US President Donald Trump introduced a $1 million ‘Gold Card’ designed to provide immigrants a route to US citizenship. This card enables wealthy foreign nationals to get permanent residency by purchasing a Gold Card visa for $1 million. A premium ‘platinum’ option, priced at $5 million, is also being considered.
Elaborating on the Gold Card, Trump, at a roundtable in the White House, was quoted by PTI as saying, “It is a gift of getting somebody great coming into our country, because we think these will be some tremendous people that wouldn't be allowed to stay.”
He has claimed that the Gold Card is a “Green Card, but much better, much more powerful, a much stronger path, and a path is a big deal," the news portal noted.
As Trump's Gold Card reportedly seeks to replace the EB-5 visa programme, which is a route to secure a Green Card, here's a detailed comparison between the two programmes.
What is Trump's Gold Card?
The Trump Gold Card is a high-end residency programme that allows foreign applicants to obtain lawful permanent residence in the United States more quickly, provided they meet specific financial requirements and pass federal security checks.
An official government webpage states that approved applicants will obtain US residency “in record time” after fulfilling all eligibility requirements, including background checks by federal authorities.
What is the EB-5 visa programme?
The current EB-5 investor visa programme offers Green Cards to foreigners who commit to investing in US businesses.
US Citizenship and Immigration Services oversees the EB-5 Program, which allows investors, their spouses, and unmarried children under 21 to apply for a Green Card. To qualify, they must make the required investment in a US commercial enterprise and plan to create or preserve 10 full-time jobs for qualified US workers.
Congress established the EB-5 programme in 1990 with the aim to boost the US economy by creating jobs and encouraging foreign investment.
How is a Gold Card different from an EB-5 visa?
A Gold Card grants permanent legal residency upon payment of a $1 million fee. Conversely, EB-5 applicants must invest a specified amount in US businesses to qualify for US residence.
Shift in approach
The Gold Card moves away from the investment-and-job-creation approach. Instead of investing capital, applicants make a $1 million fee payment directly to the US Treasury.
Ways to apply
To obtain an EB-5 visa, applicants can start by submitting Form I-526, which is the initial petition. After approval, they can choose to adjust their status inside the US by filing Form I-485 or go through consular processing abroad by submitting Form DS-260. They will receive a conditional green card valid for two years.
Meanwhile, applicants interested in obtaining a Golden Card can apply via the programme’s official website, www.trumpcard.gov, by submitting personal information and paying the processing fee.
The site describes a multi-step application process that starts with submitting documents and vetting, then moves to final approval and paying the residency fee.
