United States EB-5 visa or Employment based fifth preference category is an investment based visa managed by US Citizenship and Immigration Services (USCIS). The capitalists who invest in startup commercial enterprises or generate at least 10 jobs for American workers become eligible for green cards.
The minimum investment required for this program is $1.05 million or $8,00,000 if directed towards a qualifying infrastructure project or targeted employment area. The applicants can invest directly or through USCIS regional centers.
However, President Donald Trump is planning to suspend the EB-5 visa program. The new rebranded version of this program will be introduced which is called Gold card.
WHAT IS A GOLD CARD?
Gold card is a pathway to obtain legal residency privileges in the United States. This visa can lead to US citizenship by investing USD 5 million in the country.
President called this initiative “green card privileges plus.” The programme will launch in 2 weeks. He further mentioned that this initiative will attract successful individuals which play a significant role in boosting the US economy.
President Trump said “They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful.“
ROAD TO PERMANENT RESIDENCY
The EB-5 visa has been a road to achieve US citizenship for more than three decades. Unlike EB-5, this visa will have an annual approval limit. The Trump government proposed to sell a maximum of 10 million Gold Cards to alleviate the federal deficit.
“It’s somewhat like a green card, but at a higher level of sophistication,” Trump explained. “It’s a road to citizenship for people of wealth and great talent.” He proposed that businesses could sponsor top talent through the program, granting them long-term US residency.
In the United States, generally Congress determines qualifications for citizenship, Trump claimed that the “Gold Card” programme would not require congressional approval.
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