President Donald Trump has proposed replacing the long-standing EB-5 visa program for foreign investors with a new “gold card” system that would provide legal permanent residency and a path to citizenship for a fee of $5 million. The idea was mentioned during an impromptu question-and-answer session at the Oval Office. Trump believes that wealthy individuals buying this card would benefit the country by spending money, paying taxes, employing people, and overall contributing to the economy. Commerce Secretary Howard Lutnick stated that the “Trump gold card” would eliminate the immigrant investor program and require a higher investment amount. The EB-5 visa, which currently requires a $1 million investment in a company that employs at least 10 people, has seen a decline in participation since 2016. Critics of such programs argue that they create a hierarchy in immigration systems, favoring the wealthy and potentially leading to corruption and security threats. Trump mentioned that even Russian oligarchs could be eligible for the “gold card.” Many countries around the world have similar investor visa programs, but some have recently chosen to abolish them due to these concerns. Trump did not provide details on job creation requirements for the “gold card” but stated that more information would be released soon. Overall, the proposal aims to attract more foreign investment while addressing criticisms of existing visa programs.
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