By Sidhima Choudhary
US President Trump has presented a new ‘gold card’ residency permit requiring a $5 million investment, providing a pathway to U.S. citizenship. This initiative could replace the EB-5 visa program, a popular option among Indian immigrants.
The plan could eventually increase the cost with the intention of abating fraud while inspiring wealthy investors to contribute considerably to the US Economy. Trump announced the replacement on Tuesday. Subsequently, the commerce secretary Howard Lutnick confirmed the 35-year-old EB 5 Program will be replaced by Trump Gold Card in 2 weeks.
The current EB-5 (Employment-Based Fifth Preference) visas were introduced in the year 1990, permitting residency to investors who spend around a million $ on a business in the US, creating at least 10 jobs. With the advent of the new ‘Trump Gold Cards,’ the investors will be provided with a green card with a motive for them to stay as permanent US residents and help it prosper economically through financial investment.
With the introduction of the Gold Card in the coming two weeks, Trump said that this is beneficial for the investors of the US as this will make them wealthy and successful. They will be putting a lot of their money into the boost of the economy, and hence they will pay a lot of taxes and will subsequently employ a lot of people too. He claimed that they would make the country very successful.
The officials intend that the Gold Card will curb the risk of fraud, as the 2021 Congressional Research Service Report warned of the fraud risks that could be done in the EB-5 Program, which includes concerns over substantiation of the legal source of investment funds.
According to the Homeland Security Department’s recent immigration statistics, over 8,000 people received an investor visa in the 12 months ending 2022, September 30.