‘Gold card’ visa programme is poised to replace America’s EB-5 visas which the US Congress established in 1990 in order to generate foreign investment.
US President Donald Trump on Wednesday said his long-promised ‘gold card’ visa programme has gone live on the website. It offers legal status and a path to US citizenship for individuals paying $1 million. A platinum version for $5 million will be launched later.
As Trump announced the start of the ‘gold card’ visa programme surrounded by business leaders in the White House’s Roosevelt Room on Wednesday, the website accepting applications went live. ‘Gold card’ visa programme is poised to replace America’s EB-5 visas which the US Congress established in 1990 in order to generate foreign investment and has been available for those who spend about $1 million on a company that employs at least 10 people.
WHAT IS TRUMP’S ‘GOLD CARD’ VISA PROGRAMME
In a post on Truth Social, the US president called the ‘Trump Gold Card’ as a “direct path to citizenship for all qualified and vetted people.” The Republican leader sees the new version of EB-5 visas as a way for America to attract and retain top talent, while also generating revenue for the federal government. Trump, who has been promoting the ‘gold card’ visa programme for months, had earlier suggested that it would cost $5 million but later revised it to the $1 million and $2 million pricing scheme.
The ‘gold card’ visa programme is effectively a green card which is offering permanent legal residency with the chance for citizenship. “Basically, it’s a green card but much better, much more powerful, a much stronger path,” Trump said.
The president said that all funds collected through the programme will “go to the US government” while predicting that billions of dollars would flow into an account run by the Treasury Department “where we can do positive things for the country.”
WHAT IS TRUMP’S ‘PLATINUM CARD’
As per the official website trumpcard.gov a “Trump Platinum Card” is also coming soon and foreign nationals can sign up now to secure their places for the Trump platinum card. This card allows holders to spend up to 270 days in the United States without being subject to US taxes on non-US income. However, a receipt of $15,000 Department of Homeland Security (DHS) processing fee and $5 million contribution is required to be eligible for the platinum card.
However, those individuals who have ever been subject to US tax on non-US income, for example US citizens and resident aliens are not eligible to apply for the Trump platinum card.
(with inputs from AP)
