The United States President, Donald Trump, has recently announced the launching of a new Golden Visa Program, offering “gold card” visas to wealthy internationals investing at least $5 million in the US.
The new scheme is set to replace the EB-5 program that offers permanent residency (a “green card”) to those qualified, VisaGuide.World reports.
However, the minimum amount required for an EB-5 visa is significantly lower, or $800,000 for investments at the Targeted Employment Area (TEA), and over $1,000,000 for investments outside TEAs. The investments must create at least ten full-time jobs for US workers within two years.
Despite requiring a minimum amount of $5 million in investments, Trump suggested that the scheme will not bring any obstacles for high-net foreign nationals. In spite of being the world’s most expensive one, the US President said that the new visas are going to “sell like crazy” and considered the visa’s price “a bargain.”
The people that can pay $5m, they’re going to create jobs. It’s going to sell like crazy. It’s a bargain.
Minimum Investment Requirement for Golden Visa Programs in Other Countries
The Golden Visa Program offers residency to affluent internationals, provided they contribute financially to the countries that offer such schemes.
In spite of the program’s purpose being the same, different countries apply different rules when it comes to obtaining permits in this way.
In Europe, several countries offer Golden Visa Programs, with the most famous programs being those of Greece, Portugal, Cyprus, Italy, Malta and Spain.
The lowest minimum requirement for Europe’s Golden Visa Program is Greece ($262,800) and Italy ($262,800).
Caribbean countries that offer Golden Visa Programs are Dominica with the minimum amount of investment starting at $200,000, Grenada ($235,000), St. Kitts and Nevis ($250,000) and Saint Lucia ($240,000).
Other countries such as Thailand and Indonesia also offer residency programs in exchange for financial investments.
EB-5 Program to Be Terminated Amid Fraudulent Allegations, but Is Golden Visa Program a Safe Alternative?
The EB-5 visa of the United States was created in 1990, in a bid to create new jobs and therefore help the further growth of the US economy.
However, the US President’s Commerce Secretary Howard Lutnick said the scheme is being exploited and is priced too low.
The EB-5 program … It was full of nonsense, make-believe and fraud, and it was a way to get a green card that was low-price. So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program.
In addition, in 2021, the United States Government Accountability Office revealed that EB-5 visas are subject to fraud, especially due to challenges in tracing the origins of applicants.
The United States authorities have unfolded plans to replace the EB-5 visa program with the Golden Visa one, but is the Golden Visa Program a safer option?
In Europe, the European Commission has called on countries that offer such programs to terminate them as soon as possible.
In the European Union (EU), these schemes erode the principles of sincere cooperation, fairness and non-discrimination. They commodify EU citizenship and residence rights and weaken vetting and due diligence systems, thereby posing risks of corruption, money laundering, security threats and tax avoidance.
However, in the United States, the Congress is responsible for determining citizenship qualifications.