Egypt Daily News – US President Donald Trump said on Wednesday that he plans to introduce a $5 million “Golden Card” visa, which would provide a pathway to citizenship, replacing the investor visa that has been in place for 35 years.
Trump said in the Oval Office: “They will be wealthy and successful, they will spend a lot of money, pay a lot of taxes, and employ many people. We believe this will be very successful.”
For his part, U.S. Commerce Secretary Howard Lutnick stated that the “Trump Golden Card” will replace the EB-5 visas within two weeks.
The EB-5 visa program was introduced by Congress in 1990 to attract foreign investments. It is available to individuals who invest approximately $1 million in a business that employs at least 10 people. It is among the clearest routes to get US permanent residency as it enables a non-US person to secure a green card through investment. Months after Donald Trump ended US-birth right citizenship policy, EB-5 visa program emerged as a favourable option for a large number of Indians, especially H-1B visa holders.
Lutnick added that the Golden Card, which will essentially be a permanent residency card (“Green Card”), will increase the cost of investor visas while eliminating fraud and “abuse” that he claimed existed under the EB-5 program. Like other Green Cards, this visa will provide a pathway to citizenship.
