Latest news with #ImmigrantInvestorProgram
Gulf Insider
3 days ago
- Business
- Gulf Insider
Lutnick: Nearly 70,000 Sign Up for $5M ‘Trump Card' Visa
Nearly 70,000 people have signed up for the 'Trump Card,' a proposed U.S. visa program that would offer legal residency to foreign nationals willing to pay a $5 million fee to the United States, according to Commerce Secretary Howard Lutnick. Lutnick, who's spearheading the initiative, told the Financial Times on June 17 that 68,703 individuals—and counting—had joined the waiting list via a website launched just a week ago. The Trump Card, which he said 'will be made of gold,' prominently features President Donald Trump's image and the $5 million initiative is being pitched as a dual-purpose policy: a strategy to attract high-net-worth business leaders who would live in the United States, create jobs, and pay taxes, and a revenue-generating tool to help reduce the nation's nearly $37 trillion debt. '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, and we think it's going to be extremely successful,' Trump said in February when he first announced the plan. Lutnick has suggested that the Trump Card could eventually replace the existing EB-5 Immigrant Investor Program, which allows foreigners to apply for a green card by investing at least $1.05 million—or $800,000 in designated high-unemployment or rural areas—and creating at least 10 full-time U.S. jobs. Aaron Grau, executive director of Invest in the USA (IIUSA), a trade association representing EB-5 stakeholders, described EB-5 as a 'proven model' for how targeted immigration policies can strengthen the U.S. economy. Click here to read more Also read: Trump Admin Considers Expanding Travel Restrictions To 36 Additional Countries
Time of India
12-06-2025
- Business
- Time of India
Trump teases 'Gold card' for US residency again as skepticism mounts
TOI correspondent from Washington: MAGA supremo Donald Trump once again teased the imminent arrival of "Trump GoldCard," with his minions claiming millions of foreigners are waiting to fork out $5 million each to buy American residency and a path to citizenship. Almost 15 weeks after he announced the new visa program would be rolled out in two weeks, Trump unveiled a sketchy website that merely said that "The Trump Card is Coming" and asked those interested to "Enter your information below to be notified the moment access opens." There was no date and no details of the program. Patchy details previously announced by the administration said the program, intended to replace the existing EB-5 Immigrant Investor Program, is aimed at granting permanent US residency and a "potential path" to citizenship for wealthy foreigners with a "gold car" on payment of $5 million. Unlike the EB-5 program, which requires investments in job-creating businesses, the Gold Card, now dubbed "Trump Card" appears to involve a straightforward $5 million payment without specific job creation requirements Trump and his lackeys have thrown out fantastic numbers, talking up the prospect of attracting more than 1 million foreigners paying $5 million each to generate $5 trillion, a sum that could pay down the country's mounting debt that now stands at $36 trillion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo While MAGA diehards seem resentful of US citizenship sold in such a crass manner to foreigners, others are fantasizing about millions of foreigners paying off the US debt and creating a surplus. US Commerce Secretary Howard Lutnick claimed in March that he had "sold" 1,000 cards (in the yet to be rolled out program), generating $5 billion, and that Elon Musk "is building the software right now" for the application process. But there is widespread skepticism, about both the legitimacy of the programs and the tall numbers, with some experts estimating that only 20,000–30,000 non-American centimillionaires (with a net worth of $100 million and above) globally could afford the $5 million fee, far below the 1 million targeted by Trump. There is a ceiling of 10,000 visas annually for the existing EB-5 program and even that, requiring an investment of only around 1 million, is not filled in some years. Trump has announced that there will be no ceiling on the so-called Gold Card. In further sweeteners to 'wealthy and successful' individuals Trump hopes to attract to the US from across the world, he has said they would not be required to pay taxes on their global income. US lawmakers, including some Republicans, are also in a wait and watch, arguing that creating a new visa category requires congressional legislation, a power reserved for Congress under the Immigration and Nationality Act. The executive branch, they maintain, cannot unilaterally grant permanent residency or alter tax laws for foreigners. MAGA diehards have more fundamental concerns -- about a US overrun by wealthy foreigners replacing poor immigrants.
Yahoo
07-03-2025
- Business
- Yahoo
Trump's immigration golden ticket not on the cards soon: experts
Donald Trump has boasted of selling US residency to wealthy foreigners through an around $5 million "Gold Card" from as early as March, but immigration experts say the planned visa cannot be created without Congress. "We have it all worked out from a legal standpoint," the US president declared last month, assuring the new card would be on the market two weeks later. It "goes on sale very, very soon", he then told Congress Tuesday. While his administration has "significant authority" to manage existing visa programmes, creating a new visa category "would require an act of Congress", Migration Policy Institute communications director Michelle Mittelstadt told AFP. - Not without Congress - A similar programme to the "Gold Card" already exists in the United States. Created in 1990 to stimulate the economy, the EB-5 Immigrant Investor Program offered a permanent residency card -- better known as the Green Card -- provided they invest enough capital in an American business. Other conditions include creating or preserving at least 10 permanent jobs reserved for American employees. In the United States, permanent residents can usually apply for naturalisation after five years. Some 8,000 people were issued a EB-5 visa in 2022, according to Mittelstadt. "We're going to replace it with the Trump gold card," Commerce Secretary Howard Lutnick said. The EB-5, he said, "was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low price". However, "an existing program established by Congress and set in the law cannot be unilaterally changed this drastically simply by the executive branch. It would not be legal," said Sharvari Dalal-Dheini, Director of Government Relations for the American Immigration Lawyers Association. The US Constitution explicitly grants Congress the power to legislate on immigration under Section 8 of Article 1. Trump claims that the United States could "sell maybe a million of these cards" to reduce the country's debt. But "current law only authorises up to 10,000 EB-5 visas annually", Dalal-Dheini said. To change the quota, the backing of Congress would be essential. - Long legislative process - "It is highly unlikely that that the program could begin this month," Mittelstadt said. Even with a Republican majority in both chambers of Congress, "it is likely that this type of legislation would require more than a simple majority to pass it," Dalal-Dheini said. The legislative process could "take weeks if not months, or may never come to be". It remains unclear what level of support the changes even has in Congress, she added. "There are some pockets of resistance, even in conservative circles, to the idea of selling US citizenship," Mittelstadt said. If Congress approved the new visa, it would still require "a significant period of time" for the country's immigration services to develop the necessary guidance and materials to launch the programme, she added. ecb/ico/asm/giv/sbk
Yahoo
28-02-2025
- Business
- Yahoo
Can a 'gold card' program visa spur investment in the U.S. economy?
NEW YORK (AP) — President Donald Trump is planning a 'gold card' visa with a potential pathway to U.S. citizenship for $5 million. The program would replace an existing program that offers U.S. visas to investors who spend about $1 million on a company that employs at least 10 people. And it echoes similar 'golden visa ' programs in countries such as Canada, New Zealand, Malta and others that have allowed participants to pay a fee or make an investment in order to secure a pathway to residency in desirable places. 'Golden visa' programs all have different frameworks and paths to permanent residency and have had mixed results in spurring investment in a country's economy. Who will qualify for a 'gold card'? Commerce Secretary Howard Lutnick has said Trump's gold card would replace an existing program in two weeks, so details about who would qualify and what the application process would look like should be available before then. For now, all Trump has said is they will cost $5 million. Of recipients, he said, '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, and we think it's going to be extremely successful.' He added that companies, not just individuals, ' will be able to buy gold cards. ' What does the U.S. already offer? Congress created a program called EB-5 Immigrant Investor Program in 1990 to create jobs and encourage foreign investment. Under that program, investors who spent about $1 million on a company that employs at least 10 people can qualify for a visa and a pathway to permanent residency. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. What do other countries offer? Henley & Partners, which advises both governments and people on residence or citizenship by investment programs, says more than 100 countries around the world offer or have offered 'golden visas' to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy, although some countries have tightened their restrictions or ended programs. Under different programs in different countries, requirements include buying a house, making a financial investment or creating a certain number of jobs. Basil Mohr-Elzeki, managing partner Henley & Partners North America, said the programs often help countries meet investment goals. But they don't always last. Spain's government scrapped its program to allow people from outside the European Union to obtain residency permits if they invested more than half a million euros ($520,000) in real estate. The program was criticized for causing soaring housing prices. The U.K. ended its program in 2022 over security concerns. Will Trump's 'gold visa' program be effective in spurring U.S. investment? Mohr-Elzeki of Henley & Partners said despite the high price tag, there may be an appetite for the program, but it remains to be seen what the parameters are. 'We don't have that much information aside from the investment threshold and the intention,' he said. But generally these kind of programs can help countries meet investment goals, depending on the goal, he said. 'We do think that there will be significant demand in this program,' he said. 'We are just waiting on on the details of what frameworks that they're going to be outlining.' The key to whether it will be a success or not will less likely be the $5 million investment threshold and more to do with the process. 'Typically speaking, the lower the residency requirements, the more popular the program as those wealthy individuals globally, they like options,' he said. 'So they may be investing in the United States, but they may invest elsewhere as well — to have access to live in the States, access to live in Europe, access to live in the UAE. So all of these come into play. ' What comes next? If the new program replaces the existing EB-5 program in two weeks, there are questions over what will happen to people in the existing program. Typically those people get grandfathered in to the new program but there's a possibility they might not be, said Mohr-Elzeki. In 2022, Congress extended the EB-5 program until 2027, so Congressional action would be needed to change it. But Trump has said gold cards won't require Congressional approval. Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Can a 'gold card' program visa spur investment in the U.S. economy?
NEW YORK (AP) — President Donald Trump is planning a 'gold card' visa with a potential pathway to U.S. citizenship for $5 million. The program would replace an existing program that offers U.S. visas to investors who spend about $1 million on a company that employs at least 10 people. And it echoes similar 'golden visa ' programs in countries such as Canada, New Zealand, Malta and others that have allowed participants to pay a fee or make an investment in order to secure a pathway to residency in desirable places. 'Golden visa' programs all have different frameworks and paths to permanent residency and have had mixed results in spurring investment in a country's economy. Who will qualify for a 'gold card'? Commerce Secretary Howard Lutnick has said Trump's gold card would replace an existing program in two weeks, so details about who would qualify and what the application process would look like should be available before then. For now, all Trump has said is they will cost $5 million. Of recipients, he said, '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, and we think it's going to be extremely successful.' He added that companies, not just individuals, ' will be able to buy gold cards. ' What does the U.S. already offer? Congress created a program called EB-5 Immigrant Investor Program in 1990 to create jobs and encourage foreign investment. Under that program, investors who spent about $1 million on a company that employs at least 10 people can qualify for a visa and a pathway to permanent residency. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. What do other countries offer? Henley & Partners, which advises both governments and people on residence or citizenship by investment programs, says more than 100 countries around the world offer or have offered 'golden visas' to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy, although some countries have tightened their restrictions or ended programs. Under different programs in different countries, requirements include buying a house, making a financial investment or creating a certain number of jobs. Basil Mohr-Elzeki, managing partner Henley & Partners North America, said the programs often help countries meet investment goals. But they don't always last. Spain's government scrapped its program to allow people from outside the European Union to obtain residency permits if they invested more than half a million euros ($520,000) in real estate. The program was criticized for causing soaring housing prices. The U.K. ended its program in 2022 over security concerns. Will Trump's 'gold visa' program be e ffective in spurring U.S. investment? Mohr-Elzeki of Henley & Partners said despite the high price tag, there may be an appetite for the program, but it remains to be seen what the parameters are. 'We don't have that much information aside from the investment threshold and the intention,' he said. But generally these kind of programs can help countries meet investment goals, depending on the goal, he said. 'We do think that there will be significant demand in this program,' he said. 'We are just waiting on on the details of what frameworks that they're going to be outlining.' The key to whether it will be a success or not will less likely be the $5 million investment threshold and more to do with the process. 'Typically speaking, the lower the residency requirements, the more popular the program as those wealthy individuals globally, they like options,' he said. 'So they may be investing in the United States, but they may invest elsewhere as well — to have access to live in the States, access to live in Europe, access to live in the UAE. So all of these come into play. ' What comes next? If the new program replaces the existing EB-5 program in two weeks, there are questions over what will happen to people in the existing program. Typically those people get grandfathered in to the new program but there's a possibility they might not be, said Mohr-Elzeki. In 2022, Congress extended the EB-5 program until 2027, so Congressional action would be needed to change it. But Trump has said gold cards won't require Congressional approval.
