WASHINGTON, Feb 25 (Reuters) - U.S. President Donald Trump recently suggested the creation of a new visa program, known as the Gold Card, aimed at foreign investors. This new initiative seeks to replace the existing EB-5 Immigrant Investor Visa Program. The Gold Card, priced at $5 million, would serve as a direct route to American citizenship.
During a press briefing, Trump announced his intentions to overhaul the current EB-5 program. This program currently allows foreign investors who contribute significant capital to U.S. businesses and create jobs to become permanent residents. In contrast, the proposed Gold Card would not only offer green card privileges but also expedite the path to U.S. citizenship.
"We are going to be selling a Gold Card," Trump stated. He emphasized that this card would cost approximately $5 million. "It's going to give you green card privileges plus it's going to be a route to American citizenship," he added. Trump also highlighted that the Gold Card would attract wealthy individuals to the U.S. by providing a straightforward means of obtaining citizenship. Further details about the scheme will be unveiled in two weeks.
When questioned about the eligibility of Russian oligarchs for the Gold Card, Trump replied, "Yeah, possibly. Hey. I know some Russian oligarchs that are very nice people."
The EB-5 Immigrant Investor Program, managed by the U.S. Citizenship and Immigration Services (USCIS), was established by Congress in 1990. Its primary goal is to stimulate the U.S. economy through job creation and capital investment by foreign investors. However, Trump criticized the program for being "full of nonsense, make believe, and fraud," suggesting that it was a low-cost route to obtaining a green card.
Commerce Secretary Howard Lutnick supported the president's decision, stating, "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."
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Reporting by Steve Holland; Writing by Kanishka Singh; Editing by Mary Milliken and Lincoln Feast.
