Trump suggested the government sell 10 million visas to help lower the national deficit.
US President Donald Trump floated the idea of replacing the visa program for foreign investors with the “gold card,” which can be bought for $5 million and would grant US citizenship.
The high-dollar visa would replace the current EB-5 immigrant investor visa in the United States, which allows permanent residency to foreign investors who can offer large sums of money or create American jobs in exchange for a “gold card.”
The US established the EB-5 visa program under the Immigration Act 1990. It was open to foreigners who could invest $1 million in a company and hire at least 10 people. They will get a green card, a path to US citizenship. The usual procedure for a green card is very slow. It can take months to years to get a permanent residency.
Now, wealthy foreigners who can afford to pay about $5 million can apply for a visa to reside in the United States, thanks to the “Trump gold card.”
When the reporter asked Trump whether wealthy Russian oligarchs could qualify for the visa, Trump was sure to say yes.
There is no clear cap on the scheme, but Trump suggested that the government sell 10 million visas to help lower the national deficit.
The scheme is ongoing along with Trump’s promises to deport en masse undocumented immigrants.
Donald Trump declared that the new visa program may begin in around two weeks from the Oval Office.
The proposed gold card would be one of the most expensive visa schemes in the world.
According to Kristin Surak, associate professor of political sociology at the London School of Economics, this would make it the most expensive visa option.
Surak stated that the demand for the gold visa would be high if the process were fast and smooth. He feels that Trump is massively underselling what the US offers.
Current green card holders, including those benefitting from the EB-5 initiative, usually have to reside in the US as lawful permanent residents for five years before becoming eligible for citizenship.
It is not clear whether gold card visa holders will have to wait for less time to become citizens.
Trump stated that his administration would provide further information when the visas go on sale.
Howard Lutnick, the secretary of commerce, stated that all applicants would undergo a rigorous screening process to ensure that they are “wonderful, world-class citizens.”
Despite its $5 million asking price, the new visa-for-sale program will be popular among the super-rich. One potential barrier is America’s unique tax structure, which makes US citizens to pay to the US for money generated anywhere in the world.
The United States is not the only country offering the golden visa. It is popular among European Union (EU) countries like Greece and Spain. In some countries like Egypt, Jordan, and Malta, foreign applicants can directly earn citizenship by investing.
The golden visa programs are most affordable in the Caribbean, with countries like Dominica, Granada, and St. Kitts & Nevis charging as little as $200,000 to $300,000 to get citizenship.
Even though this golden visa seems like an easy ticket to the American dream, golden visa programs are controversial. They can attract individuals looking to use them for fraud and money laundering, and they can also increase the cost of housing in major cities.
These concerns have led many European countries like the United Kingdom (UK), the Netherlands, and Greece to revert their golden visa policies in recent years.
If Trump enacts his golden visa scheme without Congressional approval, it may even face more controversy.
The EB-5 program, which Trump claims he plans to terminate, was previously authorized by Congress, which oversees establishing citizenship requirements.
