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Trump's ‘gold card’ to replace EB-5 Visa? What we know
Donald Trump introduced a new "gold card" that immigrants can purchase for $5 million. He proposed it as an alternative to the existing EB-5 visa program.
US President Donald Trump introduced a new "gold card" that immigrants can purchase for $5 million, calling it a "pathway to U.S. citizenship." Trump proposed the "gold card" as an alternative to the existing EB-5 immigrant investor visa program.
"We are going to be selling a gold card," Trump said as he signed executive orders alongside Commerce Secretary Howard Lutnick in the Oval Office on Tuesday. “We are going to be putting a price on that card of about $5 million.”
He continued: “It's going to give you green card privileges plus its going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card.”
Trump said details about the new scheme will come out in two weeks.
What is the EB-5 Immigrant Investor Program?
The EB-5 Immigrant Investor Program was established by Congress in 1990 to "stimulate the U.S. economy through job creation and capital investment by foreign investors," according to the USCIS website. The program is administered by U.S. Citizenship and Immigration Services (USCIS).
EB-5 Visa Requirements
As per the USCIS website, under the EB-5 program, investors, their spouses, and unmarried children under 21 are eligible for permanent residency if they invest $1.8 million in a non-Targeted Employment Area (TEA) project, or at least $800,000 in a TEA project. The investor must also create or preserve at least 10 permanent, full-time jobs for qualified U.S. workers.
Will the ‘Gold Card’ Replace EB-5?
Commerce Secretary Howard Lutnick suggested that the "gold card" could replace the EB-5 program, with funds potentially going directly to the U.S. government.
“The president said rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card,” he said. “They’ll be able to pay $5 million to the US government not to go through vetting, of course, going to make sure they are wonderful world class, global citizens.”
“They can come to America. The president can give them a green card, and they can invest in America, and we can use that money to reduce our deficit,” he added.
