Gold Visa by Trump’s: Who Qualifies, What It Costs.
Other Countries will buy US residency soon, and make a citizen of America for approximately 5 million Dollars, Trump says.
Donald Trump, the president of the United States, has declared his intention to offer foreigners $5 million “gold card” residency cards, which would also include a path to citizenship.
Trump’s commerce secretary has criticized the US’s current “EB-5” immigrant investment visa for foreign job creators as being full of “nonsense” and “fraud.” The high-dollar visa would replace it.
Trump told reporters in the Oval Office on Tuesday, “This is a gold card, whereas you have a green card.” “Green card” holders are permanent residents who are not US citizens.
The president went on to say, “It will grant you green card privileges and serve as a pathway to (American) citizenship.”
Why is Trump terminating the EB-5 immigration program, and what is it?
Foreigners who invest around $1 million in a business with at least 10 employees are eligible for EB-5 visas, which were first offered in 1990. In return, they receive instant green cards, which pave the door for eventual citizenship. In the absence of a green card, applicants typically have to wait months or even years to get permanent status.
According to the US State Department, the EB-5 program has a ceiling of 10,000 visas annually, with 3,000 reserved for investors in high-unemployment areas.
According to US Citizenship and Immigration Services, the EB-5 visa is intended to “stimulate the US economy through job creation and capital investment by foreign investors.”
Howard Lutnick, Trump’s Commerce Secretary, countered that the program is being overused and is overpriced.
“The EB-5 initiative… It was a low-cost method of obtaining a green card, but it was also full of fraud, folly, and pretend. According to Lutnick, the president decided to terminate the EB-5 program instead of continuing with this absurd scheme.
The US Government Accountability Office discovered in 2021 that EB-5 visas are associated with a high risk of fraud, especially because it can be difficult to track down the source of applicants’ finances and because there may be suspicions of partiality.
How much will it cost, and what are the potential advantages?
Gold Visa by Trump Cost $5 million for each application.
Kristin Surak, an associate professor of political sociology at the London School of Economics, said that this would make it “the most expensive golden visa option in the world.”
“But if the pathway is quick and easy, there will still be demand for this,” Surak told Al Jazeera. “It’s odd that Trump is drastically undervaluing the US’s capabilities.”
Prior to being eligible for citizenship, current green card holders, including those who are EB-5 initiative beneficiaries, normally need to reside in the US for five years as lawful permanent residents.
Do other nations have such programs?
Indeed, so-called “golden visas” are widely used worldwide, including in EU nations like Greece and Spain. In certain nations, including Egypt, Jordan, and Malta, overseas applicants can even directly earn citizenship by investment. The Caribbean has the most affordable “golden passport” programs, with Dominica, Granada, and St. Kitts & Nevis charging as little as $200,000 to $300,000.
A US gold card would probably be highly sought after, but it might have the special disadvantage of subjecting its holders to US taxes “no matter where they are in the world and no matter where their assets are,” according to Surak.
The majority of really affluent people, she continued, “will structure their wealth so that they will not be hit by them.”