President Donald Trump revealed plans to introduce a new immigration initiative during a press conference held in the Oval Office. The initiative involves the sale of a 'gold card' to wealthy foreigners, granting them the right to live and work in the US and offering a pathway to citizenship in exchange for a $5 million fee.
Trump described the gold card as an upgraded version of the traditional green card, with privileges that include the ability to reside and work in the country. The sale of these cards is set to commence in approximately two weeks, with the President suggesting that millions could be sold.
Commerce Secretary Howard Lutnick, who was present during the announcement, explained that the gold card program would replace the existing EB-5 immigrant investor visa program. This program allows foreign investors to invest in US projects that create jobs and subsequently apply for visas to immigrate to the US.
Under the current EB-5 program, immigrants are required to make a minimum investment of at least $1,050,000, or $800,000 in targeted employment areas, to qualify for a green card. However, the Trump administration had attempted to raise these minimum investment amounts in 2019, a move that was later overturned by a federal judge in 2021.
Despite bipartisan criticism and calls for reform, the EB-5 program was renewed in 2022 during the Biden administration, with the minimum investment requirements being adjusted to their current levels.
Trump's announcement of the gold card program has sparked discussions about the potential implications of selling citizenship privileges to wealthy individuals, including the possibility of Russian oligarchs participating in the initiative. The administration has assured that all applicants will undergo thorough vetting to ensure they meet the criteria of being 'wonderful world-class global citizens.'
It remains to be seen how the introduction of the gold card program will impact US immigration policies and the influx of wealthy individuals seeking citizenship through this new avenue.
