Trump Replaces EB-5 Visa with Costly 5 Million USD 'Gold Card' Visa

On Wednesday, US President Donald Trump announced that the EB-5 visa, an option which has been extremely popular among investors, will soon be replaced by a much more expensive option called a Gold Card visa. Also this new schema will give residency and citizenship to the investors willing to pay 5 million U. S. dollars (around Rs 43.7 crore), Trump said. This is a new way of legal immigration as the government tightens measures against illegal immigrants. He said this program would start in two weeks but implementation details remain unclear.

“We’re going to be putting a price on that card of about 5 million USD, and that’s going to give you green card privileges,” Trump said Tuesday in the Oval Office as he signed executive orders alongside Commerce Secretary Howard Lutnick. According to Lutnick, this could replace the place of the current EB-5 program, which permits foreign investors to get green cards by making a specific investment in a US company.

When asked if applicants would have to invest a specific amount in order to be eligible, Lutnick replied, "Yeah, exactly," but he also hinted that the money might be sent straight to the government.

“The president said rather than having this sort of ridiculous EB-5 programme, we’re going to end the EB-5 programme. We’re going to replace it with the Trump gold card,” he said. “They’ll be able to pay 5 million USD to the US government, not to skip vetting, of course. We’re going to make sure they are wonderful, world-class global citizens.They can come to America. The president can give them a green card, and they can invest in America. We can use that money to reduce our deficit,” he added.

EB-5 visa

The EB-5 employment-based visa provides an easy way to a green card. Indians' interest in the program has increased in recent years. In an interview with Business Standard, Akshat Gupta, director of business development at the US Immigration Fund (USIF), stated that many professionals, especially those who are already in the US, are thinking about EB-5 as a more secure, long-term option due to the uncertainty surrounding H-1B policies and long queues for green cards.