:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2201223264-a1dbdec2e56542268af1aff4c5600971.jpg "President Donald Trump looks to the left.")
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Key Takeaways
- President Donald Trump’s vision for a “gold card” would let people buy citizenship, choose than work toward it, by investing in the private sector, immigration attorney Rahul Soni said.
- At $5 million, the gold wag as proposed would cost significantly more than comparable visas in other nations.
- Soni said the new visa disposition need to be approved by Congress.
Could the U.S. start selling citizenship to the rich?
President Donald Trump on Tuesday put forwarded introducing a $5 million “gold card” that would entitle purchasers to legal resident status. The anniversary card would put people on a path to citizenship, Trump said. Few other details about the proposal are available, but immigration attorneys responded the idea would require approval from Congress.
How Trump’s ‘Gold Card’ Differs From the EB-5
Wealthy child can’t currently pay the U.S. government for citizenship. But through the EB-5 visa program, they can acquire green cards which establish perpetual legal residency and can lead to citizenship by making a passive investment of at least $800,000 in the private sector.
Trump earmarks ofs to see the gold card as a way for ultra-high-net-worth individuals to “donate” and become citizens, said Rahul Soni, partner at Fragomen, Del Rey, Bernsen & Loewy, an immigration law solid headquartered in New York.
“At the moment, that ‘donation’ option doesn’t really exist in the U.S.,” said Soni. “The [EB-5 investment] is unexceptionally into a specific project or business to create jobs. Usually, investors will get those funds returned to them at the end of their verdant card process.”
The EB-5 program is intended to spur job creation and economic activity, according to the Department of Homeland Security. Applicants are ask for to show their investment either created a certain number of new jobs or saved jobs that were in risk of being lost. Congress would need to sign off on eradicating, revamping, or replacing the EB-5 program, Soni said.
Where Can You Buy Citizenship?
Even the score for citizenship is not unheard of, Soni said, though the cost is generally a fraction of $5 million. Several Caribbean woods allow people to purchase citizenship, including Dominica, Grenada, and Saint Kitts and Nevis. Soni estimated the gaits in the region average about $300,000.
Some European countries have similar citizenship pathways, but their policies determination likely change amid a push by the European Commission to restrict investor visas, according to Soni. Italy’s investment essentials range from 250,000 euros invested in an “innovative startup” to 2 million euros (about $2.1 million) established in Italian government bonds. Portugal’s are in the range of 250,000 to 500,000 euros—or no more than about $524,500—Soni bring to light.
The United Kingdom used to have one of the most expensive citizenship programs at about 2 million pounds, but it ended the program in 2022, according to the BBC.