New immigration initiative for wealthy investors

President Donald Trump has introduced a new immigration program called the “Gold Card,” allowing wealthy foreign investors to secure a path to US citizenship for a fee of $5 million. This initiative is set to replace the existing EB-5 visa program, which currently grants green cards to investors who create jobs in the US through capital investments.

The EB-5 program, established in 1990, requires a minimum investment of $1,050,000, or $800,000 in economically distressed areas. While it has been a popular route for foreign investors, it has also faced criticism for fraud and misuse, including its use in real estate projects linked to Trump family members.

Trump’s statement on the ‘Gold Card’

Trump stated that the new “Gold Card” would offer the benefits of a green card and serve as a direct route to American citizenship. He suggested that the program would attract wealthy individuals who are willing to invest in the US economy.

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When asked whether Russian oligarchs would qualify, Trump responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.” He also mentioned that more details on the program would be released in the coming weeks.

Commerce secretary calls EB-5 program ‘nonsense’

Commerce Secretary Howard Lutnick strongly criticized the current EB-5 visa system, calling it a “fraud” and a “nonsense” way of obtaining a green card at a low price. He emphasized that the president wanted to eliminate the EB-5 program and replace it with the “Trump Gold Card,” which he believes would be a more transparent and effective system.

What is the EB-5 visa program?

The EB-5 visa was created by the US Congress in 1990 to stimulate the economy through job creation and foreign investments. It allows investors to obtain a green card by investing a minimum of $1,050,000—or $800,000 in targeted employment areas.

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During Trump’s first term, the EB-5 program was criticized for being exploited by businesses and even by Trump family members to fund real estate projects. Calls for reform gained traction as critics argued that the program had strayed from its original goal according CNN report, .

The last renewal of the EB-5 visa program came during Joe Biden’s presidency in 2022, which also saw an increase in the minimum investment requirement. Trump had previously attempted to raise the investment threshold for targeted economic areas to $900,000 in 2019, but the change was overturned by a federal judge in 2021.

With the introduction of the “Gold Card,” Trump aims to replace the EB-5 visa system with a more straightforward, high-priced route to US residency and citizenship. More details on the program are expected in the coming weeks.

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