Trump launches 'gold card' scheme, touting faster US citizenship for $1 million; here's how it works
Congress introduced the EB-5 visa program in 1990 to attract foreign capital, allowing applicants to qualify by investing roughly USD 1 million in a business that would create at least 10 jobs. The new initiative is intended to replace the older program.
US President Donald Trump on Wednesday announced that his much-anticipated "gold card" was officially launched. Under this scheme, a person can gain legal status and eventually US citizenship by paying $1 million. Companies can do the same for their foreign employees by paying $2 million per worker.
Trump launched this programme at the White House in the presence of several business leaders. The US President was excited to launch the scheme as it offers more advantages over a green card. He said it was a gift for people who wanted to work in companies based in the US.
"Very excitingly for me and for the country, we've just launched the Trump Gold Card. The site goes up in about 30 minutes, and all funds go to the United States government... It's somewhat like a green card, but with big advantages over a green card. Companies will be able to go to any school, buy a card, and keep that person in the United States... It's a gift to get somebody great coming into our country, because we think there will be some tremendous people who otherwise wouldn't have been allowed to stay,” Trump said.
Move to generate revenue for US, says Trump
Trump said that several companies would welcome this move, adding that it would also generate additional revenue for the nation’s treasury.
“They graduate from college, they have to go back to India or China or France... The companies will be very happy. I know Apple is going to be happy. Nobody talked to me more about it than Tim Cook. He said it's a real problem. And it's not going to be a problem anymore... The other thing is it'll take in, we think, probably billions of dollars that will go to the Treasury of the United States... Many billions of dollars, even,” he added.
New initiative to replace EB-5 visa program
Notably, Congress introduced the EB-5 visa program in 1990 to attract foreign capital, allowing applicants to qualify by investing roughly USD 1 million in a business that would create at least 10 jobs. The new initiative is intended to replace the older program.
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