US President Donald Trump has dropped another bombshell announcement that has made global headlines in the immigration sector. Trump has proposed a new "gold card" residency permit, priced at $5 million. The US Gold Card Visa is seen as an alternative to the existing green card system. The initiative is set to launch in two weeks. The US Gold Card Visa is expected to replace the existing EB-5 immigrant investor visa programme. By launching the Gold Card Visa, the United States is now opening its doors for wealthy businessmen to live there. Russian rich people are also included in this. Now, the question is how a US Gold Card is different from a US Green Card Visa. Below is all about the difference between a US Gold Card and a US Green Card-
US Green Card & US Gold Card Difference
US Gold Card is a premium form of the green card, which will provide maximum facilities. A green card is a permanent resident card, for which people from all over the world compete. This is permanent citizenship, for which one does not have to pay extra money but some conditions have to be fulfilled.
Trump may be calling it gold or premium, but in reality, it is Citizenship by Investment (CBI), which has been going on in the world for centuries. Many countries have already started CBI in the last four decades. Many of these are islands and naturally very beautiful countries. They are also tax havens, that is, where citizens do not have to pay tax on their income. This is the reason why rich people from all over the world are taking citizenship of such countries.
As per reports, countries like Dominica, St. Lucia, St. Kitts and Nevis, Grenada, Antigua and Barbuda, Turkey, and Malta already provide visas similar to the recently proposed US Gold Visa.
Green Card grants permanent residency in the US, typically through employment, family sponsorship, or investment (via EB-5). On the other hand, Gold Card will offer the same residency benefits but for a $5 million purchase price, fast-tracking the process for wealthy applicants.
What is Trump's plan for a Gold Card Visa?
Russian billionaires were also mentioned during Trump's announcement. It is believed that after this, Russian investment in America will increase. This also indicates that the sanctions imposed on Russia for a long time may end or be reduced. In the year 2024, Russia was in fifth place in terms of wealth in the whole world, which means it will have a lot of opportunities.
The American market will also benefit from this. Such schemes for citizenship came when Trump announced the abolition of citizenship based on birth as soon as he came to power, which was the support of a large population.