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The Trump Gold Card introduction, worth $5 million, sparked speculation about the status of the EB-5 visa program. Foreign investors are concerned about the potential termination of the EB-5 Visa following the introduction of the gold card. Will the EB-5 visa end, remains their biggest worry.
At President Trump’s first cabinet meeting, Commerce Secretary Howard Lutnick ended rumors regarding the EB-5 visa. Howard said that they are going to modify and redesign the EB-5 model. For $5 million, foreigners get a license from the Department of Commerce, and then they make a proper investment in the EB-5 visa program.
Trump Gold Card is being called as Gold Green card by the Trump administration as it can be used as a pathway to get US citizenship. $5 million will be a direct payment to the US government, unlike EB-5 which requires capital to be invested in the US economy.
Lutnick was critical about the EB-5 program in the current state. He said that the millions of dollars invested in American projects under the EB-5 visa program are often suspect and that oversight into them. It was poorly overseen, poorly executed and millions of people came in through this program.
2,50,000 are waiting for EB-5 visa, while if only 2,00,000 wealthy individuals buy GC with yield 1 trillion dollars for America, informed Lutnick.
Unlike the EB-5 visa, they will not be mandated to meet the job creation requirement, Trump answered to a media query.
President Donald Trump announced that the US government will soon launch a Gold Card. The EB-5 immigrant investor visa program was considered to be replaced with the ‘Gold Card’ for foreigners who are willing to make an investment of $5 million into the American economy.
The EB-5 visa program offers investors a two-year conditional green card in exchange for capital investment in a specific employment area and the creation of US jobs.
The EB-5 visa requires one to invest $800,000 in a Targeted Employment Area or $1,050,000 in other areas and meet the condition of the job creation. EB-5 visa investors can either invest directly or invest through Regional Centres.
Trump’s Gold Card targets ultra-rich foreigners with a five-fold investment threshold, aiming to attract them to the US Green Card program, which offers permanent residency and U.S. citizenship.
Earlier, during the Gold Card announcement, Commerce Secretary Howard Lutnick, referring it as the ‘Trump Gold Card’ had said, “EB-5 program was full of nonsense, make-believe and fraud and a way to get a green card which was low priced. So, rather than having this ridiculous EB-5 program, we are going to end this EB-5 program and replace it with Trump’s gold card.”
Trump claims that the gold card, a green card, is lawful and doesn’t require congressional approval, unlike full citizenship. Trump’s Gold Card could potentially cover the $35 trillion US deficit, with a million cards generating $5 trillion and 10 million cards collecting $50 trillion for the Trump administration.
EB-5 is authorized until September 30, 2027, with protection for investors under current law and it cannot be unilaterally eliminated without congressional approval.
Till the Gold Card details, eligibility, requirements and features are not made public, not much will be known about them. As of now, no Gold Card bill has been introduced in the Congress.
Source: https://www.financialexpress.com/business/investing-abroad-eb-5-visa-program-to-be-modified-and-re-designed-on-introduction-of-5-million-gold-card-3775146/
