U.S president plans to scrap the EB-5 visa, introducing a new $5million pathway for wealthy foreigners seeking American residency and citizenship.
WASHINGTON, D.C. – U.S. President Donald Trump has unveiled a controversial plan to introduce a $5 million “gold card” as a new pathway to American citizenship, replacing the existing EB-5 immigrant investor visa program.
Speaking to reporters on Tuesday, Trump announced that his administration would discontinue the EB-5 program, which grants green cards to foreign investors who create or preserve U.S. jobs. Instead, he plans to introduce the gold card, a high-priced residency option that would offer green card privileges and a direct route to citizenship.
“We Are Going to Be Selling a Gold Card”
“We are going to be putting a price on that card of about $5 million,”
Trump said.
“It’s going to give you green card privileges plus a path to American citizenship, and wealthy people would be coming into our country by buying this card.”
When asked whether Russian oligarchs would qualify for the program, Trump responded,
“Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
EB-5 Program to Be Scrapped
The EB-5 program, created by Congress in 1990, aimed to boost the U.S. economy through foreign investment and job creation. However, Commerce Secretary Howard Lutnick dismissed it as a system riddled with fraud and inefficiencies.
“The EB-5 program was full of nonsense, make-believe, and fraud. It was a way to get a green card at a low price,”
Lutnick said.
“So the president decided, rather than having this sort of ridiculous EB-5 program, we’re going to end it and replace it with the Trump gold card.”
Trump promised more details on the gold card initiative in the coming weeks. The proposal has already sparked debate, with critics questioning the ethics of selling U.S. residency, while supporters argue it could bring significant financial benefits to the country.
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