Buy a Green Card With Bitcoin? US Officials Weigh Impact on EB-5

US immigration services are actively weighing the question of whether bitcoin can be used to pay for obligations tied to a controversial visa program.

AccessTimeIconMay 15, 2017 at 5:20 p.m. UTC
Updated May 9, 2023 at 3:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

US immigration services are actively weighing the question of whether bitcoin can be used to pay for obligations tied to a controversial visa program.

The context: One avenue for acquiring a green card or permanent residency in the US is through the EB-5 Immigrant Investor Visa Program. This initiative was started in the 1990s as a way to attract overseas investor capital to projects in ostensibly needy areas.

  • SEC's Crypto Enforcement Actions in 2023
    02:07
    SEC's Crypto Enforcement Actions in 2023
  • How Much Money Are Terrorists Actually Raising in Crypto?
    1:09:58
    How Much Money Are Terrorists Actually Raising in Crypto?
  • Cost of Not Enacting Crypto Regulation Is 'Extremely High,' Legal Expert Says
    01:31
    Cost of Not Enacting Crypto Regulation Is 'Extremely High,' Legal Expert Says
  • Ripple Exec Says Singapore Is a 'Significant Hub for Our Business'
    08:06
    Ripple Exec Says Singapore Is a 'Significant Hub for Our Business'
  • Yet the EB-5 program has come under fire in recent months amid accusations that it has become a vehicle for wealthy investors to effectively buy their way into the US and invest in projects – namely, luxury real estate – that are completely unrelated to the program's intended goal. The program has even been targeted by members of Congress for elimination given the criticism.

    Family members of Trump administrator advisor Jared Kushner, who is President Donald Trump's son-in-law, sparked controversy earlier this month after appearing to encourage Chinese citizens to invest in their developments via the EB-5 program – and curry favor with Trump in the process.

    The bitcoin connection: Recent statements from the head of the Immigrant Investor Visa Program office, Lori MacKenzie, suggest that investors may, in fact, be able to pay their obligations under the EB-5 guidelines using bitcoin.

    MacKenzie, who spoke on 3rd March during an EB-5 event in Washington, DC, said that Citizenship and Immigration Services (CIS) is "considering issues involving virtual currency such as bitcoin" related to "the use of bitcoin to transfer investment funds to the new commercial enterprise".

    She went on to say:

    "USCIS cannot provide blanket assurances regarding any particular form of transfer, but we will continue to evaluate evidence provided by petitioners to determine whether the relevant statutory and regulatory requirements have been met, including evidence that the funds invested belong to the petitioner, and were acquired, directly and indirectly, by lawful means."

    Bottom line: So, what does this mean?

    For starters, blockchain is a topic that is on the US government's radar, but whether it will result in a concrete policy shift or statement remains to be seen. A representative for CIS did not immediately respond to a request for comment.

    Indeed, it's a subject – at least somewhat – that has come in the past, led by questions of whether income derived from bitcoin-related activities can be used to satisfy the EB-5 requirements. The consensus appears to be that the government shouldn't take issue with it, though as several experts remarked last year, the source of the funds would be a paramount issue.

    Then again, this could all be rendered moot should the EB-5 be abolished. At the same time, it's not clear whether the Trump administration will move to axe the program.

    Green card image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.