On Tuesday, President Donald Trump introduced a controversial plan to replace the existing EB-5 immigrant investor visa program with a new initiative dubbed the "gold card." This card would be available for purchase at a price of $5 million, allowing wealthy foreigners a path to U.S. citizenship.
The EB-5 program currently grants green cards to foreign investors who contribute substantial funds to U.S. businesses that create or preserve jobs.
"We’re going to be selling a gold card,” Trump stated. “It’s going to be a route to citizenship, and wealthy people will be coming into our country by buying this card.” He mentioned that details of the gold card program would be released in approximately two weeks.
Commerce Secretary Howard Lutnick, who accompanied Trump during the announcement, emphasized that the new program would include a vetting process to ensure that applicants are "wonderful world-class global citizens."
Critics, including bipartisan lawmakers, have expressed concerns about the EB-5 program's effectiveness and integrity, suggesting it strayed from its original purpose. Trump's administration previously attempted to raise investment minimums, but those changes were struck down by a federal judge.
The proposed gold card initiative represents a significant shift in immigration policy, aiming to attract affluent individuals while simultaneously addressing criticisms of the previous program.