United States President Donald Trump has introduced a novel concept: the “gold card.” Unveiled on Tuesday, February 25, this exclusive offering targets affluent individuals eager to live and work in the ‘land of opportunity,’ potentially paving their way to citizenship. How very intriguing!
“We’re going to be selling a gold card,” announced Trump from the renowned Oval Office. “You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million.” For those interested, the White House provides further details.
### what does the us already offer?
The US already has the EB-5 Immigrant Investor Programme, launched by Congress in 1990. This programme aims to spur economic activity by attracting foreign investments. Investors who contribute around $1 million and create jobs for at least ten individuals receive a visa and a potential pathway to permanent residency. According to the latest Homeland Security Department’s Yearbook of Immigration Statistics, approximately 8,000 investors procured visas through this method in the 12-month period ending September 30, 2022.
### who will qualify for a ‘gold card’?
Commerce Secretary Howard Lutnick mentioned that the application details of Trump’s gold card initiative would surface shortly, potentially replacing current schemes like EB-5 within two weeks. The prerequisite? A wallet prepared to part with $5 million. Trump further elaborated, saying, “They’ll be wealthy and they’ll be successful, employing a lot of people, spending money, and contributing taxes.” Curious how corporations might join the fray, aren’t you?
### what do other countries offer?
Many nations offer comparable initiatives, known colloquially as “golden visas.” Henley & Partners, a global advisory, notes over 100 countries with such programmes. While some have reduced or abolished these routes, like the UK due to security concerns, others adapt the criteria, requiring property investments or job creation. Spain recently abolished its version following criticisms regarding housing costs. For more on international programmes, visit Henley & Partners.
### will trump’s ‘gold visa’ help us investment?
The million-dollar question, or rather the $5 million one, is whether Trump’s ‘gold visa’ will bolster US investment. Basil Mohr-Elzeki from Henley & Partners opines that demand exists, contingent on defining the criteria clearly. The essence of its success may lie not in the investment amount but in the process’s simplicity and global allure. It’s crucial for any aspiring investor to explore options across Europe or the UAE, for instance, as pointed out by Mohr-Elzeki.
### what happens next?
Should the gold card programme supersede EB-5, current participants may face uncertainty. Historically, such programmes allow existing applicants to transition smoothly, but there’s never a guarantee. Despite Congress extending the EB-5 visa through 2027, Trump asserts that his gold cards skip the need for Congressional approval. Stay informed with the AP for further developments.
So, as the scheme unfurls, investors and stakeholders globally will keenly observe Trump’s latest venture in international immigration strategy. Quite the stirring development, indeed!
