizenship-by-investment avenues have increased tremendously because of the uncertainty, indicating that a large number of investors are rushing to obtain U.S. residency before any changes take place.
