27 Feb 2025
It will be implemented if the Trump administration receives Congress and the Senate approval.
The EB-5 visa introduced by the Congress in 1990, allows foreigners to invest $800,000-1 million in incorporating a company in the US and employing at least 10 people. Between September 2021-22, 8,000 people obtained this visa. However, the EB-5 visas carry the risk of fraud and difficulty in verifying the source of funds.
The Trump administration plans to introduce the ‘gold card’ to replace EB-5 within two weeks. It is a green card offering permanent legal residency, or US citizenship, and cancels any taxes on foreign income earned outside the US.
The $5 million citizenship fee will ensure only the ultra-rich apply. For business owners, tax savings on significant foreign income can easily cross the $5 million threshold within a few years.
Trump aims to reduce the $35-trillion government deficit with it. However, EB-5 is a law. He will have to amend the citizenship law to introduce gold cards.
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