Athira Sethu
Kochi, 26 February 2025
Former U.S. President Donald Trump has floated a new system for foreign investors to acquire American citizenship. He wishes to substitute the EB-5 visa program with a “gold card” that would be priced at $5 million and offer a pathway to U.S. citizenship.
The EB-5 program enables foreign investors to acquire a green card if they invest in US companies that create or save jobs. Trump considers the EB-5 program defective and intends to swap it with the gold card, which would have the same perks but with an increased cost and a straight pathway to citizenship.
“We are going to be selling a gold card,” Trump said. “The price will be roughly $5 million.” He said the program would get rich investors into the country. Further details about the proposal will come out in two weeks.
When questioned if Russian oligarchs might qualify, Trump said, “Yeah, maybe. I know some Russian oligarchs who are really good people.”
The EB-5 program was established in 1990 to stimulate foreign investment in the U.S. economy. Trump and his administration, though, assert the program is flawed. Commerce Secretary Howard Lutnick labeled it “full of nonsense, make-believe, and fraud.” He claimed the program allowed too easy access to a green card at an affordable cost.
Lutnick explained that the new gold card system would be a better option. “Rather than having this ridiculous EB-5 program, we’re going to end it and replace it with the Trump gold card,” he said.
The aim of the gold card is to lure wealthy investors who can contribute towards the economy of the U.S. Trump says this proposal will make the immigration system stronger by making it more elite and costly. The proposal is yet in its initial stage, and further information will be released shortly.
