President Donald Trump has announced a new immigration initiative called the “gold card,” aimed at attracting wealthy foreign investors to the United States. For a $5 million investment, individuals can obtain lawful permanent residency, with a pathway to citizenship. This program is set to launch in approximately two weeks and is intended to replace the existing EB-5 immigrant investor visa program.
The current EB-5 program requires a minimum investment of $1.05 million in a new business that creates at least 10 full-time jobs, or $800,000 if the investment is in a targeted employment area. Commerce Secretary Howard Lutnick criticized the EB-5 program for being “full of nonsense, make-believe and fraud,” and emphasized that applicants for the new gold card will undergo thorough vetting to ensure they are reputable global citizens.
President Trump highlighted that the proceeds from the gold card program could help reduce the national deficit. He also mentioned that the program is designed to attract affluent individuals who will contribute to the U.S. economy by creating jobs, spending money, and paying taxes.
When asked about the eligibility of Russian oligarchs, President Trump responded, seemingly in jest, “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people.”
The gold card initiative is part of a broader immigration and economic strategy by the Trump administration, which includes significant tax cuts and increased spending on defense and border security. The House recently passed a budget plan supporting these measures with a narrow 217-215 vote.
