President Donald Trump has announced a new immigration program called the “Gold Card,” offering a pathway to U.S. residency and citizenship for investors who pay $5 million. The program is set to replace the EB-5 visa, which has allowed foreign investors to gain U.S. residency by investing in businesses that create jobs.
Trump said the EB-5 program had issues with fraud and inefficiency. The new Gold Card will simplify the process by setting a fixed price for entry into the United States. “We are going to be selling a gold card,” Trump said. “It’s going to give you green card privileges, plus it’s going to be a route to citizenship.”
A Program for the Wealthy
Unlike the EB-5 visa, which required proof of job creation, the Gold Card will focus only on an applicant’s ability to pay. Investors will no longer need to meet complex business investment requirements. Instead, those who can afford the $5 million fee will gain permanent residency and the opportunity to become U.S. citizens.
Trump said the program would attract wealthy individuals who want to contribute to the U.S. economy. “Wealthy people would be coming into our country by buying this card,” he stated. He emphasized that the program would bring in high-net-worth individuals who could invest in American businesses and communities.
Concerns Over Russian Oligarchs
When asked whether Russian oligarchs could qualify for the Gold Card, Trump responded, “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.” His statement raised concerns about the potential for foreign elites to gain U.S. citizenship through financial means.
The EB-5 visa program has faced criticism for being exploited by wealthy foreign investors with minimal oversight. Some lawmakers fear that the Gold Card could open the door to similar risks. Critics argue that selling citizenship favors the rich while making it harder for lower-income immigrants to gain legal status.
Legal and Political Implications
Commerce Secretary Howard Lutnick defended the new program, calling the EB-5 visa a “ridiculous” system full of “nonsense, make-believe, and fraud.” He said the Gold Card would eliminate loopholes and provide a straightforward, legal way for wealthy individuals to gain U.S. residency.
The program is expected to face legal and political challenges. Critics may argue that selling U.S. residency undermines the values of the immigration system. Supporters, however, see it as a way to attract global investors and boost economic growth.
Launch in Two Weeks
Trump announced that the Gold Card program would launch in two weeks. Further details, including eligibility requirements and processing times, are expected to be released soon.
As the program moves forward, its impact on U.S. immigration policy and the economy will be closely watched. The decision to replace the EB-5 visa with a pay-for-residency system marks a significant shift in U.S. immigration strategy.
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