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US Gold Card Visa to Replace EB5 Visa
On February 25, 2025, while signing an Executive Order at the White House, Trump announced the US Gold Card Visa and to end the EB5 visa. At this movement, the Commerce Secretary Howard Lutnick stated that, “EB5 program was full of nonsense, make-believe and a fraud and a way to get US Green Card that was low priced”.
US Gold Card – A New US Permanent Residency by Investment Program
The new US Gold Card will be a residency by investment program that will replace the EB5 investment program. The Trump administration believes the new investment immigration stream will inject the much-needed cash flow and will reduce the deficit. The plan is to attract wealthy persons who are ready to invest in the United States, create jobs, boost economy and reduce the deficit.
No Tax on Income Outside of the US
Good news about the Gold Card is that there will be no tax on income you earned outside of the US. Yes, the US President hinted at exempting foreign source income for Gold Card holders. This new US residency by investment stream will be a breeze for people as earlier investment immigration streams require residents to pay gigantic taxes on income worldwide.
Trump’s Plan to Sell 1 Million US Residency by Gold Card Investment
Trump’s target is to collect $5 trillion by selling 1 million gold cards, which would be $50 trillion by selling 10 million gold cards. Trump said the new Gold Card is a high-level Green Card+ with tons of privileges. He said the Gold Card would be a road to US citizenship for people of wealth, people of great talent, and people of wealth pay for those people of talent to get in. Howard Lutnick smiled at this movement and said that many countries are doing that, including the 51st US State (maybe hinted at Canada).
US Gold Card for Russian Oligarchs
As per President Trump, most of the countries and people will qualify for US Gold Card. He said every investor will be vetted very carefully to check his background. He said he knows some Russian Oligarchs who are very nice people and will be eligible for Gold Card.
As per the US constitution law, any major change to immigration policy is subject to approval from Congress. Trump said he didn’t require approval from Congress for Gold Card as its not direct citizenship, instead it’s a residency by investment that leads to citizenship.