US President Donald Trump has announced a new plan to introduce a $5 million ‘gold card’ residency permit, which will replace the existing EB-5 investor visa program.
Speaking at the Oval Office on Tuesday, Trump emphasized that the initiative would attract wealthy and successful individuals willing to invest significantly in the US economy.
“We’re going to be selling a gold card. You have a green card, this is a gold card,” Trump told reporters. “We’re going to be putting a price on that card of about $5 million.”
What is the ‘Trump Gold Card’?
According to Commerce Secretary Howard Lutnick, the new Trump Gold Card will take effect in two weeks, replacing the EB-5 visa, which has been in place since 1990.
The EB-5 program was originally designed to encourage foreign investment by granting US residency to individuals who invested $1 million in an American business and created at least ten jobs. However, Trump’s new plan significantly increases the investment requirement to $5 million while also claiming to eliminate fraud and inefficiencies associated with the existing program.
Lutnick explained that the gold card would function as a green card leading to permanent residency and eventual citizenship. He also emphasized that it would help streamline the process while ensuring that only serious investors gain entry into the United States.
Investor Demand and Potential Impact
Between October 2021 and September 2022, approximately 8,000 people entered the US using the EB-5 visa, according to government immigration data. However, a 2021 Congressional Research Service report warned that the program was vulnerable to fraud and abuse.
Trump believes that the new gold card will be an improvement, benefiting the US economy by attracting high-net-worth individuals who will “spend a lot of money, pay a lot of taxes, and employ a lot of people.
Eligibility for Russian Oligarchs?
One of the most controversial aspects of Trump’s announcement was his openness to allowing wealthy Russians to apply for the gold card. When asked about their eligibility, he remarked:
“I know some Russian oligarchs that are very nice people. It’s possible. They’re not as wealthy as they used to be. I think they can afford $5 million.
This statement has raised concerns over potential geopolitical implications, given existing sanctions on Russian elites due to the Ukraine conflict.
No Need for Congressional Approval?
Despite Congress traditionally overseeing immigration policies, Trump claimed that the gold card program would not require legislative approval. However, legal experts have pointed out that significant changes to green card eligibility typically need to go through Congress.
It remains to be seen whether this controversial proposal will face legal or political hurdles before implementation.
With the Trump Gold Card set to replace the EB-5 program, the US government aims to attract ultra-wealthy investors willing to contribute $5 million or more to the economy. However, questions remain regarding its legal framework, eligibility criteria, and potential geopolitical consequences.
Would the gold card visa program truly benefit the US economy, or will it spark further controversy and legal battles? Only time will tell.
The information is Collected from MSN and CNN.
