President Donald Trump has announced a new “gold card” visa program, allowing foreign investors to obtain U.S. citizenship by purchasing a card for $5 million.
Speaking on Tuesday, Trump explained that the initiative would replace the existing EB-5 Immigrant Investor Program, which has been in place since 1990. Under the EB-5 program, foreign investors can secure a U.S. visa by making a significant investment in a commercial enterprise and creating or preserving at least 10 full-time jobs for American workers.
But Trump’s recent suggestion would replace the EB-5 program, and instead, the Republican president plans to propose a “gold card” visa to the tune of $5 million.
“We are going to be selling a gold card,” Trump explained to reporters. “We are going to be putting a price on that card of about $5 million.”
“It’s going to give you green card privileges, plus it’s going to be a route to (American) citizenship, and wealthy people would be coming into our country by buying this card,” the president continued.
When a reporter asked if it was possible for a Russian oligarch to obtain the card, Trump answered in the affirmative.
“Yeah, possibly,” the U.S. leader replied. “Hey, I know some Russian oligarchs that are very nice people.”
At least one other member of the Trump administration has signaled support for the measure. Speaking to reporters on Tuesday, Commerce Secretary Howard Lutnick accused the EB-5 program of being “full of nonsense, make-believe and fraud.”
“It was a way to get a green card that was low price,” Lutnick said. “So the president said, rather than having this sort of ridiculous EB-5 program, we’re going to end the EB-5 program. We’re going to replace it with the Trump gold card.”