The Department of Commerce’s Secretary Howard Lutnick announced that the ‘gold card’ visa program would start in a week and a half. The gold card, which provides affluent foreigners with a route to US citizenship, will be accessible in a “week, week-and-a-half,” according to a statement made by Commerce Secretary Howard Lutnick.
One week after the president displayed the actual card on Air Force One, Lutnick provided the status report while attending President Donald Trump’s cabinet meeting at the White House. For the gold card, seeking approval from Congress is not required, as the card does not provide them with citizenship but only a path to citizenship.
After paying $5 million to the US government, foreigners can obtain citizenship through the gold-colored card. According to the president, recipients would receive a golden card with a photo of Trump and the words “The Trump Card” in the center, as well as “5M” and “5,000,000” in the corners, which he showed reporters last week.
The program will be a variant of the EB-5 Immigrant Investor Program, which permits investors to apply for lawful permanent residency provided they make a necessary investment in a commercial venture in the United States and intend to create or preserve 10 jobs for American workers.
The Trump administration refers to the Trump Gold Card as the “Gold Green Card” since it can be used to get US citizenship. In contrast to EB-5, which requires capital investment in the US economy, $5 million will be paid directly to the US government.
The launch of the Trump Gold Card, worth $5 million, aroused speculation about the status of the EB-5 visa program. Foreign investors are apprehensive about the eventual termination of the EB-5 Visa as a result of the gold card’s implementation. Their main concern is whether the EB-5 visa would be phased out.
Commerce Secretary Howard Lutnick put an end to rumors about the EB-5 visa during President Trump’s first Cabinet meeting. Howard stated that they intend to tweak and remodel the EB-5 model. Foreigners can obtain a license from the Department of Commerce for $5 million, after which they can invest properly in the EB-5 visa program.