Mint Primer | Trump’s $5 million card: Will there be a gold rush?
Subscribe to enjoy similar stories. US President Donald Trump has floated the idea of a ‘gold card’, which could replace the EB-5 visa programme and the green card, coveted by wealthy immigrants. It could be a passport to the prized US citizenship, but the cost is eye-watering.
Mint explains: The gold card programme is an upgraded version of the existing green card, offering long-term residency as a pathway to citizenship. The initiative is also a way to make money for the US economy. Also read | How Donald Trump upended the world in 30 days “If we sell a million, that’s $5 trillion," Trump said, hoping that card holders will invest in the US, leading to a cascading impact on the economy.
It will replace the existing EB-5 visa programme that started in 1990. EB-5 grants residency to investors who spend between $800,000 to $1.05 million on businesses that employ 10 or more people. In 5-7 years, they can apply for a green card.
The gold card is an expensive way to US citizenship. Applicants will need to pay an eye-watering $5 million for the card. That comes to around ₹44 crore.
The new card, however, eliminates the job creation mandate. Trump highlighted that the current immigration system has prevented top-flight international talent from staying and working in the US. Also read | US Gold Card Visa: Will Donald Trump’s proposed alternative to EB-5 give you American citizenship? “A person comes from India, China, Japan, lots of different places, and they go to Harvard, the Wharton School of Finance...
They get job offers, but the offer is immediately rescinded because you have no idea whether that person can stay in the country," he said. EB-5 has come under charges of fraud and misuse. The US Securities and Exchange
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