A New Visa for the Wealthy: Is It a Good Deal for the U. S. ?

The U. S. has introduced a new visa option for wealthy individuals and companies. This visa, called the gold card, allows foreigners to gain legal residency in the U. S. by paying a large sum of money. The process is much faster than traditional visas, taking only weeks instead of years. To get a gold card, individuals must pay a $15, 000 processing fee and make a $1 million gift to the federal government. Companies can also obtain gold cards for their employees, with each card costing $2 million. There is also a platinum card option for $5 million, which allows foreigners to stay in the U. S. for up to 270 days without paying federal income tax on non-U. S. income. The gold card is designed to replace the EB-5 visa, which has been criticized for being slow and prone to fraud. Unlike the EB-5 visa, the gold card does not require applicants to create jobs or invest in U. S. businesses. This makes the process simpler, but it also means that the U. S. may not see the same economic benefits. Some experts believe that the gold card program could generate a lot of revenue for the U. S. If the program issues 10, 000 gold cards per year, it could raise $100 billion over a decade. However, others think that the high cost of the visa will limit its appeal, making it a niche program. Gold card holders can eventually become U. S. citizens after five years. Companies can also transfer the card to new employees if the original holder becomes a citizen. However, the gold card can be revoked if the holder poses a national security or criminal risk. Overall, the gold card program is a new way for wealthy individuals and companies to gain legal residency in the U. S. It is faster and simpler than traditional visas, but it may not provide the same economic benefits. Whether it will be a success remains to be seen.