United States President Donald Trump has announced a new immigration initiative, introducing a $5 million “gold card” residency permit for foreign investors.
This program would replace the existing EB-5 visa and provide a direct route to American citizenship. Here are the key details:
1. What is the ‘Gold Card’ Visa?
Trump’s proposed “gold card” residency permit is designed for wealthy foreigners seeking U.S. permanent residency and a pathway to citizenship. Unlike traditional green cards, this premium visa would offer additional privileges and a more streamlined citizenship process.
“You have a green card; this is a gold card,” Trump said during the announcement, emphasizing its superior benefits compared to standard permanent residency.
2. Why is Trump Replacing the EB-5 Visa?
The EB-5 visa program, established in 1990, has long provided green cards to foreign investors who contribute at least $1 million to a business that creates a minimum of 10 jobs. However, Trump’s Commerce Secretary, Howard Lutnick, criticised it for being rife with “nonsense” and “fraud.”
“The EB-5 program … was a way to get a green card at a low price, and it was full of make-believe and fraud,” Lutnick stated, justifying the need for its termination.
3. Who Qualifies for the ‘Gold Card’ Visa?
According to Trump, applicants will need significant financial resources, but no specific job-creation requirements have been outlined. Trump assured that all applicants would undergo strict vetting to ensure they are “wonderful, world-class global citizens.”
When asked about Russian oligarchs qualifying, Trump replied, “Possibly. I know some Russian oligarchs who are very nice people.”
Unlike the EB-5 program, which was capped at 10,000 visas annually, Trump has suggested that there may be no limit on the number of “gold cards” issued, even proposing selling 10 million visas to reduce the national deficit.
4. Cost and Benefits of the ‘Gold Card’ Visa
The price tag for this elite visa is $5 million per applicant. While specific details are expected in the coming weeks, the program aims to provide an easier and possibly faster route to citizenship compared to traditional green cards, which typically require five years of permanent residency before eligibility for naturalization.
5. How Does This Compare to Other Countries?
Many countries offer similar investment-based residency or citizenship programs, commonly known as “golden visas.” In the European Union, nations such as Spain, Greece, and the UK have implemented such initiatives, while countries like Malta, Egypt, and Jordan even provide direct citizenship through investment.
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Caribbean nations, including Dominica, Grenada, and St. Kitts and Nevis, offer “golden passports” for as little as $200,000–$300,000. However, concerns about money laundering and rising real estate prices have led several European countries, including the UK, to roll back or tighten regulations on their golden visa programs.
Trump’s proposed visa plan is expected to face scrutiny, particularly regarding its potential economic impact and the legal feasibility of implementing it without Congressional approval, which Trump insists is unnecessary.
Vanguard News
