Key Differences Between Gold and Green Cards in the New Residency Permit Plan
The EB-5 Immigrant Investor Program grants green cards to foreign investors that invest in US businesses, and who make or keep jobs.
Key Differences Between Gold and Green Cards in the New Residency Permit Plan
US president Donald Trump has proposed a new “gold card" residency permit which is priced at $5 million in lieu of the current green-card system. The plan, which is scheduled to go live in the next about two weeks time, will be likely to replace the EB-5 visa for investors who are immigrants.
How It Differs From Green Card
In the present, the EB-5 Investor Program grants green cards to foreign investors investing in US companies and help create or maintain jobs. Trump will replace the programme by introducing the newly created "gold card" system, that, he claims will grant similar rights to residents, but will include an option to purchase directly for individuals with high wealth.
"It's going to give you green card privileges plus a route to American citizenship," Trump declared.
Green Card vs Gold Card
Green CardGrants Permanent residency within the US usually through family sponsorship, employment or through investment (via the EB-5).
Gold CardOffers identical residency advantages, but at a five million price. It also allows fast-tracking the process for those with wealthy families.
Trump's Plan
Trump said the program could bring in significant revenues and assist in paying down the nation's debt. He proposed selling a million gold cards with a strong expectation of demand from wealthy people.
Why Replace Green Card
The EB-5 program, established through Congress in the year 1992 permits foreigners to invest $1.05 million (or $800,000 in economically disadvantaged regions) into US projects in order to get the right to a green card. Although the program has assisted in finance projects - even those that are linked to the Trump family, it has also come under fire for its misuse.
In his first term, Trump attempted to raise the minimum investment level to $1.8 million however, a judge reversed the decision in 2021. The Biden administration then decided to set the current investment level at $1.05 million/$800,000. It revived the scheme in 2022.
