President Donald Trump said Tuesday that he plans to offer a “gold card” visa on the road to $5 million citizenship, replacing the 35-year-old visa for investors.
“They are wealthy, they will be successful, they will spend a lot of money and pay a lot of taxes and employ a lot of people. Oval offices.
Commerce Secretary Howard Lutnick said the “Trump Gold Card” will replace the EB-5 visa in two weeks. The EB-5 was created by Congress in 1990 to generate foreign investment and is available to people who spend around $1 million on a company that employs at least 10 people.
Lutnick said that gold cards (actually green cards, or permanent legal residency) will increase investor admission fees and eliminate the fraud and “nonsense” that characterize the EB-5 program. Like any other green card, it includes the path to citizenship.
According to the latest age of immigration statistics from the Homeland Security Agency, approximately 8,000 people have obtained investor visas in the 12 months ended September 30, 2022. Congressional Research Services reported in 2021 that EB-5 visas pose a risk of fraud.
Investor visas are common all over the world. Advisory company Henry & Partners said that over 100 countries around the world offer “golden visas” to wealthy individuals, including the US, UK, Spain, Greece, Malta, Australia, Canada and Italy. I say it.
Trump has not mentioned job creation requirements. And while closing out the number of EB-5 visas, Trump thought the federal government could sell 10 million “gold cards” to reduce the deficit. He said it could be “it could be great, maybe it would be great.”
“It’s a bit like a green card, but it’s a higher level of refinement, so it’s a path to citizenship for people, essentially people of wealth and people of great talent. “It’s a path for businesses to pay for people to come in and have long-term status in the country,” he said.
Congress will determine citizenship eligibility, but Trump said the “gold card” does not require Congressional approval.
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