The President of the United States, Donald Trump, has announced the introduction of a new "Golden Card" for permanent residency for foreigners who are willing to invest five million dollars in the country.
This program aims to attract wealthy individuals who can contribute to the U.S. economy through investments, job creation, and tax payments.
During a press conference at the White House, Trump explained that the "Golden Card" will offer privileges equivalent to those of a "Green Card", including a pathway to U.S. citizenship.
However, he emphasized that, although this permit facilitates permanent residency, it does not imply the direct purchase of citizenship.
The president mentioned that he knows "some Russian oligarchs who are very pleasant people" who could benefit from this program, The New York Post reported.
This new scheme will replace the current EB-5 program, which granted "Green Cards" to foreigners who invested between $900,000 and $1.8 million in projects that created at least ten jobs in the United States.
The Secretary of Commerce, Howard Lutnick, stated that the EB-5 program will be discontinued due to issues of fraud and mismanagement, and that the "Golden Card" will be implemented in approximately two weeks. The official did not provide evidence to support his initial comments.
The Trump administration anticipates that this program will attract companies interested in bringing highly skilled professionals to the country, and estimates the sale of up to one million "Golden Cards".
The funds raised will be allocated to reducing the national budget deficit. However, the legal feasibility of modifying or eliminating the EB-5 program without Congressional approval remains uncertain.
This announcement has generated various reactions, particularly in the context of the immigration policies of the Trump administration.
While some business sectors view the initiative positively for its potential to stimulate the economy, others criticize that it favors the wealthiest in immigration processes
This measure stands in stark contrast to Trump’s immigration policies following his return to the White House on January 20, characterized by a restrictive approach to immigration.
For example, new powers were granted to the Immigration and Customs Enforcement (ICE) to expedite the deportation of immigrants who entered the country under programs like humanitarian "parole" and CBP One, implemented during the previous administration.
In addition, the immigration processes for thousands of beneficiaries of programs such as humanitarian "parole" and family reunification have been suspended, affecting nationals from Latin America and Ukraine who had legally entered the country and were awaiting to regularize their status.
Frequently Asked Questions about the "Golden Card" of residence in the U.S.
What is the "Golden Card" announced by Donald Trump?
The "Golden Card" is a new permanent residency program in the U.S. for foreigners who invest five million dollars in the country. This program aims to attract wealthy individuals who can contribute to the U.S. economy, replacing the EB-5 program that offered Green Cards in exchange for smaller investments. This change is expected to boost the economy by increasing investments, generating jobs, and paying taxes.
What is the difference between the "Golden Card" and U.S. citizenship?
The "Golden Card" offers permanent residency similar to a Green Card, but it is not a direct purchase of U.S. citizenship. While it facilitates residency in the U.S. and provides a pathway to citizenship, the program does not automatically grant citizenship status. Beneficiaries still must meet the legal and time requirements established to apply for citizenship.
What are the reasons for replacing the EB-5 program with the "Golden Card"?
The EB-5 program is being replaced by the "Golden Card" due to issues of fraud and mismanagement. According to Commerce Secretary Howard Lutnick, these problems justify the need for a new scheme that is safer and more efficient, while also generating higher revenues to reduce the national budget deficit.
How are immigration policies affected by this new measure?
The introduction of the "Golden Card" contrasts with the restrictive immigration policies of the Trump administration towards less affluent immigrants. While the "Golden Card" favors individuals with significant financial resources, other measures taken by Trump have tightened regulations for immigrants who entered the country through humanitarian programs, increasing deportations and halting immigration processes for thousands of beneficiaries.
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