President of the United States, Donald Trump, announces the creation of the ‘Gold Card’, an immigration permit aimed at millionaires who wish to settle in the country and will enjoy the same privileges as permanent residents, who hold the well-known ‘green card.’
What Is the ‘Gold Card’?
The Gold Card is an immigration permit targeted at millionaires seeking to settle in the United States. This card will grant holders the same privileges as permanent residents, meaning those who hold the ‘green card’ or ‘Green Card.’
The main difference between these two immigration permits is that the well-known ‘green card’ requires an application process in which the applicant must belong to one of the following three groups:
- Citizenship status of a family member who could sponsor them.
- Application through an employer.
- Petition for refugee or asylee status.
On the other hand, the new ‘Gold Card’ requires a payment of $5 million, as the goal is to attract millionaires to the country.
Who Can Obtain the ‘Gold Card’?
The full requirements to obtain this document have not yet been disclosed; however, it is known that the main requirement to become a Gold Card holder is being able to pay the $5 million the document may cost.
This program aims to replace the EB-5 Investor Immigration Program, which allows investors, along with their families (children under 21), to obtain permanent residency in the United States.
Given this replacement, it is expected that the requirements will be related to the investment capacity offered by those interested in the card, since during the validity of the EB-5 Investor Immigration Program, the minimum investment was divided as follows:
- Invest at least $800,000 in targeted employment areas
- Invest at least $1,050,000 in non-targeted employment areas
- Invest in a commercial enterprise affiliated with a USCIS-approved regional center
What’s New About the Implementation of the ‘Gold Card’?
According to U.S. immigration law, practically all residency statuses can lead to citizenship, which is why the ‘Gold Card’ would not differ significantly from others.
David Hart, an immigration attorney with experience in structuring investments for the E-2 visa, who explained the details of the ‘Gold Card’ that would replace the EB-5 visa, spoke on W Radio and stated: “That’s nothing new; a person with the EB-5 or any residency has the option to seek citizenship if they have lived in the United States for five years, as long as they haven’t committed any crimes.”
Finally, he noted that the implementation of the ‘Gold Card’ cannot be done by executive order but must go through the U.S. Congress, as it would require a change in the law.
Image: WR
