President Donald Trump has proposed replacing the long-standing EB-5 visa program for foreign investors with a new “gold card” system that would provide legal permanent residency and a path to citizenship for $5 million. Trump discussed this idea during an impromptu session at the Oval Office, stating that wealthy individuals would be able to purchase the “gold card” and contribute to the U.S. economy by generating revenue, creating jobs, and paying taxes. Commerce Secretary Howard Lutnick mentioned that the new program would essentially raise the price of admission for foreign investors and eliminate potential fraud. Trump also mentioned the possibility of Russian oligarchs qualifying for the “gold card.” While the specifics of the job creation requirements were not explicitly stated, Trump noted that more information would be released soon. This proposed “gold card” system mirrors similar investor visa programs in over 100 countries around the world, but some countries have ended their programs due to controversies surrounding preferential treatment for the wealthy and potential security threats. Overall, the implementation of the “gold card” program would represent a significant shift in U.S. immigration policy for wealthy foreign investors.
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