Trump Gold Card: EB-5 Visa Program to be Discontinued
The EB-5 visa program, a popular route for foreigners to live, study, work, and settle in America with a US green card, is set to end soon. Under this program, foreign investors could obtain a green card by investing at least $800,000 in projects located in Targeted Employment Areas (TEAs) or $1.8 million in other areas, while also creating at least ten jobs in the US. However, this program will soon be replaced by a new initiative called the ‘Gold Card.’
Trump Announces the Gold Card Program
President Donald Trump announced the new Gold Card program during a press conference in the Oval Office of the White House. This program is aimed at wealthy foreign investors who are willing to invest $5 million in the American economy. Unlike the EB-5 visa, which requires investment in job-creating projects, the Gold Card focuses more on direct payments to the US government.
Trump described the Gold Card as a “premium version” of the Green Card, offering long-term residency and a pathway to US citizenship. He also suggested that selling up to 10 million Gold Cards could help reduce the national deficit. However, it is still unclear whether Gold Card holders will need to create jobs, which is a key requirement of the EB-5 program.
Support for the Gold Card Program
Commerce Secretary Howard Lutnick supported Trump’s decision, calling the EB-5 program “ridiculous” and stating that it would be replaced with the Gold Card. Trump emphasized that the Gold Card would be available to wealthy individuals and talented people, allowing them to gain long-term status in the US.
When asked if Russian oligarchs would be eligible to buy the Gold Card, Trump responded, “Yeah, possibly. I know some Russian oligarchs who are very nice people.” This statement raised questions about the program’s eligibility criteria and its potential impact on US immigration policies. Also: Lane Kiffin’s Tactical Genius: The Brains Powering Ole Miss’s College Football Ambitions.
What’s Next for the Gold Card Program?
While the full details of the Gold Card program are not yet clear, Trump promised more information within two weeks. He described the Gold Card as a more sophisticated version of the Green Card, offering a direct pathway to citizenship for those who can afford it.
The program is expected to attract high-net-worth individuals to the United States while generating significant revenue for the government. However, critics may raise concerns about the program’s focus on wealth rather than job creation, which was a key feature of the EB-5 visa.
The Gold Card program represents a major shift in US immigration policy, replacing the EB-5 visa with a new system that prioritizes direct investment in the American economy. While it offers a faster route to citizenship for wealthy individuals, questions remain about its long-term impact on job creation and national security. More details are expected to be revealed in the coming weeks.