Latest news with #ImmigrantInvestorProgram
Yahoo
07-03-2025
- Business
- Yahoo
Trump's immigration golden ticket not on the cards soon: experts
Donald Trump has boasted of selling US residency to wealthy foreigners through an around $5 million "Gold Card" from as early as March, but immigration experts say the planned visa cannot be created without Congress. "We have it all worked out from a legal standpoint," the US president declared last month, assuring the new card would be on the market two weeks later. It "goes on sale very, very soon", he then told Congress Tuesday. While his administration has "significant authority" to manage existing visa programmes, creating a new visa category "would require an act of Congress", Migration Policy Institute communications director Michelle Mittelstadt told AFP. - Not without Congress - A similar programme to the "Gold Card" already exists in the United States. Created in 1990 to stimulate the economy, the EB-5 Immigrant Investor Program offered a permanent residency card -- better known as the Green Card -- provided they invest enough capital in an American business. Other conditions include creating or preserving at least 10 permanent jobs reserved for American employees. In the United States, permanent residents can usually apply for naturalisation after five years. Some 8,000 people were issued a EB-5 visa in 2022, according to Mittelstadt. "We're going to replace it with the Trump gold card," Commerce Secretary Howard Lutnick said. The EB-5, he said, "was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low price". However, "an existing program established by Congress and set in the law cannot be unilaterally changed this drastically simply by the executive branch. It would not be legal," said Sharvari Dalal-Dheini, Director of Government Relations for the American Immigration Lawyers Association. The US Constitution explicitly grants Congress the power to legislate on immigration under Section 8 of Article 1. Trump claims that the United States could "sell maybe a million of these cards" to reduce the country's debt. But "current law only authorises up to 10,000 EB-5 visas annually", Dalal-Dheini said. To change the quota, the backing of Congress would be essential. - Long legislative process - "It is highly unlikely that that the program could begin this month," Mittelstadt said. Even with a Republican majority in both chambers of Congress, "it is likely that this type of legislation would require more than a simple majority to pass it," Dalal-Dheini said. The legislative process could "take weeks if not months, or may never come to be". It remains unclear what level of support the changes even has in Congress, she added. "There are some pockets of resistance, even in conservative circles, to the idea of selling US citizenship," Mittelstadt said. If Congress approved the new visa, it would still require "a significant period of time" for the country's immigration services to develop the necessary guidance and materials to launch the programme, she added. ecb/ico/asm/giv/sbk
Yahoo
28-02-2025
- Business
- Yahoo
Can a 'gold card' program visa spur investment in the U.S. economy?
NEW YORK (AP) — President Donald Trump is planning a 'gold card' visa with a potential pathway to U.S. citizenship for $5 million. The program would replace an existing program that offers U.S. visas to investors who spend about $1 million on a company that employs at least 10 people. And it echoes similar 'golden visa ' programs in countries such as Canada, New Zealand, Malta and others that have allowed participants to pay a fee or make an investment in order to secure a pathway to residency in desirable places. 'Golden visa' programs all have different frameworks and paths to permanent residency and have had mixed results in spurring investment in a country's economy. Who will qualify for a 'gold card'? Commerce Secretary Howard Lutnick has said Trump's gold card would replace an existing program in two weeks, so details about who would qualify and what the application process would look like should be available before then. For now, all Trump has said is they will cost $5 million. Of recipients, he 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.' He added that companies, not just individuals, ' will be able to buy gold cards. ' What does the U.S. already offer? Congress created a program called EB-5 Immigrant Investor Program in 1990 to create jobs and encourage foreign investment. Under that program, investors who spent about $1 million on a company that employs at least 10 people can qualify for a visa and a pathway to permanent residency. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. What do other countries offer? Henley & Partners, which advises both governments and people on residence or citizenship by investment programs, says more than 100 countries around the world offer or have offered 'golden visas' to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy, although some countries have tightened their restrictions or ended programs. Under different programs in different countries, requirements include buying a house, making a financial investment or creating a certain number of jobs. Basil Mohr-Elzeki, managing partner Henley & Partners North America, said the programs often help countries meet investment goals. But they don't always last. Spain's government scrapped its program to allow people from outside the European Union to obtain residency permits if they invested more than half a million euros ($520,000) in real estate. The program was criticized for causing soaring housing prices. The U.K. ended its program in 2022 over security concerns. Will Trump's 'gold visa' program be effective in spurring U.S. investment? Mohr-Elzeki of Henley & Partners said despite the high price tag, there may be an appetite for the program, but it remains to be seen what the parameters are. 'We don't have that much information aside from the investment threshold and the intention,' he said. But generally these kind of programs can help countries meet investment goals, depending on the goal, he said. 'We do think that there will be significant demand in this program,' he said. 'We are just waiting on on the details of what frameworks that they're going to be outlining.' The key to whether it will be a success or not will less likely be the $5 million investment threshold and more to do with the process. 'Typically speaking, the lower the residency requirements, the more popular the program as those wealthy individuals globally, they like options,' he said. 'So they may be investing in the United States, but they may invest elsewhere as well — to have access to live in the States, access to live in Europe, access to live in the UAE. So all of these come into play. ' What comes next? If the new program replaces the existing EB-5 program in two weeks, there are questions over what will happen to people in the existing program. Typically those people get grandfathered in to the new program but there's a possibility they might not be, said Mohr-Elzeki. In 2022, Congress extended the EB-5 program until 2027, so Congressional action would be needed to change it. But Trump has said gold cards won't require Congressional approval. Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Can a 'gold card' program visa spur investment in the U.S. economy?
NEW YORK (AP) — President Donald Trump is planning a 'gold card' visa with a potential pathway to U.S. citizenship for $5 million. The program would replace an existing program that offers U.S. visas to investors who spend about $1 million on a company that employs at least 10 people. And it echoes similar 'golden visa ' programs in countries such as Canada, New Zealand, Malta and others that have allowed participants to pay a fee or make an investment in order to secure a pathway to residency in desirable places. 'Golden visa' programs all have different frameworks and paths to permanent residency and have had mixed results in spurring investment in a country's economy. Who will qualify for a 'gold card'? Commerce Secretary Howard Lutnick has said Trump's gold card would replace an existing program in two weeks, so details about who would qualify and what the application process would look like should be available before then. For now, all Trump has said is they will cost $5 million. Of recipients, he 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.' He added that companies, not just individuals, ' will be able to buy gold cards. ' What does the U.S. already offer? Congress created a program called EB-5 Immigrant Investor Program in 1990 to create jobs and encourage foreign investment. Under that program, investors who spent about $1 million on a company that employs at least 10 people can qualify for a visa and a pathway to permanent residency. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. What do other countries offer? Henley & Partners, which advises both governments and people on residence or citizenship by investment programs, says more than 100 countries around the world offer or have offered 'golden visas' to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy, although some countries have tightened their restrictions or ended programs. Under different programs in different countries, requirements include buying a house, making a financial investment or creating a certain number of jobs. Basil Mohr-Elzeki, managing partner Henley & Partners North America, said the programs often help countries meet investment goals. But they don't always last. Spain's government scrapped its program to allow people from outside the European Union to obtain residency permits if they invested more than half a million euros ($520,000) in real estate. The program was criticized for causing soaring housing prices. The U.K. ended its program in 2022 over security concerns. Will Trump's 'gold visa' program be e ffective in spurring U.S. investment? Mohr-Elzeki of Henley & Partners said despite the high price tag, there may be an appetite for the program, but it remains to be seen what the parameters are. 'We don't have that much information aside from the investment threshold and the intention,' he said. But generally these kind of programs can help countries meet investment goals, depending on the goal, he said. 'We do think that there will be significant demand in this program,' he said. 'We are just waiting on on the details of what frameworks that they're going to be outlining.' The key to whether it will be a success or not will less likely be the $5 million investment threshold and more to do with the process. 'Typically speaking, the lower the residency requirements, the more popular the program as those wealthy individuals globally, they like options,' he said. 'So they may be investing in the United States, but they may invest elsewhere as well — to have access to live in the States, access to live in Europe, access to live in the UAE. So all of these come into play. ' What comes next? If the new program replaces the existing EB-5 program in two weeks, there are questions over what will happen to people in the existing program. Typically those people get grandfathered in to the new program but there's a possibility they might not be, said Mohr-Elzeki. In 2022, Congress extended the EB-5 program until 2027, so Congressional action would be needed to change it. But Trump has said gold cards won't require Congressional approval.
The Hill
27-02-2025
- Business
- The Hill
Can a ‘gold card' program visa spur investment in the U.S. economy?
NEW YORK (AP) — President Donald Trump is planning a 'gold card' visa with a potential pathway to U.S. citizenship for $5 million. The program would replace an existing program that offers U.S. visas to investors who spend about $1 million on a company that employs at least 10 people. And it echoes similar 'golden visa ' programs in countries such as Canada, New Zealand, Malta and others that have allowed participants to pay a fee or make an investment in order to secure a pathway to residency in desirable places. 'Golden visa' programs all have different frameworks and paths to permanent residency and have had mixed results in spurring investment in a country's economy. Who will qualify for a 'gold card'? Commerce Secretary Howard Lutnick has said Trump's gold card would replace an existing program in two weeks, so details about who would qualify and what the application process would look like should be available before then. For now, all Trump has said is they will cost $5 million. Of recipients, he 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.' He added that companies, not just individuals, ' will be able to buy gold cards. ' What does the U.S. already offer? Congress created a program called EB-5 Immigrant Investor Program in 1990 to create jobs and encourage foreign investment. Under that program, investors who spent about $1 million on a company that employs at least 10 people can qualify for a visa and a pathway to permanent residency. About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department's most recent Yearbook of Immigration Statistics. What do other countries offer? Henley & Partners, which advises both governments and people on residence or citizenship by investment programs, says more than 100 countries around the world offer or have offered 'golden visas' to wealthy individuals and investors. That list includes the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy, although some countries have tightened their restrictions or ended programs. Under different programs in different countries, requirements include buying a house, making a financial investment or creating a certain number of jobs. Basil Mohr-Elzeki, managing partner Henley & Partners North America, said the programs often help countries meet investment goals. But they don't always last. Spain's government scrapped its program to allow people from outside the European Union to obtain residency permits if they invested more than half a million euros ($520,000) in real estate. The program was criticized for causing soaring housing prices. The U.K. ended its program in 2022 over security concerns. Will Trump's 'gold visa' program be e ffective in spurring U.S. investment? Mohr-Elzeki of Henley & Partners said despite the high price tag, there may be an appetite for the program, but it remains to be seen what the parameters are. 'We don't have that much information aside from the investment threshold and the intention,' he said. But generally these kind of programs can help countries meet investment goals, depending on the goal, he said. 'We do think that there will be significant demand in this program,' he said. 'We are just waiting on on the details of what frameworks that they're going to be outlining.' The key to whether it will be a success or not will less likely be the $5 million investment threshold and more to do with the process. 'Typically speaking, the lower the residency requirements, the more popular the program as those wealthy individuals globally, they like options,' he said. 'So they may be investing in the United States, but they may invest elsewhere as well — to have access to live in the States, access to live in Europe, access to live in the UAE. So all of these come into play. ' What comes next? If the new program replaces the existing EB-5 program in two weeks, there are questions over what will happen to people in the existing program. Typically those people get grandfathered in to the new program but there's a possibility they might not be, said Mohr-Elzeki. In 2022, Congress extended the EB-5 program until 2027, so Congressional action would be needed to change it. But Trump has said gold cards won't require Congressional approval.
Yahoo
27-02-2025
- Business
- Yahoo
Trump's Finance Guru Reveals Wild Number of People Seeking ‘Gold Card'
President Donald Trump's commerce secretary has revealed the shocking number of people he claims are attempting to get their hands on one of Trump's $5 million immigration 'gold cards.' Howard Lutnick appeared in an interview on Fox News alongside Bret Baier on Wednesday night, where the avid Trump supporter described the first Cabinet meeting with President Donald Trump as 'great fun.' In the exclusive interview on Special Report, Baier asked Lutnick about one of Trump's latest bombshells: a new visa program offering legal status in America—described by Trump as a 'green card, plus'—for the hefty price of $5 million. Trump said the program would be called the 'gold card.' 'It's going to be a route to citizenship, and wealthy people will be coming into our country by buying this card, Trump said Tuesday night as he announced the program. 'They'll be wealthy, and they'll be successful, and they'll be spending a lot of money and paying a lot of taxes.' Speaking on the 'gold card,' Lutnick claimed applicants would be 'deeply vetted,' explaining the EB-5 Immigrant Investor Program currently offered by the U.S. would be replaced under Trump's 'gold card' program. The EB-5, created in 1990, allows investors, their spouses, and unmarried children under 21 to be eligible for permanent residency if they can 'make the necessary investment in a commercial enterprise in the United States;' and 'plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers,' according to its website. Lutnick claimed 250,000 people were already waiting in line for access. According to Fox, that would add $1.25 trillion to the United States' vault. 'The president had conversations over the weekend with his friend John Paulson, who came up and said, 'Hey, why aren't we doing better with that?'' Lutnick explained. 'He called me. We talked about it, and I did work over the weekend, and on a Monday, and on Tuesday at a press conference, the president comes out and gives the path.' Lutnick added those that would be approved will be 'great global citizens who are going to bring entrepreneurial spirit, capacity, and growth to America.'
