Washington, D.C. (National Times): Former U.S. President Donald Trump has announced a new “Gold Card” visa, a $5 million fast-track route to U.S. citizenship for wealthy foreign investors. The initiative aims to replace the existing EB-5 visa program, which has been in place since 1990.
What is the ‘Gold Card’ Visa?
The Gold Card visa will grant permanent residency to individuals who invest $5 million in the U.S. economy. Trump claims this new policy will attract affluent investors, stimulate economic growth, and eliminate fraud associated with the EB-5 program. Full details are expected to be disclosed in two weeks.
Trump’s Comments on the New Visa Program
Trump emphasized that the Gold Card would offer green card-like benefits, ultimately leading to U.S. citizenship. When asked whether Russian oligarchs could qualify, Trump responded, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
Why Is the EB-5 Program Being Replaced?
The EB-5 visa program, introduced in 1990, allowed foreign investors to obtain a green card if they invested at least $1.05 million, or $800,000 in economically distressed areas. However, critics argue that it has been exploited, with some businesses—including those linked to Trump’s family—using it to fund real estate projects.
Trump’s Commerce Secretary Howard Lutnick dismissed the EB-5 program as “nonsense” and “fraud.” He argued that the investment threshold was too low, making it an easy way to gain U.S. residency. “Rather than this ridiculous program, we’re introducing the Trump Gold Card,” Lutnick stated.
Controversies Surrounding the EB-5 Program
The EB-5 program has faced intense scrutiny, particularly during Trump’s first presidency, over concerns of misuse. Although the program was renewed under President Joe Biden in 2022, increasing investment requirements, Trump previously attempted to raise the minimum investment for distressed areas to $900,000 in 2019, a move later struck down by a federal judge in 2021.
With the Gold Card visa, Trump seeks to overhaul investor-based immigration, but the plan has already sparked debate over privileged access to U.S. citizenship and its potential economic and political consequences.
