Trump Proposes Gold Card for Wealthy Immigrants as EB-5 Visa Replacement
In a recent announcement, US President Donald Trump proposed a new immigration initiative dubbed the 'Gold Card,' aimed at replacing the existing EB-5 investor visa. Priced at an eye-watering $5 million, this new visa aims to attract wealthy investors by providing them with a direct path to citizenship, contingent upon their financial investment in the United States.
During an Oval Office press conference, Trump described the target demographic for this Gold Card, stating, "They'll be wealthy and they'll be successful." He emphasized that he expects this initiative to generate significant economic contributions through tax payments and job creation. However, when asked if Russian oligarchs could also apply for this gold card, Trump replied, "Yeah possibly. I know some Russian oligarchs that are very nice people."
The proposal, which is expected to roll out in two weeks, was elaborated on by US Commerce Secretary Howard Lutnick. He explained that the Gold Card would function very similarly to the existing green card, offering foreign investors permanent residency and a pathway to citizenship solely for making a financial investment in the country. The aim is to raise the financial threshold for investors, thus reducing the potential for fraud that has been associated with the EB-5 visa program.
Lutnick asserted that the Gold Card would not only deter fraud but would also elevate the standards for applicant vetting; however, he did not provide specific details on how this vetting process would be implemented. This omission has raised eyebrows, especially since the EB-5 program has faced criticism in recent years for lacking sufficient safeguards.
While the EB-5 program, established in 1990, requires a minimum investment of $1 million or $500,000 in targeted employment areas that create at least ten jobs, the Gold Card's details suggest it may not have similar job creation requirements.
The broader concept of investor visas is not limited to the United States; many countries worldwide have adopted similar programs, often referred to as 'golden visas.' Countries such as the UK, Spain, Greece, Australia, and Canada have their own versions aimed at attracting high-net-worth individuals.
According to figures from the US Department of Homeland Security, around 8,000 individuals obtained EB-5 visas in the fiscal year ending September 30, 2022. However, it is worth noting that the Congressional Research Service highlighted significant risks of potential fraud associated with these visas, including concerns over how applicants acquire their funds.
Trump's proposal does not mention any limits on the number of Gold Cards that could be sold. In fact, he speculated that the federal government might be able to issue as many as 10 million Gold Cards, claiming this could help alleviate the national deficit.
This ambitious initiative comes amid ongoing discussions about immigration reform and the role of foreign investment in bolstering the U.S. economy. Critics have previously raised concerns that such programs can prioritize wealth over merit, potentially allowing financially privileged individuals easier access to citizenship compared to those who may contribute to society in different ways.
Trump's proposal, while controversial, suggests a significant shift in the approach toward investor-based immigration, potentially setting the stage for a new landscape in U.S. immigration policy. With the emphasis on wealthy individuals and their contributions, questions remain about the implications for broader immigration practices and the types of immigrants considered valuable to the American economy.
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