Trump Unveils Plan To Replace EB-5 Program With New 'Gold Card Program': What You Need To Know

On 25th February, US President Donald Trump unveiled a new 'Gold Card' immigration option, available for an investment of £3.95 million ($5 million). The president described this premium alternative to a Green Card as a 'pathway to citizenship'.

'We're going to be selling a Gold Card. You have a Green Card—this is a Gold Card,' Trump said in the Oval Office on Tuesday while signing executive orders alongside Commerce Secretary Howard Lutnick. 'We're setting the price at around $5 million, and it will grant all the privileges of a Green Card—plus more.'

'It's going to be a route to citizenship,' he added. 'Wealthy individuals will be able to come into our country by purchasing this card.' Trump further explained, 'They'll be affluent, successful, and will spend a lot of money, pay substantial taxes, and create jobs.'

Trump 'Gold Card' Program: What It Is And When It Starts?

Trump announced the program's launch in two weeks, claiming his administration could implement it without Congressional approval. However, specifics regarding implementation remain unclear.

Lutnick suggested the Gold Card program as a potential replacement for the EB-5 program, which offers Green Cards to investors. He added that the 'Gold Card' funds would likely go directly to the government.

'The president said rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program,' Lutnick said. 'We're going to replace it with the Trump gold card. They'll be able to pay $5 million to the US government not to go through vetting, of course, going to make sure they are wonderful world-class, global citizens.'

Current EB-5 Investment Requirements

Under the current EB-5 visa program, foreign investors must invest roughly £0.79 million ($1 million) in a business that generates at least 10 American jobs. While the EB-5 program is associated with fraud and red tape, Lutnick explained the new program would raise the investment requirement and streamline the process.

Trump speculated that issuing as many as 10 million of these visas might substantially reduce the national deficit. 'They can come to America. The president can give them a green card, and they can invest in America, and we can use that money to reduce our deficit.'

No Job Creation Requirement

A key difference between the 'Gold Card' and the EB-5 program is that the former does not include a specific job creation requirement. The Financial Express notes this lack of a job creation requirement raises questions about the Gold Card's contribution to US employment, a core element of the EB-5 program.

Investor visas are common globally. Henley & Partners reports that over 100 countries, including the UK, Canada, Australia, and numerous European nations, offer "golden visas" to attract wealthy individuals.

The US has traditionally limited the number of EB-5 visas issued, but the current proposal indicates a potential shift towards a more expansive program.

The proposed 'Gold Card' program presents a radical US investment visa policy shift. Its potential impact on job creation, the national deficit, and the integrity of the immigration system remains to be seen. Further scrutiny and debate are crucial before implementation.