New announcement by Donald Trump.
What can you do with $5 million (Rs 43,54,51,250)? You could buy lots of video games, a giant pizza, and travel the world! But now, you can also live in the USA with this money.
President Donald Trump announced a new visa called the "gold card." This will let rich foreigners live and work in the USA and can even apply to become citizens. But there’s a big rule—you must pay $5 million!
Trump said the gold card will be ready in two weeks, and many people might apply.
The “gold card” will replace another visa program.
This new visa will replace an older visa called the EB-5 visa. The EB-5 visa was started in 1990. It allowed people to live in the USA if they invested money and created jobs.
Right now, a person can get an EB-5 visa by investing $1 million (Rs 8,71,85,050) and creating at least 10 jobs. This gives them a green card and a chance to stay in the USA.
Why is the EB-5 visa program being replaced?
The US government says the EB-5 visa had problems.
- It was too cheap for rich people.
- Some people misused it to enter the USA.
- There were fraud risks (some money came from bad sources).
A report in 2021 found that some EB-5 visa applicants could not prove where their money came from.
Requirement for the “gold card.”
Donald Trump said this visa is for rich people only. There is no rule about creating jobs. But, the US government says they will check applicants’ backgrounds carefully.
Why are such “gold cards or gold visas” controversial?
Some people think this visa could be misused. Some could use it for fraud or illegal money.
Because of these problems, countries like the United Kingdom, the Netherlands, and Greece stopped their golden visas.
