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The United States is the epicenter of global economic activity. In addition to job seekers, it is a coveted destination for job creators. According to a prominent US Economic analysis body, the Bureau of Economic Analysis, the US economy is open to foreign investors from over 100 countries. Besides, the US equity market now accounts for 47.8% of the global equity market, as per a recent CNBC report.
The US administration prioritizes genuine investments that aim to create jobs and promote economic growth. Currently, foreign investors are granted US green cards through the EB-5 visa program. Recently, former US President Donald Trump proposed an alternative pathway to US Citizenship by Investment—the US Gold Card Visa.
This article will provide details about the Gold Card Visa scheme.
What is Meant by the US Gold Card Visa?
The Gold Card is an immigration program proposed by former US President Donald Trump to offer foreign investors a path to permanent residency. This program requires a $5 million fee to obtain green card privileges. Upon payment, foreign investors receive a green card and can live as permanent residents of the United States, with access to many benefits similar to US citizenship.
What is the Purpose Behind Introducing the US Gold Card Visa?
According to US Citizenship and Immigration Services (USCIS), green card holders are eligible for permanent residency in the USA. Until now, elite investors could access a US green card through an EB-5 visa by investing a minimum amount in a US-based business. The purpose behind introducing the US Gold Card Visa is to set up a new simplified investor visa program.
- The US Gold Card Visa is intended as a premium alternative to the traditional Green Card.
- It targets high-net-worth individuals, suggesting a potential end to the EB-5 Program.
- The EB-5 visa allows Green Cards through investment in US businesses. The US Commerce Secretary Howard Lutnick calls this system "full of nonsense".
- Soon after becoming the 47th President of the United States, Donald Trump announced the intention to replace the EB-5 Visa with the US Gold Card Visa.
- Unlike the EB-5 Program, which has varied requirements for investment in the US economy, the US Gold Card Visa would require a uniform fee for all elite investors.
Why is the EB-5 Visa to Be Replaced by the US Gold Card Visa?
The EB-5 visa program was introduced in 1990 to boost the US economy by creating jobs and bolstering capital investment by foreign investors.
- Under the existing EB-5 Visa program, green cards are granted to immigrants who invest a minimum of $1,050,000, or $800,000 in designated Targeted Employment Areas (TEAs), which are economically weaker zones.
- However, the US administration believes that the existing EB-5 Visa program is relatively inefficient and has deviated from its intended goal. Furthermore, it has been misused by some elite business entities to fund major real estate projects.
- Moreover, US Commerce Secretary Howard Lutnick stated that the EB-5 Visa is 'priced quite low' and should be discontinued.
- Therefore, the US administration decided to replace the EB-5 Visa program with a more robust US Gold Card Visa program.
Know more about: EB-5 Visa.
Will a US Gold Card Visa Give PR Status in the US?
No, the US Gold Card Visa does not grant permanent Residency. However, it is considered a pathway to obtaining PR status and US citizenship in the future. According to former President Donald Trump, the US Gold Card Visa would provide holders with a US Green Card, allowing them to enjoy benefits similar to US citizenship.
Furthermore, it would serve as a 'route to American citizenship' for elite investors. Thus, it can be viewed as a pathway to US Citizenship by Investment.
What are the US Green Card Privileges?
The following are the benefits of holding a US Green Card:
- Permanent Residence: The ability to live and work permanently in the United States.
- Family Sponsorship: Ability to sponsor family members (spouses, children, and unmarried siblings) for green cards.
- Citizenship Eligibility: Eligibility to apply for US citizenship after meeting specific residency and other requirements.
- Travel: Easier entry and exit to the US compared to non-immigrant visa holders.
- Education and Benefits: Access to public education, healthcare, and other social services.
- Protection: Enjoy legal protections and due process under US law.
Key Takeaway: A Green Card does not grant immediate US citizenship but serves as a pathway towards it.
These are the key details of the newly proposed US Gold Card Visa scheme.
In addition to the US Green Card, you need extra protection for your US business trip to deal with medical and non-medical emergencies.
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As previously mentioned, the US Gold Card Visa does not guarantee US citizenship but can serve as a pathway towards it. Therefore, you must be fully prepared to meet all visa eligibility criteria before applying for a US visa. A US travel insurance plan can be crucial in increasing the chances of approval for your investor's visa application. It covers emergency expenses and serves as proof of your financial support, which can boost your chances of obtaining US citizenship by investment.
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