Exclusive channel for the wealthy? The United States launches the most expensive 'golden visa', with $5 million for quick citizenship
US President Trump announced the launch of a new "Gold Card" program that allows foreign investors to pay $5 million to purchase US residency and provides a quick pathway to citizenship.
This policy will replace the current EB-5 investment immigration visa, which the Trump administration believes is "fraudulent and overpriced".
The $5 million 'Golden Visa' has arrived!
On February 25th, Trump signed an executive order in his White House office announcing this new investment immigration program. He bluntly stated at the press conference, "You all know about green cards, now this is a 'gold card'
Image source: Financial Post@The Associated Press
Trump stated that individuals holding this visa not only enjoy all the rights of permanent residents of the United States, but also can obtain US citizenship more quickly.
He said, "A gold card will grant you the right to a green card and also provide a pathway for you to obtain US citizenship
Unlike the EB-5 visa, the "Gold Card" does not require investors to create jobs in the United States, but instead pays $5 million directly to the government to obtain permanent residency and citizenship eligibility.
Why abolish the EB-5 investment immigration visa?
The EB-5 investment immigration visa has been an important pathway for wealthy individuals to obtain a US green card since its introduction in 1990.
The plan requires investors to invest approximately $1 million (or $800000 in high unemployment areas) in US companies and create at least 10 jobs to obtain a green card and ultimately apply for citizenship.
However, the Trump administration has always believed that the EB-5 program is "full of loopholes," and Commerce Secretary Howard Lutnick harshly criticized the program: "The EB-5 program is full of 'fabrication' and fraudulent behavior, which is simply exchanging a green card at a low price
A 2021 investigation by the US government revealed that EB-5 investment visas face fraud risks such as difficulty in tracing funding sources. Therefore, the Trump administration has decided to abolish EB-5 and replace it with a "gold card".
Who can apply for a 'gold card'?
The Trump administration stated that applicants need to meet the following conditions:
Pay 5 million US dollars in investment funds (directly to the US Treasury Department)
Ensure that they are 'world-class excellent citizens' through rigorous background checks
At present, the Trump administration has not announced clear quota limits, but Trump has hinted that the program may sell 10 million gold cards to help reduce the US deficit.
Kristin Surak, Associate Professor of Sociology at the London School of Economics, believes that the "golden visa" in the United States will become the world's most expensive investment immigration program, but demand remains strong: "If this channel is fast and smooth enough, then there will definitely be people willing to buy it
At present, permanent residents holding green cards usually need to reside continuously for 5 years before applying for citizenship, but it is still unclear whether the "golden visa" will accelerate this process.
The plan will be officially launched within two weeks, and more details will be announced in the future.
In addition, the Trump administration claims that the plan does not require congressional approval, but the US Congress actually holds the ultimate decision-making power over immigration policy. If the plan sparks controversy, Congress may take measures to block it.
Investment immigration visas are common worldwide. According to consulting firm Henley&Partners, over 100 countries worldwide offer "golden visas" to the wealthy, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy.
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