To entice investors back to the fold, US President Donald Trump has announced a new program for just this purpose. Under this scheme, potential investors would be offered a Gold Card Visa for $5 million. These Gold Cards will replace America’s decades-old investor visa. Announcing the same in the Oval Office, Trump said, “People who take citizenship in this way will be rich and successful. They will spend a lot and pay taxes here. They will also employ people. We think that this plan is going to be very successful.”
EB-5 visa will be replaced by Gold card
US Commerce Minister Howard Lutnick said that the ‘Gold Card’ would become available as a substitute for the current EB-5 visa in two weeks. The congressional spirit of 1990 that brought the EB-5 visa into being, which was meant to attract investment from foreign sources, would be changed. The EB-5 visa is for those investing in an American company of about $1 million and creating at least 10 jobs. Lutnick states that the Gold Card will function as a Green Card exactly, or rather, a permanent legal residence certificate. But in terms of Gold Card speciality, it cannot be defrauded, according to him. The Trump government is planning to sell 1 crore Gold Cards. The US Congress determines the eligibility for citizenship in the country, but Trump said that it would not require earlier approval of Congress for the Gold Card.
