President Donald Trump has announced plans to replace the EB-5 immigrant investor visa program with a new initiative called the “gold card.” Under this proposal, foreign investors would be able to secure a pathway to U.S. citizenship by purchasing a “gold card” for approximately $5 million.
Criticism of the EB-5 Program
The EB-5 program, which grants green cards to foreign investors who contribute to job creation in the U.S., has faced scrutiny over alleged fraud and inefficiencies. Trump dismissed the program as “full of nonsense,” claiming it was an inexpensive loophole for securing permanent residency.
Trump’s Vision for the “Gold Card”
“We are going to be selling a gold card,” Trump announced, explaining that it would provide green card privileges along with a direct route to U.S. citizenship. When asked if Russian oligarchs could qualify, he responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Commerce Secretary Supports the Move
Commerce Secretary Howard Lutnick echoed Trump’s stance, calling the EB-5 program outdated and ineffective. “Rather than having this sort of ridiculous EB-5 program, we’re going to end it. We’re going to replace it with the Trump gold card,” he stated.
Upcoming Details on the Plan
Further details of the initiative are expected to be released in the coming weeks. The proposal signals a major shift in U.S. immigration policy, focusing on attracting wealthy individuals through significant financial investment.
