On Tuesday, President Donald Trump announced plans to introduce new “gold card” US residency permits, costing $5 million (€4.8 million) each, to replace the existing visa for investors.
“Our plan is to sell a ‘gold card’. You’re familiar with the ‘green card’, but this will be a ‘gold card’. We intend to set the price for this at approximately $5 million,” Trump informed journalists at the Oval Office.
Regarding the anticipated applicants, Trump stated, “These individuals will be wealthy, successful, and contributing significantly through spending, taxes, and creating jobs. We are confident this will be extremely successful.”
The Trump ‘gold card’
Commerce Secretary Howard Lutnick clarified that the new permit, referred to by journalists as the ‘Trump Gold Card’, will replace the EB-5 visa program within two weeks.
Established by Congress in 1990, the EB-5 visa was designed to attract foreign investment. For individuals investing $1 million in a US company that employs at least ten people, these visas were a pathway for foreigners to reside in the UK. Lutnick stated that the gold card, essentially a permanent residence permit, would increase the entry price for investors and eliminate fraud and “nonsense” associated with the EB-5 program, ultimately leading to citizenship.
Approximately 8,000 individuals utilized the EB-5 visa to enter the US in the period ending September 30, 2022, according to government immigration data. A 2021 Congressional Research Service report highlighted the vulnerability of the program to fraud.
Application for wealthy Russians
Although specifics about the Trump Gold Card remain ambiguous, Trump suggested that the program could extend to Russians as well. “I know some Russian oligarchs who are very nice people. It’s possible they could afford $5 million,” he noted.
Additionally, Trump indicated that Congressional approval would not be necessary for the gold card, despite the fact that Congress typically determines qualifications for citizenship.
Edited by: Louis Oelofse
Source: https://www.dw.com/en/trump-touts-5-million-gold-card-visas-for-the-rich/a-71750538?maca=en-rss-en-all-1573-rdf
