Here's the latest on President Donald Trump's proposed "Gold Card," which would offer wealthy immigrants a path to citizenship in exchange for $5 million.

Washington

President Donald Trump has announced a proposal for a new immigration plan called the "Gold Card," offering wealthy immigrants a path to U.S. citizenship in exchange for a $5 million investment. This proposal is a reimagining of the existing EB-5 visa program, which has been in place since the 1990s, allowing individuals to obtain permanent residency through an investment of $800,000 in U.S. businesses. Trump's plan aims to stimulate the economy by attracting affluent applicants who will spend significantly and contribute through taxes.

According to Trump, the current EB-5 program will be replaced by this new initiative, with the application process resembling that of a green card. However, the details of how the $5 million would be utilized remain unclear. Questions have arisen concerning whether this amount would speed up the citizenship process compared to the existing program or if it would involve an investment or a non-refundable donation. Despite uncertainties, the plan is set to undergo alterations and launch shortly.

Basil Moore from Henley and Partners, a firm specializing in citizenship by investment, points out that this initiative is similar to other countries' investor visa programs, such as those in Portugal and Malta. Concerns have been raised about the potential for the "Gold Card" to displace deserving applicants from the citizenship path. However, Moore suggests that the adaptation of such economic programs is not unusual globally.



Trump proposes 'Gold Card,' offering citizenship for $5 million

They'll be wealthy and they'll be successful and they'll be spending a lot of money and paying a lot of taxes and employing a lot of people. Want the American dream? It'll now cost you $5 million if you want it fast-tracked. Could a Russian oligarch be eligible for a gold card? Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people. It's possible. President Trump unveiling the concept of the gold card, the new EB-5 visa. Since the 90s, the EB-5 visa has been used as a way to infuse cash into businesses or a way to start a company in the U.S. The president wants to revamp it and use it as a stimulus. The president said rather than having this sort of ridiculous EB-5 program, we're going to end the EB-5 program. We're going to replace it with the Trump gold card, which is really a green card. Affluent applicants will still be vetted. Basil Moore is with Henley and Partners, which handles citizenship by investment. Currently, the EB-5 costs $800,000. By investing $800,000 into the United States into an existing business or into your own business, creating a certain amount of jobs, then all of a sudden yourself, your spouse, your children will have a permanent residency in the United States. So now the kids can go to the States. They can study. They can work. They have an alternative place that they can thrive. But where's that $5 million going? What we don't know yet is, is that $5 million going to be more interesting than the $800 in the sense that is there a fast track to citizenship? Is it faster if you were to invest $5 million to naturalize? Is it going to be an investment or will it be a simple non-refundable contribution, also known as a donation? There are concerns the gold card will bump those deserving from a path to citizenship. But Moore says the program is already running and it's not unlike a lot of other countries' investor visas. Portugal has a golden visa program, as well, that starts with a residency, and then after five to six years, you can naturalize as a citizen, whereas Malta asked for a higher investment threshold, about double, but they managed to transition into a citizen in about 18 months. Trump says he hopes to have this program revamped and up and running in two weeks.

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