President Donald Trump announced plans to introduce a new visa program, dubbed the 'Trump Gold Card,' during a recent Oval Office briefing. This initiative aims to replace the existing EB-5 investor visa, which has been in place for 35 years. The proposed 'gold card' visa would offer a path to citizenship for a fee of $5 million, targeting wealthy individuals who are expected to contribute significantly to the economy through spending, tax payments, and job creation.
Commerce Secretary Howard Lutnick revealed that the 'Trump Gold Card' would be rolled out in two weeks, effectively replacing the EB-5 visas. The current EB-5 program requires investors to allocate around $1 million towards a business that employs at least 10 individuals. Lutnick emphasized that the new visa program would raise the investment threshold, aiming to eliminate fraudulent activities and streamline the process for obtaining permanent legal residency.
While approximately 8,000 individuals secured investor visas in the previous 12-month period, concerns have been raised regarding the potential for fraud within the EB-5 program. The proposed 'gold card' visa would align with similar investor visa programs offered by over 100 countries worldwide, catering to affluent individuals seeking residency or citizenship through investment.
President Trump highlighted the benefits of the 'gold card' visa, suggesting that it could help reduce the federal deficit by selling a substantial number of these visas. He described the program as a pathway to citizenship for individuals of wealth or exceptional talent, with companies potentially sponsoring talented individuals for long-term residency in the United States.
Notably, the requirements for job creation under the new visa program were not explicitly outlined during the announcement. While Congress typically determines citizenship qualifications, Trump indicated that the 'gold cards' would not necessitate congressional approval, potentially expediting the implementation process.
