Trump’s Gold Card Visa Programme
President Donald Trump announced the launch of the ‘gold card’ visa programme. This initiative aims to attract wealthy foreign nationals to the United States. By investing $5 million, applicants can gain permanent residency and a pathway to citizenship. The announcement was made during the ‘Building the Future’ event in Washington, D.C. The programme is designed to replace the existing EB-5 investor visa scheme.
What is the Gold Card Visa Programme?
The gold card visa programme offers a new route for affluent individuals seeking residency in the U.S. By investing $5 million, applicants can secure permanent residency similar to a green card. This programme aims to stimulate economic growth by attracting foreign investment. It is intended to streamline the process for those who wish to become U.S. citizens.
Application Process
Prospective applicants can register their interest on the official website, trumpcard.gov. This platform will provide detailed information about the application process. Reports suggest that there has been early interest in the programme, particularly from investors in the Middle East.
Legal Considerations
The legality of the gold card programme has sparked debate. Critics argue that such change in immigration policy requires Congressional approval. The Trump administration claims that the programme could generate substantial revenue, potentially aiding in the reduction of the national debt, which currently exceeds $36 trillion.
The EB-5 Programme
The EB-5 programme was established by Congress in 1990. It encourages foreign investment in the U.S. economy by allowing investors to apply for a green card if they create 10 permanent full-time jobs for U.S. workers. Concerns have been raised about the potential impact of the gold card programme on the EB-5 scheme. Some lawmakers believe that the new programme may deter lower-level investors who cannot meet the $5 million threshold.
Future of the EB-5 Programme
Despite the introduction of the gold card programme, the EB-5 programme remains intact for now. President Joe Biden signed the EB-5 Reform and Integrity Act in 2022, reauthorising the programme until 2027. This act includes provisions to protect existing EB-5 investors. Any changes to the EB-5 programme would require new legislation passed through Congress due to constitutional protections on immigration laws.
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