US President Donald Trump plans to introduce a new system allowing rich immigrants to gain American citizenship by purchasing “gold cards” for $5 million.
These cards would grant green-card residency status and a pathway to American citizenship. Trump predicts that one million of these cards could be sold.
According to the President, this initiative could help pay off the national debt.
He announced that the “gold card” will replace the existing EB-5 Immigrant Investor Visa Program, which allows foreign investors to obtain permanent residency by investing in businesses that create jobs in the US.
Replacing the EB-5 Program
The EB-5 program, established in 1990, was designed to boost the US economy through job creation
and investments from foreign nationals. However, Trump criticized the program, calling it ineffective and fraudulent.
“We are going to be selling a gold card… for about $5 million,” Trump said. “It will offer green card benefits and a route to American citizenship.
Wealthy individuals will be able to buy this card and enter our country.”
More details about the plan will be released in two weeks. When asked if Russian oligarchs could qualify, Trump responded, “Yeah, possibly. I know some Russian oligarchs that are very nice people.”
Commerce Secretary Howard Lutnick also supported the change, stating that the EB-5 program was flawed and that the new Trump Gold Card would replace it.
