Trump proposes $5 Million ‘Gold Card’ visa for investors

Delhi, Feb 26: US President Donald Trump announced on Tuesday a new visa program called the “Trump Gold Card,” which would offer a path to U.S. citizenship for investors willing to pay $5 million, reports the Associated Press. This visa would replace the existing EB-5 investor visa, which has been in place since 1990.

“They’ll be wealthy, they’ll be successful, and they’ll spend a lot of money, create jobs, and pay taxes. We think it’s going to be extremely successful,” Trump said in the Oval Office as reported by the Associated Press.

According to Commerce Secretary Howard Lutnick, the Trump Gold Card would replace the EB-5 visa program in two weeks. The EB-5 visa currently allows foreign investors to obtain US residency if they invest around $1 million in a business that employs at least 10 people.

Lutnick stated that the new visa would increase the cost for investors while eliminating fraud and loopholes that critics say exist in the EB-5 program. The Gold Card would function as a green card (permanent residency) and include a path to citizenship.

In the 12-month period ending September 30, 2022, about 8,000 people received investor visas, according to Homeland Security data. However, the Congressional Research Service has warned that EB-5 visas pose risks of fraud, including concerns about how applicants obtain their investment funds.

Investor visa programs are common worldwide. According to Henley & Partners, over 100 countries offer similar “golden visa” schemes, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy.

Unlike the EB-5, Trump’s Gold Card does not require job creation. He also suggested that the government could sell up to 10 million gold cards to help reduce the US budget deficit.

“It’s somewhat like a green card but at a higher level of sophistication,” Trump said. He explained that wealthy individuals could sponsor highly talented people, allowing them to gain long-term status in the country.

While Congress sets immigration and citizenship rules, Trump claimed that the Gold Card plan would not require congressional approval.