Gold Card VS Green Card: How Are They Different And Who Will Qualify For Gold Card?

U.S. President Donald Trump recently announced a revolutionary change in immigration policy with the introduction of the Gold Card, a new residency program priced at $5 million. This proposed visa will replace the existing EB-5 Immigrant Investor Program, which currently offers a Green Card to foreign investors.

What is the Gold Card?

The Gold Card offers an alternative route to U.S. residency, allowing wealthy individuals to obtain residency through direct purchase, unlike the EB-5 program, which requires investment in U.S. businesses and job creation.

Trump described the Gold Card as providing the same benefits as a Green Card, but with a faster and more accessible application process. The Gold Card could potentially streamline immigration for the affluent and allow them to bypass the traditional process of job creation and long wait times.

Green Card vs Gold Card: The Key Differences

1. Green Card:
   The Green Card offers permanent U.S. residency typically through employment, family sponsorship, or investment in U.S. businesses (like the EB-5 program). To qualify, investors must meet specific requirements, such as creating jobs and making significant investments in U.S. projects.
2. Gold Card:
   The Gold Card, proposed by Trump, offers the same residency benefits as a Green Card, but applicants can directly purchase it for $5 million, bypassing the need for job creation and long-term investments. This program is aimed at wealthy individuals looking for an expedited path to U.S. residency.

Trump’s Plan: Revenue Generation and National Debt Reduction

Trump’s Gold Card proposal is not just about immigration reform. He also views it as a means to generate significant revenue for the U.S. government and reduce national debt. Trump has suggested that selling up to 10 million Gold Cards could raise billions of dollars.

Trump stated, “These wealthy individuals will spend money, pay taxes, and create jobs, leading to a boost in the economy and contributing to the reduction of national debt.”

Why Replace the EB-5 Green Card Program?

The EB-5 program, established in 1992, allows foreign investors to gain a Green Card by investing a minimum of $1.05 million (or $800,000 in distressed areas) in U.S. businesses. While the program has funded several major projects, including some linked to Trump’s family, it has faced criticism for potential misuse and fraud.

During his first term, Trump attempted to increase the EB-5 investment threshold to $1.8 million, though the move was blocked by a judge in 2021. The Biden administration subsequently renewed the program in 2022 with the original investment thresholds of $1.05 million/$800,000.

Trump’s Gold Card program aims to reduce fraud and simplify the process, offering a more direct and transparent option for wealthy investors.

Who Will Qualify for the Gold Card?

Trump’s Gold Card proposal raises questions about who will qualify for the new residency permit. The plan is designed for wealthy individuals who can afford the $5 million price tag. When asked whether Russian nationals would be eligible, Trump responded, “Yeah, possibly. I know some Russian oligarchs who are very nice people.”

The program is expected to attract investors from around the globe, providing a straightforward option for those seeking U.S. residency without the complexities of traditional immigration paths.

U.S. Government’s Position on the Gold Card

Commerce Secretary Howard Lutnick confirmed that the Gold Card will officially replace the EB-5 program in two weeks. The program, according to Lutnick, will help eliminate fraud while streamlining the investment process. “It’s somewhat like a Green Card, but at a higher level of sophistication. It’s a path to citizenship for wealthy individuals and talented people,” he stated.

Gold Card and the Global “Golden Visa” Trend

The concept of investor visas, or Golden Visas, is not new. More than 100 countries, including the U.S., the U.K., Spain, Greece, Malta, Australia, Canada, and Italy, offer similar programs that allow wealthy individuals to buy residency or citizenship.

Trump’s Gold Card program follows this global trend, but with a distinctive focus on revenue generation. The U.S. government could sell up to 10 million Gold Cards, potentially transforming the immigration landscape.

Final Thoughts and What to Expect

As the Gold Card proposal takes shape, many details are still awaiting clarification. Trump has stated that the program won’t require congressional approval and expects official guidelines to be released within two weeks. The new residency system is poised to bring about significant changes to U.S. immigration policy, making it more accessible to the wealthiest individuals around the world.

ALSO READ: Groom Garlands the Wrong Woman, What Happened Next?