What is Gold Card? Key details about Trump’s special visa

US President Donald Trump has unveiled a new visa program known as the Trump ‘Gold Card’, which aims to attract foreign investors willing to contribute to the U.S. economy. The special visa is designed to replace the existing EB-5 Immigrant Investor Program.

Under the new scheme, foreign nationals will be eligible for U.S. citizenship by investing a significant amount in the country and creating job opportunities.

Background: The EB-5 Program and Its Replacement

The EB-5 Immigrant Investor Program, established in 1990, allows foreign nationals to obtain U.S. Green Cards by investing a certain amount in the U.S. economy.

To qualify for the EB-5 program, investors must invest a minimum of $800,000 in Targeted Employment Areas (TEAs) or $1.8 million in other parts of the country, in addition to creating at least 10 jobs in the U.S. The EB-5 program has been successful in attracting wealthy investors but has been criticized by some for its perceived flaws.

Trump’s Gold Card program intends to replace the EB-5 visa, offering a $5 million investment requirement for those wishing to secure U.S. citizenship.

Trump’s Vision for the ‘Gold Card’

Trump introduced the Gold Card during a signing ceremony in the Oval Office, where he signed a series of executive orders. Commerce Secretary Howard Lutnick, who was present during the announcement, emphasized that the Gold Card would eliminate the existing EB-5 program and provide a more robust alternative for wealthy investors. According to Trump, the Gold Card will appeal to those who wish to contribute significantly to the U.S. economy, creating jobs and fostering new businesses.

In addition to the investment, the Gold Card holders would be able to work in the U.S., providing a direct avenue for them to help boost the country’s economic landscape by establishing companies and creating employment opportunities.

Trump’s Plans for the Future

Trump believes that the Gold Card initiative will be highly successful and is aiming to sell at least one million of these visas.

His focus remains on attracting wealthy individuals who can contribute to the country’s growth by establishing businesses and providing jobs. Trump has made it clear that his priority is to attract “people with money” who will play a vital role in the nation’s economy.

Controversy Surrounding the EB-5 Program

The EB-5 program gained attention in 2017 when it was revealed that the Kushner Companies, owned by Trump’s son-in-law Jared Kushner, had marketed the program to Chinese investors as a way to gain U.S. citizenship.

This revelation sparked a series of controversies about the potential misuse of the EB-5 program, leading to calls for reform or replacement.

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