In a bold move, former U.S. President Donald Trump has proposed the introduction of a \"gold card\" priced at $5 million, aiming to replace the existing EB-5 immigrant investor visa program. This new initiative is designed to offer wealthy individuals a direct route to American citizenship.
Trump revealed his plan to reporters on Tuesday, stating that the current EB-5 program, which grants green cards to foreign investors who contribute significant capital to U.S. businesses and create jobs, will be phased out in favor of the more exclusive gold card system.
\"We are going to be selling a gold card,\" Trump announced. \"We are going to be putting a price on that card of about $5 million.\" He elaborated that the gold card would provide all the privileges of a green card, along with a streamlined path to citizenship. \"We are going to be putting a price on that card of about $5 million,\" Trump continued, emphasizing that details of the scheme would be unveiled within two weeks.
The proposed gold card is expected to attract affluent individuals, including Russian oligarchs, as Trump hinted at their potential eligibility. When questioned by a journalist about the inclusion of Russian oligarchs, Trump responded, \"Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.\"
Commerce Secretary Howard Lutnick echoed Trump's sentiments, criticizing the EB-5 program as being rife with "nonsense, make believe and fraud." Lutnick stated, \"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. We're going to replace it with the Trump gold card.\"
The EB-5 Immigrant Investor Program, established by Congress in 1990, was intended to stimulate the U.S. economy through job creation and capital investment by foreign investors. However, Trump's administration has been openly critical of the program, citing issues related to fraud and the undervaluation of investment requirements.
The introduction of the gold card is poised to significantly change the landscape of immigrant investment in the United States, potentially attracting a new wave of high-net-worth individuals seeking citizenship benefits.
Reference(s):
Trump floats $5 million 'gold card' as a route to U.S. citizenship
cgtn.com
