The Trump administration has announced plans to replace the existing EB-5 visa program with a new "gold card" initiative, which foreign investors can purchase for $5 million. This new route to American citizenship marks a significant shift in U.S. immigration policy, aimed at attracting wealthy individuals worldwide. While the details of this gold card scheme will be disclosed in two weeks, President Trump and Commerce Secretary Howard Lutnick have already highlighted key aspects of the plan.
The EB-5 program, established by Congress in 1990, allowed foreign nationals to acquire green cards by investing in U.S. businesses. The U.S. Citizenship and Immigration Services (USCIS) administered the program with the intent to "stimulate the U.S. economy through job creation and capital investment by foreign investors." However, the Trump administration believes the program was fraught with issues.
"The EB-5 program… it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price." – Commerce Secretary Howard Lutnick
President Trump has spoken about the advantages of introducing the gold card, emphasizing its potential to attract affluent individuals who can contribute significantly to the American economy.
"We are going to be selling a gold card." – U.S. President Donald Trump
"We are going to be putting a price on that card of about $5 million." – U.S. President Donald Trump
The gold card will provide green card privileges and serve as a pathway to American citizenship. By targeting wealthy investors, the administration hopes to bring substantial capital into the United States.
"It's going to give you green card privileges plus it's going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card." – U.S. President Donald Trump
Notably, Russian oligarchs might find themselves eligible for this new gold card. President Trump acknowledged knowing some Russian oligarchs, describing them as "very nice people."
"Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people." – U.S. President Donald Trump
Commerce Secretary Howard Lutnick formally announced the plan to replace the EB-5 program with the gold card initiative. The administration's decision to phase out the EB-5 program underscores their commitment to overhaul U.S. immigration policies and attract high-net-worth individuals.