The “Gold Visa” is targeting the very rich.
By Catholics for Catholics
For a long time, America has sold its visas short, said President Donald Trump. But now, it’s time for the U.S. to raise the price of its investor levels to the levels that the wealthy pay in other competing nations, Trump said. His Gold Card program would do just that, he said.
In February, Trump announced his Gold Card initiative that would consist of a special visa that would cost $5 million. The move would entice successful and wealthy folks to the country, where “they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people,” Trump said, according to The Washington Times.
Trump’s initiative will take the place of the EB-5 program, also known as a golden visa, which permits foreigners to get a legal resident status and a work permit or green card if they invest a certain amount of money that forms at least 10 jobs. The legal resident status also applies to members of the investor’s immediate family.
The President said the Gold Card would do all that, opening a pathway to citizenship and exempting foreign incomes from taxes. But fraud in the past led to calls to shut it down. As an alternative, Congress raised the investment threshold and enacted new restrictions, which Commerce Secretary Howard Lutnick said the Gold Card would eliminate.
With a price of $5 million, Trump’s Gold Card’s $5 million price is an increase from the EB-5, however it is not the globe’s most costly investor visa program. Singapore’s Global Investment Program asks for a minimum investment of more than $7.7 million, according to Henley & Partners, a residence and citizenship investment firm. The key benefit is a pathway to citizenship after two years of permanent residence, according to The Washington Times.
The U.S. current investor visa involves a $1.05 million investment. Those who invest in specially targeted areas can receive an EB-5 visa by paying $800,000.
In other countries, investment visas top $1 million; the Czech Republic’s is $3.4 million and New Zealand is around roughly $3 million. By contrast, Australia’s investment visa requires about $1 million.
On the other hand, nations like Great Britain and other countries are going the other way, The Times said. Britain had a $2.6 million golden visa before canceling the program in February 2022 because of concerns about national security and financial fraud.
Your action is key to winning the next Presidential Election.
