Donald Trump has unveiled the "gold card" visa, a new immigration scheme. Investors willing to pay $5 million would be eligible for U.S. residency and a route to citizenship through this program. Under the concept, the current EB-5 investor visa, which has been in use since 1990, will be replaced.

Trump stated when he announced the effort that the program could be launched in as little as two weeks. He made it clear that the new visa would be open to rich people who would spend money, pay taxes, and generate employment.

Applicants will pay the cost directly to the U.S. government, revealed Commerce Secretary Howard Lutnick, who was standing next to Trump. He added that the program would eliminate inefficiencies and fraud related to the EB-5 visa.

Trump implied that Congress would not need to approve the gold card scheme. He even conjectured that the government could make a substantial profit by selling 10 million of these visas. Although Lutnick could not provide specifics regarding the screening procedures, he guaranteed that candidates would be examined to ensure they were "world-class global citizens."

Replacing the EB-5 Program

By awarding green cards to investors who contributed at least $1 million to companies that generated 10 or more employment, the EB-5 visa was intended to draw in international investment. It has, however, come under fire for fraud risks and issues in confirming the cash' legitimate sources.

With fewer restrictions, Trump's gold card would function similarly to a green card. It does not have conditions for job development as the EB-5 does. Although there has always been a ceiling on the number of EB-5 visas, Trump's new plan appears to have no such cap.

Trump said, "Yes, maybe," in response to the question of whether Russian oligarchs would be eligible for the gold card. Some of the Russian oligarchs I know are kind individuals.

A New Direction for Immigration Policy

Trump has pushed for tougher immigration laws, which coincides with the gold card visa. He has pledged increased border security and the biggest deportation effort in American history. In addition, he has threatened to impose tariffs on Canada and Mexico if they do not stop the flow of illegal drugs, fentanyl, and undocumented migrants into the United States.

Over 100 nations provide comparable systems, making investor visas widespread worldwide. Wealthy people can apply for residency in countries like Canada, the United Kingdom, Spain, Greece, Malta, and Australia.

Trump thinks his idea will bring in billions of dollars for the government and draw in elite investors. However, concerns about monitoring, possible weaknesses, and the wider effect on immigration policy still exist.

FAQS

What distinguishes the EB-5 visa from the gold card?

The gold card does not necessitate the establishment of a job, in contrast to the EB-5 visa. An investment of at least $1 million (or $800,000 in some regions) in a company that creates 10 or more employees is required by the EB-5 program. However, the gold card just requires a $5 million payment to confer residency.

Would people from sanctioned nations or Russian oligarchs be eligible?

Russian oligarchs "may" apply, according to Trump. It is unclear, therefore, if participants from sanctioned countries—like Iran or Russia—would be barred from the program.