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On March 14, 2019, the EB-5 Investment Coalition, in cooperation with Invest in the USA (IIUSA), released the most comprehensive economic analysis of the EB-5 program to date. Laura Reiff, co-chair of Greenberg Traurig’s Immigration & Compliance Practice, commented on the report: “Without the typical data limitations and constraints on economic analysis, premier industry economists measured and determinized the billions of dollars in economic activity created by EB-5.  At a time of needed reauthorization and legislated reforms, we hope to present this data to the Administration and Congress to help make sound economic-based reforms to this vital economic engine and job-creating EB-5 program.”

For more on EB-5 and job creation, click here.

For more on EB-5 and the economy, click here.

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On Aug. 26, 2016, U.S. Citizenship and Immigration Services (USCIS) announced a notice of proposed rulemaking for an International Entrepreneur Rule, and provided an advance version of the proposed rule for public review.

According to an announcement from USCIS, the proposed rule will allow the Department of Homeland Security (DHS) to exercise discretion, on a case-by-case basis, to provide parole for foreign entrepreneurs who are directing the development of a startup business entity in the United States and whose involvement in the startup would provide a significant public benefit.  USCIS proposes to amend its regulations in connection with Section 212(d)(5) of the INA to provide a “transparent framework” for the exercise of agency discretion and the case-by-case adjudication of parole requests for start-up entrepreneurs.

In order to be considered for parole under the proposed rule, an immigrant entrepreneur would be required to:

  • Own at least 15 percent of the startup and be actively involved in its operation
  • Have formed the business in the United States within the previous three years.

The entrepreneur must also demonstrate that his or her business the potential for job creation and growth by showing:

  • Investment of a minimum of $345,000 from qualified U.S. investors with success in prior investments
  • The receipt of grants or awards from federal, state, or local government entities.

The proposed rule also provides flexibility for an entrepreneur who may only partially satisfy one or both of the above criteria, by permitting the entrepreneur to provide evidence of the start-up’s potential for growth and job creation.

Under the proposed rule, a qualifying entrepreneur may receive parole for a two-year period, and may be eligible for renewal based upon the success of the start-up.

When finalized, the proposed rule may hold potential for immigrants who find themselves caught in current immigrant visa backlogs, as well as individuals who seek to emigrate from countries that do not have E-1 or E-2 visa status.

Upon publication of the rule in the Federal Register, the public will have 45 days during which to provide comment on the rule.

As we review the text of the proposed rule thoroughly, we will provide additional insights and discussion about the potential opportunities it could present to immigrants in different contexts.

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.

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 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.

On Jan. 21, 2022, U.S. Citizenship and Immigration Services (USCIS) updated its policy guidance in the USCIS Policy Manual to address national interest waivers for advanced degree professionals or persons of exceptional ability. This update clarifies how the national interest waiver can be used by science, technology, engineering, and mathematics (STEM) graduates and entrepreneurs.

The Immigration and Nationality Act (INA) provides that an employer can file an Immigrant Petition for Alien Worker (Form I-140) for individuals of exceptional ability or members of the professions with an advanced degree. Normally, this process starts with the employer obtaining a labor certification from the U.S. Department of Labor, which demonstrates there are no qualified U.S. workers for the position being sought. However, USCIS may waive the requirement of a job offer and labor certification if the proposed endeavor is in the national interest. This national interest waiver essentially allows immigrants to petition for themselves, without an employer.

Individuals seeking a national interest waiver must show evidence of an advanced degree or exceptional ability and must also meet the following three prongs:

  • The individual’s proposed endeavor has both substantial merit and national importance;
  • The individual is well-positioned to advance the proposed endeavor; and
  • It would be beneficial to the United States to waive the job offer and thus labor certification.

With the policy update guidance, there are specific considerations relating to STEM degrees and fields. USCIS recognizes the importance of STEM fields and degrees focused in critical and emerging technologies and other areas important to U.S. competitiveness or national security. To identify a critical and emerging technology, USCIS officers will review a list of critical and emerging technology subfields published by the Executive Office of the President, by the National Science and Technology Council or the National Security Council. With respect to the first prong, all cases must demonstrate that a STEM endeavor has both substantial merit and national importance.

With respect to the second prong, the individual’s education and skillset will be relevant to whether the individual is well-positioned to advance the endeavor. USCIS will consider an advanced degree, especially a Doctor of Philosophy (Ph.D.) in a STEM field tied to the proposed endeavor and related to work furthering a critical and emerging technology or other STEM areas important to U.S. competitiveness or national security. Further, the new policy guidance clarifies that even if the endeavor is in a theoretical field in STEM such as theoretical mathematics or physics, such endeavors may still further U.S. competitiveness and national security.

Finally, with respect to the third prong, USCIS will place more value where the endeavor has the potential to support U.S. national security or enhance U.S. economic competitiveness or when the petition is supported by letters from interested U.S. government agencies.

The policy update guidance also lays out specific considerations for entrepreneurs. Under the new guidance, USCIS officers should consider that many entrepreneurs do not follow the traditional timeline as those in more technical fields such as STEM. As such, entrepreneur petitioners may submit the following types of evidence to establish that the endeavor has substantial merit and national importance, that the petitioner is well positioned to advance the endeavor, and that, on balance, it would be beneficial to waive the job offer and thus labor certification requirements:

  • Evidence of Ownership and Role in the U.S.-Based Entity;
  • Degrees, Certificates, Licenses, Letters of Experience;
  • Investments;
  • Incubator or Accelerator Participation;
  • Awards or Grants;
  • Intellectual Property;
  • Published Materials about the Petitioner, the Petitioner’s U.S.-Based Entity or Both;
  • Revenue Generation, Growth in Revenue, and Job Creation;
  • Letters and Other Statements from Third Parties such as relevant government entities, outside investors, or established business associations with knowledge of the research, products or services developed by the petitioner, the petitioner’s entity, or both; or the petitioner’s knowledge, skills, or experience that would advance the proposed endeavor.

The new policies are designed to make the national interest waiver more broadly available to foreign nationals with STEM backgrounds who are pursing endeavors in the national interest of the United States, including entrepreneurs.

On Jan. 21, 2022, U.S. Citizenship and Immigration Services (USCIS) updated the USCIS Policy Manual with additional guidance on how USCIS evaluates eligibility for the O-1A “extraordinary ability” visa category. O-1A visas are reserved for individuals with an extraordinary ability in the sciences, education, business, or athletics.

According to a recent White House press release, the O-1A policy update is a part of the Biden administration’s broader effort to “remove barriers to legal immigration” and “advance predictability and clarity for pathways for international STEM scholars, students, researchers, and experts to contribute to innovation and job creation efforts across America.” To this end, the USCIS’ latest O-1A policy update clarifies how the agency evaluates evidence submitted in support of an O-1A petition. Specifically, USCIS provides examples of evidence that may satisfy the O-1A evidentiary criteria, with a focus on O-1 petitions for individuals showcasing extraordinary ability within STEM fields.

Along with providing examples of evidence that may satisfy the O-1A criteria, USCIS’ policy update includes a discussion of considerations relevant to evaluating such evidence, with a focus on the highly technical nature of STEM fields and the complexity of the evidence often submitted. For example, the new guidance includes a discussion on considerations that can help determine whether a Ph.D. scholarship amounts to a nationally or internationally recognized award for excellence within the field of endeavor.

The update also emphasizes USCIS’ pre-existing policy of allowing petitioners to submit evidence that is of comparable significance in situations where a particular O-1A criterion does not readily apply to a specific occupation. To provide further clarification, USCIS’ update includes examples of comparable evidence that may be submitted in support of petitions for beneficiaries working in STEM fields.

Though this policy update is intended to “advance predictability and clarity” in the adjudication of STEM-related O-1A petitions, much will depend on how USCIS’ adjudicating officers apply the new policy update in practice.

On May 10, 2021, U.S. Citizenship and Immigration Services (USCIS) announced that the Department of Homeland Security (DHS) is withdrawing a 2018 notice of proposed rulemaking that proposed to remove the International Entrepreneur (IE) parole program from DHS regulations. The IE parole program provides a temporary immigration pathway for foreign entrepreneurs who have founded companies in the United States attracting venture capital or other funding that may benefit the nation by growing and adding jobs to the U.S. economy. First introduced in 2017, the IE parole program will continue to offer foreign entrepreneurs the opportunity to create and develop start-up entities with high growth potential in the United States. The IE parole program seeks to strengthen and grow the United States’ economy through increased capital spending, innovation, and job creation.

Under the IE program, parole may be granted to up to three entrepreneurs per start-up entity, as well as their spouses and children. Parole authorizes the beneficiary the right to enter and stay in the United States, for a specific period of time granted by DHS. The IE program is not a typical immigration pathway, but it fills a gap for entrepreneurs that more common immigration statuses do not satisfy. Entrepreneurs granted parole are eligible to work only for their start-up business, and their spouses may apply for employment authorization in the United States, though their children are not eligible for such authorization based on this parole.

International Entrepreneur parole program applicants must show that they:

  1. Possess a substantial ownership interest in a start-up entity created within the past five years in the United States that has substantial potential for rapid growth and job creation.
  2. Have a central and active role in the start-up entity such that they are well-positioned to substantially assist with the growth and success of the business.
  3. Will provide a significant public benefit to the United States based on their role as an entrepreneur of the start-up entity by showing that:
    • The start-up entity has received a significant investment of capital from certain qualified U.S. investors with established records of successful investments;
    • The start-up entity has received significant awards or grants for economic development, research and development, or job creation (or other types of grants or awards typically given to start-up entities) from federal, state, or local government entities that regularly provide such awards or grants to start-up entities; or
    • They partially meet either or both of the previous two requirements and provide additional reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
  1. Otherwise merit a favorable exercise of discretion.

If the application is successful, DHS will grant the applicant parole for an initial period of 30 months, with an option for an additional 30-month extension if the business continues to grow.

The initial IE final rule was published on Jan. 17, 2017 as a way for the federal government to attract entrepreneurs to launch successful startups in the United States. It was initially scheduled to take effect on July 17, 2017. Prior to the effective date, DHS published a final rule to delay the implementation date of the IE final rule to March 14, 2018. However, in December 2017, a federal court vacated the delay, requiring USCIS to begin accepting international entrepreneur parole applications consistent with the IE final rule. Since then, the program has been up and running, and USCIS continues to accept and adjudicate applications consistent with existing DHS regulations.

This latest announcement from USCIS establishes the continuity of the International Entrepreneur parole program and the benefits it offers to foreign-born entrepreneurs and the U.S. economy as a whole.

On June 4, 2019, the Kenan Institute released a timely policy brief, “Immigrant Entrepreneurship: An American Success Story,” on the value of highly skilled and motivated foreign entrepreneurs to the U.S. economy. The brief states, “When looking at the founding of the United States’ largest startups…[t]he immigrant-founded startups employ an average of more than 1,200 workers each, and have collective values of $248 billion.”

This brief follows a March 2019 comprehensive analysis of the EB-5 immigrant investor programs for fiscal years 2014 and 2015. According to the March release,

The study, prepared by Economic & Policy Resources, Inc. (EPR), estimated the economic benefits and job creation contributions of all EB-5 regional center projects that were active in federal fiscal years 2014 and 2015 using the most geographically robust methodology employed to date and a comprehensive EB-5 regional center project activity data set supplied by IIUSA. The study also showed that the regional center program contributed more than $23 billion in labor income to the U.S. economy and resulted in nearly $55 billion—or 3 percent—added to U.S. economic output.

‘Economic activity and job creation effects of this scale represent a call to the EB-5 industry and legislative policymakers to take action,’ said Jeffrey Carr, one of the report’s co-authors and President of EPR. ‘Absent that action, the economic contributions quantified in this study will merely represent “lost opportunity” for the U.S. economy. Tens of billions of future foreign investment dollars and hundreds of thousands of new U.S. job opportunities hang in the balance.’ Robert Chase, Senior Economist at EPR, was the report’s other co-author.

The Kenan Institute brief concludes by encouraging U.S. policies, such as EB-5, to attract global entrepreneurs:

Despite the empirical evidence that high-skilled immigrants contribute significant value to the U.S. economy, major hurdles exist for them to obtain visas that allow for starting new ventures. In the current era of global talent competition, we suggest that there are specific policies that the United States can implement to lower barriers for immigrant entrepreneurs, benefit from high-skilled immigrants and foster associated entrepreneurial economic growth.

For more on EB-5 and job creation, click here.

For more on EB-5 and the economy, click here.