What is Donald Trump's "Gold Card" visa?
The US government has announced a new immigration pathway for individuals seeking American citizenship.
President Donald Trump revealed plans to introduce a "Gold Card" for immigrants at a cost of $5 million. The premium version of the Green Card is designed to provide wealthy investors with a direct route to US citizenship and will replace the EB-5 visa program, which has been in place for 35 years.
"We will sell the Gold Card at a price of about $5 million. It will grant Green Card privileges and serve as a pathway to American citizenship. Wealthy individuals will come to our country, invest, pay taxes, and create jobs," Trump stated during a signing ceremony at the Oval Office on February 25 alongside Commerce Secretary Howard Lutnick.
The president added that the Gold Card visa scheme would launch in two weeks and suggested that his administration would not require congressional approval to implement the program. However, specific details on its implementation remain unclear.
What is the EB-5 visa program being replaced?
Established by Congress in 1990, the EB-5 visa was designed to boost the US economy through foreign investment. It allowed immigrants to obtain a Green Card by investing at least $1 million in a business that created at least 10 jobs.
In March 2022, former President Joe Biden signed the EB-5 Reform and Integrity Act, introducing new regulations to address concerns about fraud and misuse in the program.
Commerce Secretary Howard Lutnick criticized the EB-5 visa, calling it an avenue for corruption.
What is Trump's 'Gold Card' visa?
According to Lutnick, the Gold Card will function similarly to the Green Card, granting permanent residency and a pathway to US citizenship. However, it will come at a higher price to ensure only serious investors apply.
"The EB-5 program is full of fraud and nonsense. It offers Green Cards at an unfairly low price. Instead of continuing this flawed system, the president has decided to end the EB-5 program," Lutnick stated.
