US President Donald Trump has announced plans to replace the EB-5 immigrant investor visa program with a new “gold card” system, which would grant foreign investors a path to American citizenship for $5 million.
Speaking to reporters on Tuesday, Trump outlined his intention to phase out the EB-5 program, which has historically allowed foreign investors to obtain green cards by investing in US businesses that create or preserve jobs. Instead, he proposed a new initiative where investors could purchase a “gold card” for $5 million.
“We are going to be selling a gold card,” Trump said. “We are going to be putting a price on that card of about $5 million. It’s going to give you green card privileges, plus it’s going to be a route to American citizenship.” He added that more details on the plan would be released in the coming weeks.
When asked whether Russian oligarchs could be eligible for the new program, Trump did not rule out the possibility. “Yeah, possibly. Hey, I know some Russian oligarchs that are very nice people,” he remarked.
The EB-5 Immigrant Investor Program, created in 1990, was designed to boost the US economy by attracting foreign capital and generating jobs. However, Trump and his administration have criticised it as ineffective and prone to abuse.
Commerce Secretary Howard Lutnick echoed this sentiment, calling the EB-5 program “full of nonsense, make-believe, and fraud.” He stated that Trump’s proposed “gold card” would replace what he described as a low-cost way to secure a green card.
“The EB-5 program … it was full of nonsense, make believe and fraud, and it was a way to get a green card that was low price. So the president said, 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,” Commerce Secretary Howard Lutnick told reporters on Tuesday.
The proposed changes mark a significant shift in US immigration policy, focusing on attracting high-net-worth individuals rather than investment-driven job creation. Whether the “gold card” program gains traction will depend on further clarifications from the administration in the coming weeks.