United States: At a Tuesday press conference, President Donald Trump announced that the US would offer a “gold card” to wealthy foreigners who can pay USD 5 million for residency and employment rights throughout the United States and offer a path to citizenship.
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As per Trump’s statement from the Oval Office, “We’re going to be selling a gold card,” CNN reported.
“You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship. And wealthy people will be coming into our country by buying this card,” he added.
Trump announced the gold card program would start its sales operation within the following two weeks while projecting sales of millions of these cards.
On being questioned about considering selling the cards to Russian oligarchs, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
What are the other officials stating?
Commerce Secretary Howard Lutnick explained to the media, besides Trump, that this new “gold card” option would substitute for the existing EB-5 immigrant investor visa program of the government, which lets foreign investors invest in creating jobs and then obtain visas to live in the United States.
“They’ll have to go through vetting, of course,” Lutnick added, “to make sure they’re wonderful world-class global citizens.”
Since its origination in 1992 through Congressional authority, the EB-5 program allows foreign investors to obtain green cards when they invest minimum funds of USD 1,050,000 or USD 800,000 in targeted employment areas backed by the United States Citizenship and Immigration Services website, CNN reported.
The EB-5 program allows businesses tied to Trump and his family to find funds that have subsequently been used to develop large properties.
During Trump’s initial presidential term, multiple legislators in Congress voiced simultaneous criticism against the program due to its deviated purpose, which demanded necessary reform.
The Trump administration initiated increased minimum investments through their 2019 policy for targeted economic areas at USD 900,000, yet a federal judge disallowed this change in 2021 due to a lack of proper appointment of the acting Homeland Security secretary.
The insertion of immigrant investors through the program experienced its most recent renewal during the Biden administration in 2022 when officials set the new minimum thresholds.