US President Donald Trump has proposed a new “gold card” residency permit system, priced at $5 million, as an alternative to the existing green card system. The initiative is set to launch in two weeks and aims to replace the EB-5 immigrant investor visa programme.
Under the new system, wealthy individuals will be able to purchase a “gold card” for $5 million, granting them residency rights with the potential to become American citizens. This would offer similar benefits to green cards, but with a faster-track process for applicants willing to pay the higher price.
The proposed system is expected to generate significant revenue and help reduce the national debt. Trump predicts strong interest from wealthy individuals, including Russian oligarchs, who may be eligible for the gold card under the new programme.
However, critics argue that replacing the existing green card system with a more expensive alternative could lead to abuse and misuse. The EB-5 programme has faced criticism in the past, despite generating billions of dollars for US projects. Trump’s plan would increase the minimum investment requirement from $1.05 million to $5 million.
The details of the gold card programme will be released in two weeks.
Source: https://www.ndtv.com/world-news/donald-trump-to-replace-green-card-with-gold-card-for-wealthy-immigrants-how-is-it-different-7796909