U.S. President Donald Trump has proposed a significant overhaul of the immigration process by introducing the "Trump Gold Card," a $5 million pathway to American citizenship. This proposal aims to replace the existing EB-5 visa program, which grants green cards to foreigners investing in U.S. businesses. Trump criticized the current program, labeling it "full of nonsense, make believe and fraud." The EB-5 program, established by Congress in 1990, was designed to "stimulate the U.S. economy through job creation and capital investment by foreign investors," but has faced scrutiny for vulnerability to abuse.
Commerce Secretary Howard Lutnick confirmed the administration's intention to substitute the EB-5 program with the new Trump Gold Card. He echoed Trump's sentiments, describing the existing program as a "way to get a green card that was low price" and plagued with issues. The Trump Gold Card, set at a price of $5 million, is intended to offer green card privileges and a direct route to American citizenship for wealthy individuals.
"We are going to be selling a gold card," said Trump, explaining the administration's vision for the new immigration pathway.
The proposed Trump Gold Card has not yet been officially announced, as it remains in the developmental stage. Details are expected to be released in two weeks, according to statements from the President. The new card is part of Trump's broader immigration strategy and reflects his administration's focus on attracting affluent immigrants into the United States.
"It's going to give you green card privileges plus it's going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card," Trump elaborated.
In an unexpected mention, Trump suggested that Russian oligarchs might also be eligible for this new program. He commented on their potential participation by stating, "Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people." This remark has already sparked discussions about the implications of such eligibility criteria.
The EB-5 program is administered by the U.S. Citizenship and Immigration Services (USCIS) and was originally conceived to invigorate the U.S. economy through substantial foreign investments. However, critics have long pointed out its susceptibility to fraudulent activities, prompting calls for reform.
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