U.S. President Donald Trump proposed plans to replace the EB-5 immigrant investor visa program with a new “gold card” that would cost $5 million and provide green card privileges along with a pathway to U.S. citizenship.
The EB-5 program, which allows foreign investors who contribute to the U.S. economy through job creation and capital investment to obtain permanent residency, was criticized by Trump and Commerce Secretary Howard Lutnick as ineffective and prone to fraud.
Trump argued that the new system would attract wealthy individuals willing to invest in the U.S. economy. When asked if Russian oligarchs could qualify, Trump acknowledged the possibility, stating he knew some who were “very nice people.” More details about the new plan are expected to be released in two weeks.
