President Donald Trump has proposed replacing the long-standing EB-5 visa program for foreign investors with a new “gold card” that would offer legal permanent residency and a path to citizenship for a price tag of $5 million. During an impromptu session at the Oval Office, Trump stated that wealthy individuals could purchase this card and contribute to the economy by paying taxes and employing people. The “Trump gold card” would essentially replace the current immigrant investor program and eliminate what he referred to as fraud and nonsense. This new program is aimed at attracting foreign investors to the United States by raising the price of admission. Trump mentioned that even Russian oligarchs could potentially be eligible for the “gold card.”
The EB-5 visa program, created in 1990, allows foreign investors to obtain legal permanent residency by investing $1 million in projects that create or sustain U.S. jobs. The proposed “gold card” would require a higher investment but would grant similar privileges as a green card. Trump did not specify the requirements for job creation under this new program but mentioned that more information would be released soon.
Despite being common in over 100 countries, investor visas have faced criticism for creating hierarchical immigration systems that favor the wealthy and potentially pose security threats. Some countries have phased out their “golden visa” programs due to these concerns, including Ireland, Netherlands, and Spain. Trump’s proposal aims to attract wealthy individuals to invest in the U.S. economy but could face opposition from critics concerned about corruption and other issues associated with such programs.
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