President Donald Trump announced on Tuesday that the U.S. will begin selling a “gold card” to wealthy foreigners. This $5 million card would provide green card privileges and a pathway to U.S. citizenship.
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Details of the ‘Gold Card’ Program
Trump introduced the new initiative from the Oval Office, describing the card as a superior version of the U.S. green card. “You have a green card. This is a gold card,” Trump said.
The card will allow holders to live and work in the U.S., with a potential route to full citizenship. The sale of these gold cards is set to begin in about two weeks, with Trump suggesting that millions could eventually be sold.
Who Will Benefit from the Program?
When asked if Russian oligarchs would be eligible to purchase the gold card, Trump replied, “Yeah, possibly.
I know some Russian oligarchs that are very nice people.” Commerce Secretary Howard Lutnick, present during the announcement, clarified that the cards would replace the existing EB-5 immigrant investor visa program.
The new initiative will require extensive vetting to ensure applicants are deemed “wonderful world-class global citizens.”
The EB-5 Program and Its Controversies
The EB-5 program, introduced in 1992, allows foreign investors to gain green cards by investing a minimum of $1.05 million in U.S. projects that create jobs for American workers.
In economically distressed areas, the minimum investment is $800,000. However, the program has faced criticism for deviating from its original goals and was subject to reform attempts during Trump’s presidency.
In 2019, the Trump administration attempted to raise the investment thresholds for EB-5 visas, but a federal judge struck down the changes in 2021 due to procedural issues.
The program was renewed under the Biden administration in 2022, with investment requirements adjusted to current levels.
Finally
Trump’s gold card proposal represents a significant shift from the EB-5 program, offering a high-price alternative for foreign investors looking to gain U.S. residency and citizenship.
The program has sparked controversy and raised questions about its potential impact on U.S. immigration policies.
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