US President Donald Trump has announced plans for a $5 million (£3.9 million) "gold card" visa, offering wealthy individuals a pathway to permanent residency and eventual citizenship in the United States.

Speaking at his first cabinet meeting of the term, Trump described the initiative as a premium alternative to green cards, which grant immigrants the right to live and work in the US. However, he emphasized that this new visa would be reserved for "high-level people."

"Those who can pay $5 million will create jobs," Trump stated. "This will sell like crazy. It’s a bargain."

Commerce Secretary Howard Lutnick, who was also present, indicated that the new visa would replace the existing EB-5 investor visa program but did not provide specific details.

Several countries, including Portugal, already offer similar investment-based residency programs. Portugal’s "golden visa," for example, grants permanent residency to foreigners who invest at least €500,000 ($524,000) in a qualifying fund.

Trump suggested that the program could benefit businesses by allowing them to hire skilled foreign workers and proposed using the revenue to reduce national debt.

Currently, US green card holders can apply for citizenship after five years. Under the EB-5 program, foreign investors who commit around $1 million and create at least ten full-time jobs are granted permanent residency.

Lutnick criticized the EB-5 scheme as "poorly managed and executed," asserting that the new visa would be a superior alternative.

"We will ensure these individuals are top-tier global citizens," he said.

However, key details remain unclear, including selection criteria, potential exclusions, or limits on the number of visas to be issued.

During the 2024 fiscal year, the State Department issued over 12,000 EB-5 visas, marking a record high for the program.

Source: BBC

BDST: 0954 HRS, FEB 27, 202
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