Trump Proposes "Gold Card" Visa for Wealthy Investors
1min read In a move that echoes controversial citizenship-by-investment programs in Europe, the Trump administration has proposed a new "gold card" visa plan that would grant permanent residency to wealthy foreign investors. The proposal, outlined in a draft executive order, aims to attract high-net-worth individuals by offering them a fast track to U.S. citizenship in exchange for significant investments.
The plan, which has been criticized by transparency advocates, mirrors schemes in countries like Malta and Cyprus, where wealthy individuals can purchase citizenship or residency in exchange for a substantial financial contribution. These programs have been criticized for their lack of transparency and potential for abuse, with some individuals using them to launder money or evade taxes.
The Trump administration's proposal would establish a new "EB-6" visa category for wealthy investors, who would be required to invest at least $1 million in U.S. businesses or real estate. In exchange, they would receive a 10-year renewable residency visa, with a path to permanent residency and eventual citizenship. The plan also includes provisions to attract wealthy entrepreneurs, who would be eligible for a similar visa if they create a certain number of jobs or generate a significant amount of revenue.
Critics of the plan argue that it could lead to the same sorts of abuses seen in Europe, with wealthy individuals using the program to gain access to the U.S. without proper vetting. They also raise concerns about the potential for money laundering and tax evasion, as well as the impact on U.S. workers and businesses.
Supporters of the plan, however, argue that it would bring in much-needed investment and create jobs. They also point out that the U.S. already has a similar program, the EB-5 visa, which grants residency to foreign investors in exchange for a $500,000 investment in a targeted employment area or $1 million elsewhere.
The EB-5 program has been criticized for its own shortcomings, with some investors using it to launder money or evade taxes. However, the Trump administration's proposal goes further by offering a path to citizenship and a lower investment threshold for some entrepreneurs.
The future of the "gold card" visa plan remains uncertain, as it has not yet been formally proposed or debated in Congress. However, the debate over the program highlights the broader issue of citizenship-by-investment programs and their potential for abuse. As the U.S. considers expanding its own program, 