The 45th and 47th U.S. President Donald Trump has announced the introduction of a $5 million “Gold Card” visa aimed at attracting wealthy foreigners to the United States.
This new initiative, which Trump referred to as the “Trump Gold Card,” offers a path to U.S. residency and citizenship for those who can afford the hefty price tag.
Key Details:
- Purpose: The Gold Card is designed to replace the existing EB-5 immigrant investor visa program. It aims to bring in high-net-worth individuals who will contribute significantly to the U.S. economy.
- Benefits: Holders of the Gold Card will enjoy green card privileges and a route to U.S. citizenship. The program is expected to attract wealthy individuals who will invest in the U.S., create jobs, and pay taxes.
- Launch Date: The sale of the Gold Cards is set to begin in about two weeks. Trump suggested that millions of these cards could be sold.
- Vetting Process: Applicants for the Gold Card will undergo a thorough vetting process to ensure they are “wonderful world-class global citizens,” according to Commerce Secretary Howard Lutnick.
- Replacement of EB-5 Program: The EB-5 program, which required foreign investors to invest at least $1.05 million in a new business that creates jobs, or $800,000 in economically distressed areas, will be replaced by the Gold Card. The EB-5 program faced criticism for being prone to fraud and not meeting its original goals.
Trump’s announcement has sparked various reactions, with some praising the potential economic benefits and others expressing concerns about the implications of allowing wealthy individuals to essentially buy their way into the U.S.
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