DONALD Trump has proposed offering a “Gold Card” visa to bring the world’s elite to the US, setting them back $5million for the VIP ticket.
The immigration program has the potential to provide oligarchs escaping dictator Putin with a way to enter the United States. Here is an outline of how this unique pass will function.
Trump sensationally announced the VIP visa could start in as little as two weeks and dubbed this new visa the “gold card”.
This special opportunity also includes a pathway to acquiring citizenship for wealthy international entrepreneurs, as described by Trump as similar to a green card but with more complexity.
Trump told reporters in The White House: “You have a green card, this is a gold card.”
He also emphasised that this route will be open to investors planning to create jobs for Americans.
Trump added: “Wealthy people will be coming into our country by buying this card.
“They’ll be wealthy and they’ll be successful and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people.”
Who will qualify for the gold visa?
Trump revealed this route was for people “of wealth or people of great talent”.
He also announced this program will be a way to bring in investors who will build companies and provide jobs.
Although no exact criteria for job creation were mentioned, Trump emphasized that applicants will undergo screening to confirm they are exceptional, high-caliber global individuals.
Trump did not confirm if there will be a cap on the number of gold visas handed out but he suggested around one million could be sold to generate money for the government.
He added that more details about the big money visa will be revealed in two weeks.
How much will the visa cost and what will people get for that money?
This new visa will set the wealthy back around $5million per application.
The program will not give buyers American citizenship straight away.
Gold visa recipients will be lawful residents of the US and will have the right to work towards citizenship.
Typical green card holders must spend five years in the US before they can apply for a US passport.
It is not clear if this timeline will be different for Trump’s new visa holders.
Has the US previously had a similar visa?
EB-5 visas are open to foreign nationals who invest $1million in an American business that employs at least 10 people.
This path, which was introduced in 1990, gave these rich internationals green cards and the eventual route to citizenship.
The EB-5 has a limit of 10,000 visas per year for people who “make the necessary investment in a commercial enterprise in the United States”.
Howard Lutnick, Secretary of Commerce, explained that the Trump administration intends to end the EB-5 Immigrant Investor Program and “replace it with the Trump gold card.”
He described the EB-5 program as “full of nonsense, make-believe and fraud,” adding, “It was a way to get a green card that was low priced.”
How does the US visa system work?
The US currently offers a range of visas for foreigners who want to live and work in the country, each with its own set of requirements and limitations.
Broadly, visas fall into two categories: non-immigrant visas, which are temporary and typically issued for work, study, or tourism, and immigrant visas, which provide a pathway to permanent residency (a Green Card).
For those seeking long-term residency, the Green Card application process can be rigorous and time-consuming, often taking years.
Some applicants obtain Green Cards through family sponsorship, employer sponsorship, or humanitarian programs such as refugee or asylum status.
Others may qualify through investment-based programs like the EB-5 visa, which allows individuals to apply for permanent residency if they invest a significant amount of money in a US business and create jobs.
Nonimmigrant visas, on the other hand, include work-based visas such as the H-1B for skilled workers, L-1 for intra-company transfers, and O-1 for individuals with extraordinary abilities.
Many of these visas have strict eligibility criteria and annual caps, making them highly competitive.
The complexity and length of the US immigration process mean that many foreign nationals face long wait times and significant legal hurdles before securing the right to live and work in the country permanently.
What controversy has surrounded the new gold visa?
Trump did not rule against Russian oligarchs possibly benefiting from this new visa.
He explained that any of these Putin escapees would be vetted and could pass if they are “global citizens”.
Trump said: “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
This golden ticket to the US has been a sharp contrast to Trump’s mass deportation flights for “criminals” and “illegals” in the US.
Seven countries so far have agreed to take back deportees just weeks after Trump reentered The White House.
These nations include India, Honduras, Venezuela, Colombia, Peru, Ecuador, El Salvador, and Guatemala.
