President Donald Trump unveiled a new immigration program targeted at high-net-worth foreign investors: a $5 million “gold card” that provides a route to US citizenship. This plan will replace the existing EB-5 visa program by giving investors the same rights as a green card, enabling them to invest financially and become permanent residents of the United States.
Foreign investors that use capital investments to generate or maintain jobs are eligible to obtain US residency under the current EB-5 visa program, which was created in 1990. $1,050,000, or $800,000, is the minimum investment amount for economically challenged areas. Businesses, including some connected to Trump family members, have used the program to finance real estate ventures, raising concerns about fraud and abuse.
According to US President Trump, the “gold card” will grant green card privileges and serve as a pathway to US citizenship. He also implied that affluent individuals will go to the US by acquiring this card.
According to Trump, more information regarding the “gold card” plan would be made public in two weeks. When a reporter asked if Russian oligarchs would be eligible for the card, Trump responded that it’s possible they might. Yes, perhaps. Hello. Some of the Russian oligarchs I know are really kind individuals.
The existing EB-5 visa program, according to Trump’s Commerce Secretary Howard Lutnick, is “fraud” and “non sense,” and it’s a cheap way to obtain a green card. The president decided to terminate the EB-5 program instead of continuing with this absurd initiative. The Trump gold card will take its place,” Lutnick continued.
What is replacing the EB-5 visa program?
The US Congress initially established the EB-5 visa program in 1990 with the goal of boosting the American economy by attracting foreign investors and creating jobs. Immigrants who invest at least $1,050,000, or $800,000, in economically challenged areas known as targeted employment areas are eligible to receive green cards under the EB-5 program.
