WASHINGTON, Feb 25 (Reuters) – U.S. President Donald Trump has suggested replacing the existing EB-5 immigrant investor visa program with a new “gold card” that could be purchased for $5 million, providing a route to American citizenship.
Speaking to reporters, Trump outlined plans to phase out the EB-5 program, which allows foreign investors to obtain U.S. residency by investing large sums in businesses that create or preserve jobs in the U.S. He proposed a new initiative in which wealthy individuals could buy a “gold card” that would grant green card privileges and eventually lead to citizenship.
“We are going to be selling a gold card,” Trump said. “It’s going to cost around $5 million. It will provide green card privileges, plus a pathway to U.S. citizenship, and wealthy people will be able to come into the country by purchasing this card.” He added that further details about the plan would be released in two weeks.
When asked whether Russian oligarchs could be eligible for the new scheme, Trump responded affirmatively, saying, “Yeah, possibly. Hey. I know some Russian oligarchs who are very nice people.”
The EB-5 Immigrant Investor Program, created by Congress in 1990, aims to stimulate the U.S. economy by encouraging foreign investment in U.S. businesses that create jobs. However, Trump and his administration have criticized the program, citing concerns about fraud and abuse.
Commerce Secretary Howard Lutnick also weighed in, calling the EB-5 program “full of nonsense, make-believe, and fraud.” He added, “Instead of continuing with the EB-5 program, we’re going to replace it with the Trump gold card.”
The new proposal has raised questions about its potential impact and whether it will attract wealthy foreign investors looking for a fast-track route to U.S. citizenship. Further details are expected in the coming weeks.
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