U.S. President Donald Trump proposed on Tuesday the idea of replacing the EB-5 immigrant investor visa program with a “gold card” that investors can buy for $5 million as a path toward American citizenship.
“It’s going to give you green card privileges plus its going to be a route to (American) citizenship,” Trump told reporters, adding that details about the scheme will come out in two weeks.
New pathway to U.S. citizenship
Trump announced the gold card initiative at the Oval Office, stating that the card will provide holders with green card privileges and serve as a pathway to U.S. citizenship. “Wealthy people will be coming into our country by buying this card. They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people,” he told reporters.
The EB-5 program grants green cards to foreigners promising to invest in U.S. businesses Under this program, investors and their spouses and unmarried children under 21 are eligible to apply for lawful permanent residence if they make the necessary investment in a commercial enterprise in the United States and plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.
Created by Congress in 1992, the EB-5 program can grant green cards to immigrants who make a minimum investment of at least $1,050,000, or $800,000 in economically distressed zones called targeted employment areas, to create jobs for American workers, according to the United States Citizenship and Immigration Services website.
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Applicants to undergo vetting process
Commenting on Trump’s gold card proposal, Commerce Secretary Howard Lutnick described the EB-5 program as an underpriced way to obtain a green card, adding that under the new system, qualifying individuals will pay $5 million to the U.S. government. “They’ll have to go through vetting, of course, but to make sure they’re wonderful world-class global citizens, they can come to America,” said Lutnick.
When asked if a Russian oligarch will be eligible for a gold card, Trump responded: “Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people.”
