US Gold Card Visa: Will Donald Trump's proposed alternative to EB-5 give you American citizenship?

United States President Donald Trump on Tuesday floated the idea of bringing a new ‘gold card’ visa initiative for foreigners willing to move to the US and create jobs.

Donald Trump's ‘gold card’ US visa will provide an alternative to the existing EB-5 visa for foreigners. The EB-5 visa programme was one of the most favourable pathways for High-Net-Worth Individuals (HNIs) from India to become US residents and then US citizens.

Detailed information about Donald Trump's ‘gold card’ US visa scheme is awaited. Till then, let's understand whether a ‘gold card’ visa will help wealthy immigrants get US citizenship.

What is ‘gold card’ visa?

‘Gold card’ is a programme which will offer residency to foreign investors for a $5 million fee. It will also offer green card privileges.

According to US Citizenship and Immigration Services, green card holders have the right to live permanently in the US.

While announcing the ‘gold card’ programme, Donald Trump said, “We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges.”

Will ‘gold card’ visa give you US citizenship?

No, ‘gold card’ holders are not eligible for immediate US citizenship, but obtaining it is a pathway to getting American citizenship in future.

Donald Trump said on Tuesday that the Gold Card will provide Green Card benefits and will be a “route to American citizenship” for wealthy people. Hence, ‘gold card’ holders can get US citizenship in the future. Initially, they will become permanent residents of the United States.

As per US Citizenship and Immigration Services, a US permanent resident (Green Card holder) who has lived in the US for five years is eligible for American citizenship through naturalisation.

What is EB-5 immigrant investor visa programme?

Congress created the EB-5 visa programme through the Immigration Act of 1990 to stimulate the US economy through job creation and capital investment by foreign investors. Under the programme, foreign investors can gain US residency if they invest a fixed amount of money (around $1,050,000- $800,000) in US businesses.

“The EB-5 program ... it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price,” Commerce Secretary Howard Lutnick told reporters on Tuesday.

Commerce Secretary Howard said the Gold Card will replace the existing EB-5 immigrant investor visa programme.