The President of the United States, Donald Trump, has announced the creation of the “Gold Card,” a new residency program for high-net-worth investors that would replace the EB-5 visa.
This initiative aims to attract wealthy individuals by requiring them to pay a substantial sum to the U.S. government, granting them the right to live, work, and eventually obtain American citizenship.
What does the “Gold Card” consist of?
According to Trump, the “Gold Card” will be a premium alternative to the traditional Green Card. To qualify, applicants must pay $5 million to the U.S. government, without the need to invest in projects or create jobs, as was required under the EB-5 visa.
The program aims to attract high-net-worth individuals who will contribute significantly to the U.S. economy through spending and tax payments.
Additionally, the funds raised through this program are expected to help reduce the U.S. fiscal deficit, which currently exceeds $35 trillion.
What is the EB-5 visa, and why will it be replaced?
The EB-5 visa program, established in 1990, allowed foreign investors to obtain permanent residency in the U.S. in exchange for making a minimum investment of $800,000 in Targeted Employment Areas (TEA) or $1.05 million in other areas.
Additionally, the investment was required to create at least 10 full-time jobs for American workers.
However, the Trump administration has criticized the program, describing it as “riddled with fraud and misrepresentation.” Concerns have been raised that the source of funds was not always fully verified, and in some cases, investment projects did not generate the expected economic benefits.
Comparison with other Golden Visa programs
The concept of residency by investment is not exclusive to the U.S.; several European countries have implemented Golden Visa programs to attract foreign capital. Some of the most notable include:
- Portugal: The most common route is a €500,000 investment in funds, but there is also a “cultural way” available for €250,000.
- Spain: Requires an investment of €500,000 in real estate or €1 million in financial assets, though the program will end in April this year.
- Greece: The minimum investment is €250,000 for converting commercial real estate into residential use or for restoring protected buildings.
- Malta: Offers residency with investments starting at €375,000, depending on the chosen program.
In comparison, the U.S. “Gold Card” is significantly more expensive and does not require the applicant to make an investment in the country but rather to make a direct payment to the U.S. government.
While European programs focus on real estate investment or government bonds, Trump’s proposal offers direct access to residency with no intermediaries, provided the applicant has the necessary capital.
What impact could the “Gold Card” have?
While Trump claims this initiative will bring significant economic benefits to the country, the program has also faced criticism.
It remains to be seen whether Congress will approve this initiative. If implemented, the “Gold Card” would become one of the most expensive residency options in the world.
At AIM Global, we have a team of experts who can help you find the visa type or investment project that best suits your needs and investor profile.
Whether you want to take advantage of the EB-5 visa while it is still available or explore other residency options in the U.S. or Europe, schedule a free consultation with us. We help turn your plans into reality.
