United States President Donald Trump has proposed a new type of “visa” for millionaires: the “Gold Card”. This golden card would function as a luxury version of the traditional “Green Card” (permanent resident card), but at a cost of five million dollars. In addition to granting legal residency, this new visa would pave the way to U.S. citizenship for those who can afford the high admission price.
At an event at the White House, Trump declared: “We’re going to sell a Gold Card. There’s already a Green Card. This is a Gold Card. We’re going to price it at about five million dollars, and it will give them Green Card privileges, plus it will be a pathway to citizenship.”
How does the Gold Card work, and what are its benefits?
The Gold Card plan would allow high-net-worth individuals to obtain permanent residency in the United States without the need to meet employment, family, or humanitarian requirements, as is the case with current Green Cards. This initiative is designed to replace the EB-5 visa program for foreign investors, which currently requires a minimum investment of $800,000 in targeted employment areas (TEA) or $1,050,000 in other areas, in addition to creating at least ten jobs in the country.
Commerce Secretary Howard Lutnick explained that the Gold Card would eliminate the need to create jobs or demonstrate a positive impact on the U.S. economy. “The president said that instead of having this kind of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump Gold Card. You will be able to pay five million dollars to the U.S. government,” Lutnick stated.
According to Trump, the initiative could generate significant revenue for the country. “If we sell a million cards, we could raise five trillion dollars and pay off more than 10% of the federal public debt,” he claimed.
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Who could qualify for the Gold Card?
The Gold Card proposal is aimed at high-income individuals who wish to settle in the United States without the restrictions of the current immigration system. “They will be rich and successful, they will spend a lot of money, pay a lot of taxes, and create many jobs, and we believe it will be a great success,” Trump said.
However, the initiative has raised concerns about who might benefit from it. When a journalist asked Trump if Russian oligarchs could obtain the Gold Card, the former president responded: “Yes, possibly. Hey, I know some Russian oligarchs who are very nice people.”
What are the differences between the Gold Card and the EB-5 visa?
Unlike the EB-5 program, which requires an investment in businesses that generate jobs in the U.S., the Gold Card is based on a direct payment to the U.S. government. While the EB-5 visa seeks to stimulate the economy through job creation, the Gold Card eliminates this requirement and turns it into a purely monetary transaction.
According to the Department of Homeland Security’s Immigration Statistics Yearbook, about 8,000 people obtained investor visas in the 12-month period ending September 30, 2022. However, the EB-5 program has been criticized for potential fraud in verifying investment funds.
What impact will the Gold Card have on U.S. immigration policy?
The announcement reinforces Trump’s stance on immigration, favoring the wealthiest while tightening measures against illegal immigration. The former president has reiterated his commitment to “mass deportation” and restricting birthright citizenship in the U.S., while making residency more accessible to those who can pay for it.
The proposal has also drawn criticism, with some considering it a “purchase of citizenship.” Additionally, there are concerns that it could be used by individuals with questionable backgrounds to gain access to the United States.
When will the Gold Card take effect?
Howard Lutnick stated that the measure could be implemented in the coming weeks if approved by Congress. However, the initiative’s future remains uncertain, as the opposition has expressed its disapproval of the plan.
Golden visas are not a new concept and have been implemented in countries such as the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy. However, Trump’s Gold Card represents one of the most expensive and exclusive versions of such programs.
