On Tuesday, President Donald Trump said that, in exchange for a $5 million charge, the US will offer wealthy foreigners a “gold card” that would allow them to live and work in the US and provide a route to citizenship.
From the Oval Office, Trump declared, “We’re going to be selling a gold card.” “You’re a green card holder. This card is gold. We’re going to place a $5 million price tag on that card, which will grant you green card privileges and pave the way for citizenship. And by purchasing this card, wealthy individuals will be entering our nation.
According to Trump, the cards will go on sale in around two weeks, and it’s possible that millions of them will be sold.
“Yeah, possibly,” Trump said when asked if he would think about selling the cards to Russian oligarchs. Some of the Russian oligarchs I know are really kind individuals.
The card would replace the government’s EB-5 immigrant investor visa program, which permits foreign investors to engage in US enterprises that generate jobs before applying for visas to move to the US, said Commerce Secretary Howard Lutnick, who was standing next to Trump.
Naturally, Lutnick stated, “they will need to undergo screening to ensure they are excellent, world-class citizens.”
According to the United States Citizenship and Immigration Services website, the EB-5 program, which was established by Congress in 1992, allows immigrants to obtain green cards if they invest at least $1,050,000, or $800,000, in economically distressed areas known as targeted employment areas in order to create jobs for American workers.
The scheme has also been used by companies associated with Trump and his family to finance significant real estate projects.
During Trump’s first term, the program attracted bipartisan criticism from members of Congress, with many stating that it needed change since it had strayed from its objectives.
A federal judge invalidated the Trump administration’s 2019 proposal to increase the minimum investment amount for targeted economic areas to $900,000 and $1.8 million in other places, citing improper appointment of the acting Homeland Security secretary.
The minimum investment criteria were raised to their present levels during the Biden administration’s 2022 renewal of the program.
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