Trump said the new visa program will make the Gold Card superior to the Green Card
On Wednesday, US President Donald Trump proposed a new visa program called the "gold card" as a means of balancing the government budget.
On Wednesday, US President Donald Trump proposed a new visa program called the "gold card" as a means of balancing the government budget. He told a joint session of Congress that the $5 million visa would attract affluent, job-creating people who would pay taxes and boost the economy.Trump's remarks on the gold card
It will be referred to as the "gold card" and has undergone extensive development.
It will be ready very soon and will cost $5 million.
The green card is comparable, but it is "better and more sophisticated."
It will attract "brilliant, hardworking, job-creating people."
Holders will be required to pay taxes in the United States.
It will aid in the reduction of the national debt.
It will replace the 35-year-old EB-5 investor visa program.
It is part of a plan to attract wealthier applicants while removing criminals.
The "gold card" offers a pathway to US citizenship.
On February 25, the Trump administration announced plans to offer a "gold card" visa with a pathway to citizenship for $5 million. With a distinct emphasis on luring richer candidates, the statement represents a departure from current immigration regulations. Trump said the visa will be available "very, very soon." The government has not yet provided a specific launch date.Trump said last week that a new immigration program will enable American companies to hire elite Ivy League and other top university graduates."For instance, I receive calls from businesses looking to hire the top student at the institution. They come from India, China, Japan, and many other countries, and they attend Harvard, the Wharton School of Finance, and Yale," he stated. "These businesses can purchase a gold card and utilize it for hiring purposes," Trump stated. He said, "I happen to think it's going to sell like crazy," predicting high demand. It's a good deal.According to Trump, the US government could raise $5 trillion from the sale of one million of these gold cards, which would contribute in the reduction of the country's debt. The real number of people who could afford it, according to immigration experts, would be much smaller.
What is the difference between it and other golden visas?
Investor visas are widely used all around the world. Henley & Partners claims that more than 100 countries, including Dubai, New Zealand, and numerous European countries, provide such "golden visas" in an effort to draw in affluent people. Trump's proposed "gold card," which is open to investors who commit at least $5 million, has a much higher investment requirement than the bulk of existing golden visas. The US government's program is obviously aimed at extremely wealthy people; by contrast, the minimum investment level in Greece and Portugal is around $265,500. Rich immigrants will continue to be drawn to these affordable choices because of the advantages of the Mediterranean lifestyle. According to Armand Arton, CEO of Arton Capital, "it is impossible to overlook the pull factors of long-term security, favorable tax regimes, and access to the Schengen Zone."
