Washington: The U.S. government has unveiled a new immigration scheme, the Golden Card, designed to attract international investors willing to pay a substantial sum in exchange for U.S. citizenship.
According to Pakistani local news, this program allows wealthy foreigners to secure U.S. citizenship with a $5 million investment. The initiative replaces the EB-5 visa, which has long faced allegations of fraud and abuse.
Trump’s Vision for the Golden Card
Speaking at the Oval Office, former U.S. President Donald Trump stated that this program would encourage foreign nationals to bring wealth, create jobs, and contribute to the economy through taxation.
He described it as a highly efficient investment-based immigration reform.
What is the Golden Card Program?
The Golden Card U.S. citizenship initiative offers high-net-worth individuals similar rights to a Green Card, eventually making them eligible for American citizenship.
Unlike the EB-5 visa, which required a minimum investment of $150,000, the Golden Card mandates a $5 million investment, ensuring that only ultra-wealthy individuals qualify.
Why Replace the EB-5 Visa?
Introduced in 1990, the EB-5 visa aimed to boost the U.S. economy through foreign investment and job creation. However, its reputation suffered due to corruption and misuse.
Trump’s Commerce Secretary, Howard Lutnick, dismissed the EB-5 visa as a flawed and fraudulent scheme, asserting that the Golden Card would be a transparent and effective alternative.
The administration believes that ending the EB-5 program will prevent further abuse while better serving America’s economic interests.
Key Features of the Golden Card Program
- Investment Requirement: Minimum $5 million, significantly higher than the EB-5 visa.
- Permanent Residency: Investors receive U.S. Green Cards, granting them the right to live and work in the U.S.
- Path to Citizenship: Qualified investors and their families can apply for U.S. citizenship.
- Full EB-5 Replacement: The Golden Card U.S. citizenship program will entirely replace the EB-5 visa, eliminating fraud concerns.
- Investment Requirement: Minimum $5 million, significantly higher than the EB-5 visa.
- Permanent Residency: Investors receive U.S. Green Cards, granting them the right to live and work in the U.S.
- Path to Citizenship: Qualified investors and their families can apply for U.S. citizenship.
- Full EB-5 Replacement: The Golden Card U.S. citizenship program will entirely replace the EB-5 visa, eliminating fraud concerns.
Who Qualifies for the Golden Card?
During a press conference, a journalist asked whether Russian oligarchs would qualify.
Trump responded,
Yes, possibly. I know some Russians who are great people.
Trump emphasized that having sufficient capital is the main eligibility criterion but did not clarify if job creation would be a requirement.
Golden Card Cost & Benefits
The Golden Card application fee is $5 million. Trump mentioned that further details will be revealed in two weeks, once the application process begins.
Currently, Green Card holders (including those under EB-5) must reside in the U.S. for five years before applying for citizenship. It remains unclear if Golden Card holders will follow the same timeline.
Concerns & Criticism
While the program is expected to attract global investors, critics question its impact on immigration transparency and national security.
Background: The EB-5 Visa & Its Limitations
Launched in 1990, the EB-5 visa initially allowed foreign nationals to obtain a Green Card by investing $1 million in a business creating 10 U.S. jobs.
However, due to long processing times, fraud allegations, and policy loopholes, many investors faced extended delays before securing permanent residency.
The Golden Card aims to eliminate inefficiencies and boost capital inflow into the U.S. economy.
With this new immigration initiative, the U.S. government is focusing on ultra-high-net-worth individuals, but concerns persist about its long-term impact on immigration policy.
