US President Donald Trump announced a new investor visa programme called the “Trump Gold Card,” which would offer a path to US citizenship for a $5 million investment. The initiative aims to replace the 35-year-old EB-5 visa programme, which has been in place since 1990 to encourage foreign investment in the United States.
Shift from the EB-5 programme
The current EB-5 visa requires foreign investors to invest around $1 million in a business that creates at least 10 jobs. However, Commerce Secretary Howard Lutnick explained that the new programme would raise the investment requirement while reducing fraud and bureaucratic inefficiencies associated with the EB-5.
Trump emphasised the economic benefits of the proposed programme, stating that it would attract wealthy and successful individuals who would spend significant sums, pay high taxes, and create jobs. He also speculated that if the federal government issued 10 million of these visas, it could substantially reduce the national deficit.
Lack of job creation requirement
Unlike the EB-5 programme, Trump’s “Gold Card” proposal does not mention a specific job creation requirement. This raises concerns about how the new visa would contribute to employment in the US, a key component of the EB-5 programme.
Investor visas are widely used worldwide. According to Henley & Partners, over 100 countries, including the UK, Canada, Australia, and several European nations, offer “golden visas” to attract wealthy individuals. The US has historically capped the number of EB-5 visas, but Trump’s proposal suggests a more expansive approach.
Although Congress typically determines qualifications for citizenship, Trump claimed that the “Gold Card” programme would not require congressional approval.
(With inputs from AP)
