A new “gold card” that foreigners can buy for $5 million was presented by US President Donald Trump, who referred to it as a “pathway to U.S. citizenship.” Trump suggested the “gold card” as a substitute for the current program of EB-5 immigrant investor visas.
“We are going to be selling a gold card,” Trump declared Tuesday in the Oval Office while he and Commerce Secretary Howard Lutnick signed executive orders. “We plan to assign a value of roughly $5 million to that card.”
“It’s going to give you green card privileges plus it’s going to be a route to (American) citizenship,” he added, adding that affluent individuals would be entering our nation by purchasing this card.
Trump stated that information regarding the new plan will be released in two weeks.
What is the EB-5 Immigrant Investor Program?
In 1990, Congress created the EB-5 Immigrant Investor Program to “stimulate the U.S. economy through job creation and capital investment by foreign investors,” according to the USCIS website. The U.S. Citizenship and Immigration Services (USCIS) handles the program’s administration.
EB-5 Visa Requirements
According to the USCIS website, investors, their spouses, and unmarried children under 21 who invest $1.8 million in a non-Targeted Employment Area (TEA) project or at least $800,000 in a TEA project are eligible for permanent residency under the EB-5 program. Additionally, at least ten full-time, permanent jobs for eligible U.S. workers must be created or maintained by the investor.
Will the ‘Gold Card’ Replace EB-5?
The “gold card” might take the role of the EB-5 program, according to Commerce Secretary Howard Lutnick, with money possibly flowing straight to the US government.
“The president declared that the EB-5 program would be terminated instead of continuing with this kind of absurd policy. The Trump gold card will take its place,” he declared. “They will be able to pay the US government $5 million to avoid going through the vetting process, which will ensure that they are excellent, world-class, and global citizens.”
America is open to them. We can utilize that money to lower our deficit if the president grants them a green card and they invest in America,” he continued.