WASHINGTON DC:– U.S. President Donald Trump has proposed replacing the existing EB-5 immigrant investor visa program with a new initiatives gold card that could be purchased for $5 million, granting foreign investors a route to U.S. citizenship.
The EB-5 program, which allows foreign investors to obtain permanent residency in exchange for substantial investments that create or preserve jobs in the United States, would be replaced by the new gold card scheme.
This would provide similar green card privileges, but at a significantly higher price point.
We are going to be selling a gold card, Trump told reporters. We are going to be putting a price on that card of about $5 million. It’s going to give you green card privileges plus it’s going to be a route to American citizenship.
He went on to suggest that wealthy individuals would be incentivized to move to the U.S. through the purchase of the card, which would allow them to bypass the current system.
Trump also hinted that individuals from various international backgrounds, including Russian oligarchs, could potentially qualify for the new gold card.
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When asked whether Russian oligarchs would be eligible, Trump responded affirmatively, stating, Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.
The EB-5 program, established by Congress in 1990, aims to boost the U.S. economy by encouraging foreign investment, with the promise of green cards for individuals who invest in U.S. businesses.
However, Trump criticized the EB-5 program, claiming it was riddled with fraud and misuse.
The EB-5 program… it was full of nonsense, make-believe, and fraud, and it was a way to get a green card at a low price, said Commerce Secretary Howard Lutnick, speaking on behalf of the administration. ]
Rather than continuing with this sort of ridiculous EB-5 program, we’re going to end it and replace it with the Trump gold card.”
Details of the proposed gold card program are expected to be revealed in the coming weeks, but it remains to be seen how the public and lawmakers will respond to the new initiative.
