United States’ President Donald Trump unveiled a new immigration policy ostensibly aimed at attracting wealth foreign investors; a “gold card” visa that provides a pathway to US citizenship for a purported fee of $5 million. The program is set to replace the existing EB-5 visa program, which long provided a route to foreign investors who create jobs in the United States, but has come under scrutiny for allegedly enabling fraud.
Trump described the new initiative as a premium alternative to the traditional green card as it offers permanent residency and a streamlined path ot citizenship in exchange for significant financial investment. “We’re gonna be selling a gold card. You have a green card; this is a gold card. We’re gonna be putting a price on that card of about $5 million, and that’s gonna give you green card privileges plus…” Trump said.
He further added that the initiative would attract successful and influential individuals who would contribute significantly to the US economy. “They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people.”
Replacing the EB-5 Program
The newly proposed “gold card” is set to replace the EB-5 Immigrant Investor Program, which was established in 1990 to grant US residency to foreign investors who contribute to employment and job creation in US. After a minimum investment of $1,050,000 or $800,000 directed towards targeted employment areas or infrastructure projects, investors are also required to create or preserve at least ten full-time jobs for American workers.
The EB-5 Visa, while facilitating billions in investments, has also faced scrutiny over allegations of fraud and abuse. Critics argue that the program has deviated from its original course, with reports surfacing of the program being used to fund major property developments for prominent figures, including some from Trump’s own family.
Trump’s Commerce Secretary Howard Lutnick told the reporters in the Oval Office that the new “gold card” is designed to eliminate the inefficiencies of the EB-5 program while ensuring that only the wealthiest and most reputable investors gain access to US residency. “The Trump gold card” as Lutnick called it, is intended to attract a more elite class of foreign investors.
Economic Implications
The Trump administration envisions the “gold card” as a significant revenue generator which, if successfully implemented, could bring in substantial capital from foreign investors willing to pay the $5 million price tag. Trump has suggested that the influx of high-net-worth individuals could help reduce the national deficit while fostering job creation and economic expansion.
However, despite the potential benefits, the proposal has raised concerns among critics who fear that it may lead to elitism and corruption. Questions are also raised regarding national security if the administration fails to implement adequate vetting procedures to prevent misuse of the program. A reporter asked the President whether Russian oligarchs could be eligible for the ‘gold card’, to which the President replied, “Yeah, possibly. Hey, I know some Russian oligarchs and they are very nice people.”
- Trump Announces $5 Million ‘Gold Card’ for Wealthy Immigrants
United States’ President Donald Trump unveiled a new immigration policy… Read more: Trump Announces $5 Million ‘Gold Card’ for Wealthy Immigrants - Rural Water Supply Schemes in Andaman and Nicobar Islands
Water is essential for the sustenance of life. It is… Read more: Rural Water Supply Schemes in Andaman and Nicobar Islands - Sajjan Kumar Sentenced to Life Imprisonment in 1984 Anti-Sikh Riots Case
Former Congress leader Sajjan Kumar has been sentenced to life… Read more: Sajjan Kumar Sentenced to Life Imprisonment in 1984 Anti-Sikh Riots Case - Maha Kumbh Ends Today with Shivratri Snan
The grand Maha Kumbh Mela, a spiritual congregation that lasted for six… Read more: Maha Kumbh Ends Today with Shivratri Snan - Plot to Kidnap Foreign Guests at Champions Trophy 2025?
As per certain assuming reports, the Pakistani Intelligence Bureau (IB)… Read more: Plot to Kidnap Foreign Guests at Champions Trophy 2025? - Universal Pension Scheme: What We Know
The Indian Government is developing a universal pension scheme to help the… Read more: Universal Pension Scheme: What We Know
Manbilas Singh is a talented writer and journalist who focuses on the finer details in every story and values integrity above everything. A self-proclaimed sleuth, he strives to expose the fine print behind seemingly mundane activities and aims to uncover the truth that is hidden from the general public. In his time away from work, he is a music aficionado and a nerd who revels in video & board games, books and Formula 1.
Comments