Latest news with #CanAmEnterprises
&w=3840&q=100)
Business Standard
2 days ago
- Business
- Business Standard
Trump's $5 mn 'Gold Card' visa site now live for US permanent residency
US President Donald Trump is set to launch a new investor visa scheme that promises permanent residency in return for a $5 million investment in the United States. On June 12, 2025, a government-backed website — — went live, inviting foreign nationals to join the waitlist. The programme is being promoted as the 'Trump Card', and features a shiny gold card with Trump's face prominently displayed. 'FOR FIVE MILLION $DOLLARS, THE TRUMP CARD IS COMING!' Trump posted on Truth Social. 'Thousands have been calling and asking how they can sign up to ride a beautiful road in gaining access to the Greatest Country and Market anywhere in the World.' What is the Trump Card? Originally announced in February, the 'Trump Card' is described by Trump as 'somewhat like a green card, but at a higher level of sophistication.' It promises investors a fast-track to US permanent residency and a path to citizenship, although the details of that path have not yet been made public. 'We're going to be putting a price on that card of about $5 million and that's going to give you green card privileges, plus it's going to be a route to citizenship,' Trump said earlier this year. 'Wealthy people will be coming into our country by buying this card.' The website collects basic information such as name, location, email, and whether the application is individual or business-backed. Interest from wealthy Indians US commerce secretary Howard Lutnick, speaking at the US-India Strategic Partnership Forum (USISPF) Leadership Summit 2025, said the Trump Card could be especially appealing to affluent Indian nationals. 'I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,' said Lutnick. 'We are going to be incredibly successful in India.' The US government has not yet clarified whether the new programme will run alongside or replace the current EB-5 scheme. What happens to EB-5? The EB-5 Immigrant Investor Program, established by Congress, allows foreign nationals to obtain green cards by investing $1.8 million in a US business, or $900,000 in high-unemployment areas. The investment must also lead to the creation of at least 10 American jobs. In addition to the capital, applicants must pay administrative and legal fees ranging from $100,000 to $200,000. The programme is currently authorised through September 30, 2027, under the EB-5 Reform and Integrity Act of 2022. 'From its inception, the EB-5 program has been legislated by Congress,' said Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises. 'Any changes to the program would require congressional approval.' The American International Lawyers Association raised similar concerns. 'As a matter of law, it is important to remember that the President cannot unilaterally end or change the EB-5 program,' the group wrote in a March blog post. Legal pushback The Trump administration has claimed the 'Gold Card' does not require Congressional approval as it is not granting citizenship directly. However, legal experts have pushed back, saying any overhaul of EB-5 or a similar new route must be legislated. Reuters reported that the US state department's legal team flagged a 'high risk' that the new visa could be rejected by the Office of Management and Budget or challenged in court. An internal memo seen by the agency said charging $5 million for a visa — well above the cost of processing it — 'is contrary to settled Supreme Court precedent.'
&w=3840&q=100)
Business Standard
04-06-2025
- Business
- Business Standard
Trump's $5 million 'Gold Card' may succeed in India, but faces legal test
The Trump administration's proposed 'Gold Card' visa, which offers US permanent residency in return for a $5 million investment, could be especially popular among wealthy Indian nationals, US Commerce Secretary Howard Lutnick said on Monday. Speaking at the US-India Strategic Partnership Forum (USISPF) Leadership Summit 2025, Lutnick said the new visa model would offer affluent Indians a unique path into the American economy. 'I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,' said Lutnick. 'We are going to be incredibly successful in India.' What is the Trump Gold Card? The 'Gold Card' is pitched as a replacement to the existing EB-5 investor visa. The current EB-5 scheme allows foreign nationals to secure permanent US residency through a minimum $800,000 investment that creates or preserves 10 full-time jobs. In contrast, the Gold Card proposes: A $5 million investment threshold Immediate US permanent residency, similar to a green card A streamlined route to US citizenship No obligation to create jobs Lutnick described it as 'the equivalent of a green card' but with options for tax planning. 'You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets,' he said. 'No inheritance tax, and none of that kind of stuff either.' He added, 'That's what we're going to call it—an international entrepreneur. I think it will be very well received amongst the great people of India who want to participate and have the means to participate in America.' Lutnick credited Indian entrepreneurs for their growing presence in the US business world. 'They're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way,' he said. Application process and availability Interested applicants can visit to register and learn more about the process. Some cards have reportedly already been purchased in the Middle East. The Trump administration expects the initiative to raise considerable revenue. Trump has said, 'We could sell maybe a million of these cards, maybe more than that.' He projected that if 10 million cards were sold, the US could generate $50 trillion. Lutnick offered a more conservative estimate, suggesting the US could still raise $1 trillion if 200,000 people invested. But is the Gold Card visa legal? The programme has triggered legal questions over whether the President can bypass Congress to change immigration law. Piyush Gupta, vice president for India and the Middle East at CanAm Enterprises, said, 'From its inception, the EB-5 program has been legislated by Congress, and under the EB-5 Reform and Integrity Act of 2022 (RIA), it was reauthorised through September 30, 2027. Any changes to the program would require congressional approval.' The American International Lawyers Association echoed this view in a March blog post. 'As a matter of law, it is important to remember that the President cannot unilaterally end or change the EB-5 program,' the group wrote. 'Unless Congress repeals it, or passes a new or amended law,' the existing scheme is expected to remain in place. US holds the wealth crown The US has over 6 million millionaires, accounting for 37% of the world's total 10,800 centi-millionaires (with $100 million+ net worth) More than 850 billionaires From 2014 to 2024, the US millionaire population grew by 78%—the highest in the world. The Gold Card, if implemented, would put the US in line with other countries that offer investment-based residency, but with a much higher entry bar.
