Trump’s $5 million ‘gold card’ visa program set to launch: Here’s every little thing you must find out about it

U.S. President Donald Trump

In a big shift in U.S. immigration coverage, President Donald Trump has announced the imminent launch of the ‘gold card’ visa program. It gives international nationals a pathway to everlasting residency and eventual citizenship in alternate for a $5 million funding. The announcement was made on May 21 at Axios’s ‘Building the Future’ occasion in Washington DC. 

Also Read: Trump plans to offer ‘gold cards’ for $5 million path to citizenship, replacing investor visas

Commerce Secretary Howard Lutnick revealed {that a} web site referred to as ‘trumpcard.gov’ will go up in a couple of week with additional particulars and people fascinated by this system can begin registering.

What is the ‘gold card’ visa programme?

The gold card visa is a brand new initiative to draw prosperous people to put money into the U.S. economic system. In return for a $5 million funding, candidates will obtain everlasting residency rights akin to these granted by a inexperienced card and a streamlined path to U.S. citizenship. This programme is ready to exchange the EB-5 investor visa scheme, which requires a decrease funding threshold and mandates job creation.

When and the way can one apply?

Prospective candidates can register their curiosity and entry detailed details about the applying course of on ‘trumpcard.gov’. The initiative has garnered consideration, with experiences indicating that some playing cards have been bought within the Middle East, signalling robust early curiosity.

Is the ‘gold card’ visa programme authorized? 

The Trump administration initiatives that the ‘gold card’ programme might generate substantial income, doubtlessly aiding in lowering the nationwide debt, which at present exceeds $36 trillion. However, this system’s legality has been a subject of debate. Some lawmakers argue that such a big change in immigration coverage requires Congressional approval.

What concerning the EB-5 program? 

The EB-5 program was created by the U.S. Congress in 1990 to stimulate the U.S. economy via job creation and capital funding by international buyers. Under this programme, a international investor can apply for a Green Card if she or he invests in a U.S. business enterprise and creates 10 everlasting full-time jobs for U.S. employees. 

Rand Paul, a Republican Senator from Kentucky, expressed his concern in dismantling the earlier visa framework by saying, “I don’t think it should replace the EB-5 because I think there are a lot of people who come to this country with the EB-5 level that might not come at the $5 million level.”

However, it’s unlikely that the EB-5 programme will be abolished, even by a presidential order.  

President Joe Biden signed the EB-5 Reform and Integrity Act in 2022, which reauthorised the programme till 2027. The invoice additionally included a provision to guard EB-5 buyers who’ve invested, or plan to take a position, earlier than September 2026 within the occasion of a future lapse within the EB-5 RC programme. Since the immigration and nationality legal guidelines are protected below the U.S. structure, a brand new laws should be handed via Congress to terminate the EB-5 programme.