Former US President Donald Trump has made a big announcement for those looking to settle in America.
Now, you won’t have to wait years for a Green Card to get US citizenship. If you have enough money, the process will be much easier.
Trump has proposed a new “Gold Card” visa, which will allow wealthy investors to gain US citizenship.
This visa will cost $5 million (around ₹43.5 crore) and will replace the old EB-5 investment visa, which has been in place for 35 years.
What is the Trump Gold Card?
According to Commerce Secretary Howard Lutnick, the Trump Gold Card visa will replace the current EB-5 visa within two weeks.
This new visa will function like a Green Card but with stricter eligibility criteria to prevent fraud. Just like a traditional Green Card, it will also provide a direct path to US citizenship.
What is the EB-5 Visa?
The EB-5 visa was introduced by the US Congress in 1990 to encourage foreign investment.
Under this program, investors could qualify for a visa by investing at least $1 million in the US and creating at least 10 jobs.
Investment Visa Trends Worldwide
The US Department of Homeland Security reports that about 8,000 people received investment visas in the 12 months leading up to September 2022.
Globally, more than 100 countries offer similar “Golden Visas” to wealthy individuals. Countries like the US, UK, Spain, Greece, Malta, Australia, Canada, and Italy provide such visas to attract foreign investments.
What’s Changing with the Gold Card?
Unlike the EB-5 visa, Trump’s Gold Card does not require investors to create jobs.
The EB-5 program had a cap on the number of visas issued, but Trump suggests that selling 10 million Gold Cards could help reduce the US budget deficit.
The Gold Card will act as a Green Card but at a higher level, making it an exclusive pathway to citizenship for wealthy investors and highly talented individuals.
Businesses may also be able to sponsor skilled professionals through this visa.
Will This Visa Need Congress’ Approval?
Normally, the US Congress decides who is eligible for US citizenship. However, Trump claims that the Gold Card visa does not require congressional approval, making it easier to implement.
