US citizenship through gold card: A simple look at Trump’s new plan

President Trump might replace the EB-5 visa with his ‘Gold Card’ program. This program would let wealthy people buy US citizenship for $5 million. Its goal is to help the US economy grow, but some people worry it may help the rich and lead to bad financial actions. We still do not know the details or when the program will start.

A correspondent from Washington reports that US President Donald Trump started a “Gold Card” plan on Tuesday. This plan will allow rich people from around the world to buy U.S. citizenship for $5 million (about Rs 44 crore).

To help the US economy, Trump said the Gold Card would be a more costly type of Green Card. Right now, the Green Card gives foreigners a chance to live in the US for a long time. The Gold Card would replace the EB-5 visa program. This program lets foreigners get a Green Card if they invest about $1 million in the US.

We are going to sell a gold card. This card is gold, while yours is green. Trump mentioned at a White House news conference that the price for this card will be about $5 million. He said it would give people green card privileges and create a way for them to become citizens. He also noted that rich people will buy this card to come into our country.

The US President said there will be vetting in the process. However, he did not say when the program would start. He also suggested that his administration might begin the program with executive action. Still, Congress controls the ways to gain citizenship and the types of visas, so they need permission.

Many countries, especially in the Caribbean, run similar programs but with less money. You can get citizenship by investing between $200,000 (Rs 1.75 cr) and $400,000 (Rs 3.4 cr) in places like St. Lucia, Grenada, Dominica, Antigua, and Barbuda. This is also true for Turkey, Jordan, and Egypt.

The US EB-5 visa and these countries have their own rules for growth and job creation. However, Trump did not provide much detail. He said, “They’ll be wealthy and prosperous. They will spend more money, pay more taxes, and hire many people.”

Many people in politics were worried that the plan could give US citizenship to rich people and those wanting to hide money got it the wrong way. A reporter jokingly asked Trump, “Can a Russian oligarch get a gold card?” Trump replied, “Maybe, yes. I know several Russian oligarchs who I think are nice people.”

In immigrant groups dealing with “Green Card limbo,” like more than a million Indians, there is worry. They feel that very rich people, who can get fast green cards by paying $5 million, might take away from their hard work to earn green cards and become citizens. This process already has a waiting time that lasts for many years.

Supporters of Trump have started counting the gains and looking at how it might help reduce the US debt. One MAGA supporter proudly said on social media, “If just 200 rich people join this, that’s $1 BILLION.” Another person guessed that 7 million Gold Card immigrants could help pay off the nation’s debt, which is over $36 trillion, at $5 million for each card.

By all measures, the chance is very small. Right now, the EB-5 program only gives 10,000 visas in a year, and that amount is rarely reached.