U.S. President Donald Trump proposed on Tuesday the idea of replacing the visa program for foreign investors with a so-called “golden card,” which could be purchased for $5 million as a path to American citizenship.
Trump told reporters that he plans to replace the EB-5 immigrant investor visa program, which allows foreign investors with substantial funds who create or preserve jobs in the U.S. to become permanent residents, with the “golden card” program.
The EB-5 program grants “green cards” to foreigners who promise to invest in U.S. businesses.
“We are going to sell the golden card,” Trump said. “We’re going to price this card at around $5 million,” he added.
“It will give you the privileges of a green card, plus it will be a path to (American) citizenship, and wealthy people will be coming to our country by buying this card,” Trump said, adding that more details about the scheme will be revealed in two weeks.
When asked if Russian oligarchs could be eligible for the golden card, Trump responded that they might be. “Yes, possibly. I know some Russian oligarchs who are very good people,” he said.
The EB-5 immigrant investor program, managed by the U.S. Citizenship and Immigration Services (USCIS), was created by Congress in 1990 with the goal of “stimulating the U.S. economy through job creation and investments by foreign investors,” according to the USCIS website.
“The EB-5 program… has been full of nonsense, fabrications, and fraud, and it was a way to get a green card at a low price. That’s why the president said, instead of having such a meaningless EB-5 program, we’re going to terminate the EB-5 program. We’re going to replace it with the Trump golden card,” said Secretary of Commerce Howard Lutnick on Tuesday.
It is worth noting that in Europe, the European Commission has long called for the termination of all such “golden card” programs, citing security risks.
