Introduction of the 'Gold Card' Visa
US President Donald Trump announced a new residency and citizenship path for investors through a programme called the “gold card”. This initiative requires a $5 million investment, replacing the popular EB-5 visa, as part of a strategy to reform legal immigration while addressing undocumented migration.
Details of the Gold Card Programme
- Offers green card privileges in exchange for a $5 million fee.
- The funds may be directly paid to the US government, bypassing the traditional investment in US businesses.
- This initiative aims to select “wonderful, world-class global citizens.”
- The revenue generated is intended to help reduce the US deficit.
Changes from the EB-5 Visa
The existing EB-5 visa provided a direct pathway to a green card by investing in US businesses. Concerns about fraud and a lack of national interest have been raised against it.
- EB-5 investors categorized in high-employment and rural projects.
- Investments required ranged from $800,000 to $1.05 million, with additional fees for administration, legal, and filing.
- Investors were required to create at least 10 new jobs.
Economic and Policy Implications
Trump's administration believes the gold card visa will bring substantial revenue and reduce deficits by attracting wealthy investors.
- Trump suggested high demand with a potential sale of up to a million cards.
- Immigration experts have advocated for stricter oversight to prevent fraud.
Comparison with International Practices
Investor visas are a global practice, with over 100 countries offering similar programmes to attract affluent individuals.
- Countries like Dubai, New Zealand, and several European nations have equivalent “golden visas.”
