In a major announcement, US President Donald Trump has introduced the “Gold Card”. The new immigration initiative allows wealthy foreign investors to secure U.S. citizenship through an investment threshold of $5 million. This program is designed to attract wealthy individuals and generate significant revenue for the U.S. government.
The Gold Card aims to replace the existing EB-5 Immigrant Investor Visa Program, which requires foreign investors to invest at least $800,000 in projects located in Targeted Employment Areas (TEAs) or $1.8 million elsewhere while also creating at least ten U.S. jobs. In President Trump’s view, the EB-5 system is outdated, and in need of reform. In contrast, the Gold Card would represent a more convenient and expensive form without the job-producing condition of EB-5 visas.
Gold Card applicants are, however, subjected to thorough vetting to ensure that they are citizens of the world whose pedigree and offered qualifications are above average in terms of opulence. For the EB-5 visa applicants, a bevy of economic contributions will have to be made in the provision of some job creation and tax contributions in the United States, yet a taxation of their foreign income will not be imposed.
While full details of the program are yet to emerge, President Trump noted that his administration is expected to give more specifics within two weeks. He described the Gold Card as “somewhat like a Green Card, but at a higher level of sophistication,” offering a pathway to citizenship for people of wealth or great talent.
Otherwise known as The Gold Card, this program is part of a broader policy reform on U.S. immigration, including Trump’s recent executive order, which seeks to end birth citizenship. The controversial executive order states that kids born in the U.S. to unauthorized immigrants or temporary workers, students, or tourists don’t automatically acquire U.S. citizenship.
The Gold Card program is anticipated to launch in two weeks courting persons with decent wealth, perhaps including the Russian oligarchs, and producing billions for the U.S. government and attracting wealthy immigrants into the country.