US to Introduce New "Gold Card" Visa for Wealthy Foreigners
The US government has announced plans to introduce a new "gold card" visa program, which would allow wealthy foreigners to live and work in the country for a fee of $5 million. The program would replace the existing EB-5 visa, which allows foreign investors to live and work in the US if they create jobs.
Confusion Among Immigration Experts
However, immigration experts are confused about the legality of the new program. The EB-5 visa was created by Congress in 1990, and it is unclear if President Donald Trump has the legal power to remove it or start a new program without Congress. Trump has insisted that the plan is legal, but immigration lawyers strongly disagree.
Experts’ Concerns
Michael Wildes, an immigration attorney who has worked for Melania Trump and her family, said that the president cannot create a new visa program without Congress. He also noted that there was little information about the gold card program, making its impact unclear. Jorge Loweree from the American Immigration Council called Trump’s move "blatantly illegal" since only Congress can change the EB-5 program. David J. Bier, an immigration expert at the Cato Institute, said that selling green cards could be a good idea, but Trump’s approach was legally flawed.
Program Details
The new program would offer extra privileges and a path to citizenship, but the details are unclear. Trump has not explained what these privileges would be or how much it would cost to obtain visas for family members. He has also suggested that US companies could buy gold cards to bring in skilled workers, but existing visa programs, such as the H1-B visa, already allow companies to hire foreign talent.
Criticism from Commerce Secretary
Commerce Secretary Howard Lutnick has criticized the EB-5 program, calling it "full of nonsense and fraud." He said that the $5 million gold card fee would not need to be invested in job creation but would go directly to the US government to help reduce the deficit.
Impact on Wealthy Individuals
Immigration lawyer Shereen Chen said that raising the investment requirement to $5 million could make it much harder for wealthy foreigners to move to the US. The EB-5 program already requires strict background checks to ensure money is earned legally, and increasing the amount could slow the process further. This change could especially affect Chinese nationals, who have used the EB-5 program but now face stricter money transfer rules in China.
Global Perspective
Many countries, including St. Kitts and Nevis, offer visas or citizenship to wealthy investors. However, the European Union is pressuring its members to end these programs due to concerns about tax evasion and money laundering. Experts feel that relatively few wealthy individuals might take up the new US visa offer, as other countries have successful "golden visa" programs with lower prices (usually under $1 million).
Conclusion
The US government’s plan to introduce a new "gold card" visa program for wealthy foreigners has raised concerns among immigration experts and officials. While the program promises extra privileges and a path to citizenship, the details are unclear, and the legal power of the president to create such a program is uncertain.
Frequently Asked Questions
Q: What is the new "gold card" visa program?
A: The new program would allow wealthy foreigners to live and work in the US for a fee of $5 million.
Q: What is the purpose of the program?
A: The program aims to attract wealthy individuals to live and work in the US and offer them a path to citizenship.
Q: How does it differ from the existing EB-5 visa program?
A: The new program would replace the EB-5 visa, which allows foreign investors to live and work in the US if they create jobs. The new program would have a higher investment requirement and different rules.
Q: What are the advantages of the new program?
A: The program would offer extra privileges and a path to citizenship, but the details are unclear.
Q: How will the program affect wealthy individuals?
A: The program may affect wealthy individuals who have used the EB-5 program or are considering using it. The higher investment requirement may make it harder for them to move to the US.
Q: What is the European Union’s stance on similar programs?
A: The European Union is pressuring its members to end similar programs due to concerns about tax evasion and money laundering.
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