US Gold Card Visa: What is Trump’s $5 million ‘gold card’ route to US citizenship?
US Golden Visa: The EB-5 immigrant investor visa program would be replaced and ‘Gold Card’ would become a path to US citizenship for a fee of $5 million.
US Gold Card Visa Explained: On Tuesday, President Donald Trump announced a new immigration initiative aimed at wealthy foreign investors: a “gold card” that offers a path to US citizenship for a fee of $5 million. Replacing the current EB-5 visa program, this scheme will grant investors the privileges of a green card, allowing them to become permanent US residents through financial investment.
The existing EB-5 visa program, established in 1990, allows foreign investors to gain US residency if they create or preserve jobs through capital investments. Minimum investments are set at $1,050,000, or $800,000 for economically distressed areas. The program has drawn criticism over concerns of abuse and fraud, with businesses, including those linked to Trump family members, using it to fund property developments.
What Trump said on ‘Gold Card’
US President Trump said that the “gold card” will provide privileges of green card and it will be a route to obtain American citizenship and suggested that wealthy people would come to US by purchasing this card.
Trump said that further details about the “gold card” scheme would be released in two weeks. Asked by a reporter would Russian Oligrachs be eligible for the card, Trump said that it is possible that Russian Oligarchs would qualify for it. “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
Trump’s Commerce Secretary Howard Lutnick told reporters that the current EB-5 visa program was “non sense” and “fraud” and a way to get a green card which was priced quite low. “So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” Lutnick added.
What is the EB-5 visa program being replaced?
The EB-5 visa program was first created by the US Congress in 1990 to grow the American economy through job creation and capital investment by foreign investors. The EB-5 program can grant green card to immigrants who make an investment of minimum $1,050,000, or $800,000 in economically distressed zones called targeted employment areas.
According to a CNN report, the EB-5 visa program was used by businesses and family members of President Trump to fund major property developments. The program drew criticism during Trump’s first tenure as president and it was suggested that a reform was required as the program had deviated from its goals.
The EB-5 visa program was last renewed during former President Joe Biden’s tenure in 2022 and the minimum investment requirements were raised to their current levels. In 2019, the erstwhile Trump administration tried to raise the minimum investment amount for targeted economic areas to $900,000 but it was struck down in 2021 by a federal judge.
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