Donald Trump has announced a new immigration program that would allow foreigners to obtain a special “gold card” visa for $5 million, which would grant them Green Card privileges and a pathway to U.S. citizenship.
The program, which Trump described as legal, could be launched within two weeks.
According to The US Sun, the proposal is part of Trump’s effort to encourage wealthy individuals to invest in the U.S. economy, as he believes the initiative will generate substantial tax revenue and job creation.
The president’s plan would replace the current EB-5 Immigrant Investor Program, which allows investors to apply for permanent U.S. residency by investing in a U.S. business and creating at least 10 full-time jobs. Secretary of Commerce, Howard Lutnick, explained that the EB-5 program was ineffective and prone to fraud.
He stated that the gold card would attract a higher calibre of investors, focusing on those who can make significant contributions to the U.S. economy.
“We’re going to be putting a price on that card of about $5 million, and that’s going to give you Green Card privileges, plus it’s going to be a route to citizenship,” Trump said during a meeting in the Oval Office.
“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. And we think it’s going to be extremely successful and has never been done before,” he said.
Trump also mentioned that the new gold card system could allow Russian oligarchs to qualify for visas.
He described the gold card as being “somewhat like a green card, but at a higher level of sophistication,” allowing wealthy individuals to secure U.S. residency.
Lutnick further added that once individuals are vetted for the gold card, they would be able to invest in U.S. businesses, helping to reduce the country’s budget deficit.
The goal is to attract individuals who will contribute significantly to job creation and tax revenue.
Trump expressed confidence that the gold card program could become a significant success. He suggested the program could sell up to a million or more cards, bringing in substantial financial resources and providing a major economic boost.
The president emphasized the potential benefits of having high-income individuals invest in the U.S. economy.
“You’re getting big taxpayers, big job producers, and we’ll be able to sell maybe a million of these cards, maybe more than that,” he said.
Reports inform that the gold card proposal comes amid recent cuts in the federal workforce.