US President Donald Trump has announced a new immigration initiative that would allow wealthy foreigners to obtain American citizenship by purchasing a “gold card” for $5 million. This program would replace the existing EB-5 immigrant investor visa and is expected to generate significant revenue for the US government.
What is the Trump ‘Gold Card’?
The gold card would grant green card privileges and a path to American citizenship for foreign investors. Trump anticipates selling one million of these cards, which could help reduce the national debt.
“We are going to be selling a gold card… wealthy people would be coming into our country by buying this card,” Trump stated.
While more details will be revealed in two weeks, Trump indicated that Russian oligarchs and other wealthy foreigners might qualify.
End of the EB-5 Visa Program
The EB-5 Immigrant Investor Program, launched in 1990, allowed foreigners to obtain green cards by investing in US businesses that create or preserve jobs. However, the Trump administration has criticized it as “full of fraud and make-believe.”
“Rather than having this ridiculous EB-5 program, we’re going to replace it with the Trump gold card,” Commerce Secretary Howard Lutnick explained.
Implications of the ‘Gold Card’ Initiative
- Increased Foreign Investment: The program could attract high-net-worth individuals looking for US residency.
- Revenue Generation: With each card priced at $5 million, selling one million cards could raise trillions for the US economy.
- Potential Controversy: The plan could face criticism over fairness, as it prioritizes wealthy immigrants over skilled workers.
Conclusion
Trump’s “gold card” initiative aims to reform US immigration policy by attracting wealthy investors while eliminating the EB-5 visa. If implemented, it could transform the landscape of US residency programs, but it may also spark political and ethical debates on who gets to become an American citizen.
