President Donald Trump has announced a visa program called “Gold Card” for foreign investors seeking permanent residency in the United States, and ultimately American citizenship.
“We are going to be selling a Gold Card,” Trump said on Tuesday. “We are going to be putting a price on that card of about $5 million. It’s going to give you Green Card privileges, plus it’s going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” he said.
Trump said the sale of the cards will begin in about two weeks and suggested millions of such cards could be sold.
Asked whether he would consider selling the cards to Russian oligarchs, Trump responded: “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Shift in U.S. immigration policy
The new programme could mark a dramatic shift in U.S. immigration policy but isn’t unprecedented elsewhere. Countries in Europe and elsewhere offer what has become known as “golden visas” that allow participants to pay to secure immigration status in desirable places.
Congress, meanwhile, determines qualifications U.S. for citizenship, but the president said “gold cards” would not require congressional approval.
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Mr. Trump said of future possible recipients of the gold visa program: “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, and we think it’s going to be extremely successful.”
Henley & Partners, an advisory firm, says more than 100 countries around the world offer “golden visas” to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.
“Companies can buy gold cards and, in exchange, get those visas to hire new employees,” Mr. Trump said. Despite similar programmes already occurring outside the U.S., he insisted, “No other country can do this because people don’t want to go to other countries. They want to come here.”
“Everybody wants to come here, especially since Nov. 5,” he said of his Election Day victory last fall.
A pathway to citizenship as part of the new program also would set it apart from the EB-5 program. Mr. Trump said vetting people who might be eligible for the gold card will “go through a process” that is still being worked out.
Not much restrictions based on nationality
Pressed on if there would be restrictions on people from China or Iran not being allowed to participate, Mr. Trump suggested it will likely not “be restricted to much in terms of countries, but maybe in terms of individuals.”
About 8,000 people obtained investor visas in the 12-month period ending September 30, 2022, according to the Homeland Security Department’s most recent Yearbook of Immigration Statistics.
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The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally. Then-President Joe Biden signed a 2022 law bringing big changes to the EB-5 program, including steps meant to investigate and sanction individuals or entities engaged in fraud as part of it — meant to curb some of those risks.
Mr. Trump offered few details on how the new program might work, including making no mention of existing EB-5 requirements for job creation. While the number of EB-5 visas is capped, meanwhile, the Republican president mused that the federal government could sell 10 million “gold cards” to reduce the deficit. He said it “could be great, maybe it will be fantastic.”
“It’s somewhat like a green card, but at a higher level of sophistication,” the president said. “It’s a road to citizenship for people — and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country.”
