President Donald Trump recently proposed replacing the long-standing EB-5 visa program for foreign investors with a new “gold card” system. Under this new system, wealthy individuals could obtain legal permanent residency and a path to citizenship in the United States by investing $5 million. The president argues that this new program would bring successful and high-spending individuals to the country, benefiting the economy.
Commerce Secretary Howard Lutnick, who was with Trump during the announcement, stated that the “Trump gold card” would replace the immigrant investor program and eliminate fraud and other issues associated with it. The EB-5 visa program, which requires a $1 million investment in a company that employs at least 10 people, has seen a significant decline in participation since 2016.
Although the proposed “gold card” system has not specified job creation requirements, Trump mentioned that more information would be released in the coming weeks. If implemented, the new program would raise the price of admission for foreign investors and provide them with privileges similar to those of green card holders.
While investor visa programs are common globally, they have faced criticism for creating hierarchical immigration systems that favor the wealthy and potentially open the door to corruption and security threats. Some countries, such as Ireland, the Netherlands, and Spain, have already phased out their “golden visa” programs in response to these concerns.
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