US President Donald Trump has announced plans to replace the EB-5 immigrant investor visa program with a new “gold card” initiative, allowing wealthy foreigners to purchase a pathway to American citizenship for $5 million.
Speaking to reporters on Tuesday, Trump said the EB-5 program—which grants green cards to foreign investors who contribute to US job creation—was riddled with fraud and inefficiencies.
Instead, he intends to introduce a premium alternative that would offer green card privileges and a streamlined route to citizenship.
“We are going to be selling a gold card,” Trump stated.
“We are going to be putting a price on that card of about $5 million.”
He emphasized that the new program would attract high-net-worth individuals to the US while eliminating loopholes in the existing system.
Commerce Secretary Howard Lutnick reinforced the administration’s stance, calling the EB-5 program outdated and flawed.
“It was full of nonsense, make-believe, and fraud. The president decided it’s time to replace it with something better—so we’re introducing the Trump gold card,” Lutnick said.
When asked whether Russian oligarchs could qualify, Trump acknowledged the possibility.
“Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people,” he remarked.
Further details about the gold card program are expected to be released in the coming weeks.
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