Islamabad, Feb 26: Former US President Donald Trump has unveiled a new immigration program called the “Gold Card,” offering wealthy foreign investors a streamlined path to American citizenship for a payment of $5 million. Announced from the Oval Office, this initiative is positioned as an upgraded alternative to the existing Green Card system, aiming to attract high-net-worth individuals to the United States.
A High-Value Alternative to the EB-5 Program
Trump described the Gold Card as a “premium” version of the current EB-5 Immigrant Investor Visa Program, which requires foreign nationals to invest at least $800,000 in designated employment areas or $1.8 million elsewhere while creating at least ten American jobs. However, the Gold Card eliminates the job creation requirement, instead focusing on direct financial contributions to the US government.
Commerce Secretary Howard Lutnick supported the shift, stating, “The EB-5 program has been inefficient for years. The Trump Gold Card is a better, more straightforward solution.”
A Revenue-Driven Immigration Model
Unlike traditional visa programs, the Gold Card is structured to generate immediate revenue for the government. Trump suggested that selling millions of Gold Cards could bring in trillions of dollars, potentially addressing the national deficit. However, specifics regarding the number of Gold Cards to be issued annually and the allocation of funds remain unclear.
When questioned about eligibility, including for Russian oligarchs, Trump responded, “Possibly. I know some Russian oligarchs who are very nice people.” This statement has raised concerns about the potential misuse of the program by foreign elites seeking expedited citizenship.
Application and Approval Process
While additional details are expected soon, the preliminary application process is expected to include:
- Proof of $5 million in available funds.
- A formal application to the US Citizenship and Immigration Services (USCIS).
- Standard background checks, including security and financial vetting.
Upon approval, Gold Card holders would receive long-term residency benefits, similar to those granted under the Green Card, with a faster route to citizenship. However, experts caution that the program may require Congressional approval, which could pose significant legal challenges.
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Support and Criticism
The Gold Card proposal has sparked intense debate. Critics argue that it prioritizes wealth over merit, undermining the principle of equal opportunity in US immigration. Senator Elizabeth Warren criticized the initiative, stating, “This program monetizes American residency, favoring the ultra-rich while sidelining hardworking immigrants.”
Conversely, supporters believe the initiative could stimulate economic growth by attracting high-net-worth individuals who contribute through taxation and business investments. Some suggest that businesses may leverage the program to secure residency for top executives and skilled professionals.
What Lies Ahead?
Further details on the Gold Card program are expected by March 11, 2025. Whether Trump can implement this initiative without Congressional approval remains uncertain. However, one thing is clear: this bold immigration proposal has the potential to redefine US residency policies, placing financial contribution at the forefront of immigration criteria.
