US President Donald Trump has announced a plan to introduce a “gold card” for wealthy foreigners, allowing them to live and work in the United States with a path to citizenship in exchange for a $5 million fee.
Speaking from the Oval Office on Tuesday, Trump declared, “We’re going to be selling a gold card. 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.”
The President indicated that sales of the cards would commence within two weeks, suggesting that millions could be sold. When asked whether Russian oligarchs would be eligible to purchase the card, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Replacement for the EB-5 Programme
Commerce Secretary Howard Lutnick, who stood alongside Trump during the announcement, confirmed that the gold card would replace the existing EB-5 immigrant investor visa programme. This programme, established in 1992, allows foreign investors to obtain green cards by making significant investments in projects that create jobs for American workers.
“They’ll have to go through vetting, of course,” Lutnick assured, “to make sure they’re wonderful world-class global citizens.”
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Under the EB-5 programme, investors must contribute a minimum of $1.05 million, or $800,000 if the investment is made in economically distressed zones designated as targeted employment areas. The programme has previously been used to finance major property developments linked to Trump and his family.
Criticism and Legal Challenges
The EB-5 programme has faced bipartisan criticism in Congress, with lawmakers arguing that it has strayed from its original intent and requires reform. During Trump’s first term, his administration attempted to increase the minimum investment threshold for targeted economic areas to $900,000 and for other locations to $1.8 million. However, a federal judge ruled against these changes in 2021, citing improper appointment of the acting Homeland Security secretary who authorised the policy.
The Biden administration subsequently renewed the programme in 2022, raising investment requirements to their current levels.
The introduction of the gold card scheme marks a significant shift in US immigration policy, with Trump positioning it as a means to attract affluent individuals while generating substantial revenue for the government. The plan is expected to spark debate in Congress, where lawmakers may challenge its implications for the broader immigration system.
Source: CNN