Trump announces new 'Gold Card' visa for investors
The United States will introduce a new type of investor visa, the "Gold Card," which will offer permanent residency and a fast track to citizenship in exchange for a $5 million contribution.
The announcement was made on Tuesday by President Donald Trump during a press conference in the Oval Office, as reported by AP.
"Those who obtain the card will be successful individuals who will spend large sums of money, pay significant taxes, and create jobs. We believe it will be an incredibly successful program," said Trump.
Commerce Secretary Howard Lutnick clarified that the "Trump Gold Card" will replace the EB-5 visa program, introduced in 1990, which provided residency to foreign investors who contributed at least $1 million to a company employing at least 10 people. The new program will raise the minimum investment and eliminate the risks of fraud and the lack of transparency that plagued the EB-5 program, according to officials.
Trump suggested that there would be no strict job creation requirements, noting that the government could even sell as many as 10 million "Gold Cards" to help reduce the budget deficit. "It could be great, maybe even fantastic," the president said.
The program will not require Congressional approval and will offer benefits similar to those of a Green Card, but with "a higher level of sophistication," Trump explained. In addition, companies would sponsor international talent by purchasing these cards for their employees.
Worldwide, more than 100 countries, including the United Kingdom, Spain, Greece, Australia, and Canada, offer similar "Golden Visa" programs to attract foreign investment.
Translation by Iurie Tataru
